Later,

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Not much is booming in the American economy these days, but there’s a bull market in blame. All over the media, people are pointing fingers at those who supposedly got us into this mess. Some say that Alan Greenspan did it. Others fault, variously, President Clinton, President Bush, Congress, and, of course, Wall Street. And let’s not forget the foolish people who took out all of those crazy mortgages in the first place.

When the major print and broadcast outlets look into the roots of the financial crisis, as they’ve been doing lately with verve, their own work doesn’t figure prominently in the discussion.

But there’s one culprit the media don’t mention much: themselves. This is a little strange because the news business has become quite good at publicly whipping itself for all kinds of sins. Many outlets employ columnists whose sole duty is to scold colleagues for their errors.

Yet when the major print and broadcast outlets look into the roots of the financial crisis, as they’ve been doing lately with verve, their own work doesn’t figure prominently in the discussion. “Who Caused This Nightmare?” asked The Times of London last week. Answer: “The culpable are spread across the whole gamut of America’s political, economic, and banking infrastructure.”

“What Created This Monster?” The New York Times asked four days later. The answer was more detailed but essentially the same.

At the bottom of the Times of London story, as it appeared online this week, the first reader comment was from an S. Andrew of Croydon: “Blame is easy and useless. Journalists might have investigated if they had understood. Why did they not find out what was going on and publish [earlier]?”

By William Powers, National Journal
© National Journal Group Inc.
Friday, March 28, 2008

Newspapers hardly ever do a good job of reporting business and economic news. For one thing, most journalists don’t understand it. If they took Econ 101 back in college, that’s as far as they got. You start talking about total credit market debt, bond ratings and economic bubbles, their eyes glaze over. Come to think of it, they are not unlike most other Americans in that respect.

You also have a systemic problem I can illustrate with my own experience. Back in the late ’70s when I was a working reporter, I spent my spare time for more than a month going through all the records of our city’s Codes Department to determine who the landlords were who were failing to properly maintain their property. Surprisingly, there were about 10 people who had the most codes violations and were the biggest slumlords in town. I quickly learned, afer turning in my story, that about half of them were major advertisers and the rest were good friends of either the editor or publisher of my newspaper. Needless to say, I am still waiting for that story to run so I can collect my Pulitzer Prize.

Are you kiddin’?