Crunch time for the media
In one BBC article a member of the public asked “How much do you think the BBC has created the ‘downturn’ and should they be allowed to make forecasts or just report the news?” This is a question many are asking as the crisis moves into the stage of apportioning blame. In America, a poll revealed that 77% blame the media for making the economic crisis worse by instilling fear into the public psyche. So is it partly a self-fulfilling prophecy as the media seeks to add drama to the headlines? Toni Muzi Falconi points out in his blog that we were warned and the BBC did report on 10th August 2007 that “problems in the mortgage market may prompt a global credit crunch”. He comments that the public didn’t want to believe that it would happen as we were enjoying the ‘boom’ too much, suggesting that the media were acting responsibly in forewarning us.
However the ensuing reporting has included much hyperbole and speculation, which does breed fear. You only have to witness the panic buying which goes on (‘Warning over petrol panic buying’) to know how panic spreads uncontrollably when fuelled by the media. One headline in the Daily Mail quoted Alan Greenspan that is was a ‘once-in-a-century credit tsunami’ for example. Aside from tone, perhaps it is simply the sheer volume of articles which have been linked to the crisis which adds up to an obsession with doom. Reports penetrate every aspect of life, from the potential effect on the divorce rates to scientific research to name two examples. PR firms are likely to come under fire for supplying journalists with such stories so it is more critical than ever for a responsible approach to be taken, avoiding public relations spin.
Yet figures showed in December that the recession is likely to be worse than expected, suggesting that the fear is justified and the predictions were not exaggerated. So the response from the BBC was ‘please don’t shoot the messenger’.
For some light relief in these gloomy days take a look at the Credit Crunch Times which puts a different spin on things.
However the ensuing reporting has included much hyperbole and speculation, which does breed fear. You only have to witness the panic buying which goes on (‘Warning over petrol panic buying’) to know how panic spreads uncontrollably when fuelled by the media. One headline in the Daily Mail quoted Alan Greenspan that is was a ‘once-in-a-century credit tsunami’ for example. Aside from tone, perhaps it is simply the sheer volume of articles which have been linked to the crisis which adds up to an obsession with doom. Reports penetrate every aspect of life, from the potential effect on the divorce rates to scientific research to name two examples. PR firms are likely to come under fire for supplying journalists with such stories so it is more critical than ever for a responsible approach to be taken, avoiding public relations spin.
Yet figures showed in December that the recession is likely to be worse than expected, suggesting that the fear is justified and the predictions were not exaggerated. So the response from the BBC was ‘please don’t shoot the messenger’.
For some light relief in these gloomy days take a look at the Credit Crunch Times which puts a different spin on things.
Labels: Credit Crunch, Financial PR, Media Sensationalism, PR ethics
posted by JenniMitchell at 12:30 PM
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