Power Problem : CJR

Posted by Josh Friedlander | No Comments

“First, the public should be aware—warned, so to be speak—that its interests and those of the business press may not be in perfect alignment. The business press exists within the Wall Street and corporate subculture and understandably must adopt its idioms and customs, the better to translate them for the rest of us. Still, it relies on those institutions for its stories. Burning a bridge is hard. It is far easier for news bureaucracies to accept ever-narrowing frames of discourse, frames forcefully pushed by industry, even if those frames marginalize and eventually exclude the business press’s own great investigative traditions.”

“Second, there’s a difference between reporting from an investor’s perspective and from a citizen’s. The business press is better at the former than the latter, and the gap has only been growing. I would only caution that what’s good for investors in the short and medium terms may not be good for anyone over the long haul.”

via Power Problem : CJR.

Did financial journalism do its job? No. Dean Starkman lays it out.

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