First Faculty Advisor
Media; Finance; financial; Crisis; Trends; Press
In the fall of 2008, the United States and the rest of the world experienced significant financial turmoil. The financial industry as we knew it crumbled before our eyes. After experiencing this event and the media's fragmented and inconsistent coverage of it, I felt an interesting topic to look into was the financial press' failed coverage of the finance industry, both today and in the past. In looking at this event, I will focus on both the financial press that failed to cover the happenings of the financial industry, as well as those that did recognize the issue at hand. In doing this, I will include a content analysis of the relevant sections of The Wall Street Journal and The New York Times. In addition, I will also look into past financial crises, including the Enron scandal, the Savings and Loan crisis, and the Technology Bubble to see if the financial press' recent failure is the continuation of a long trend. After discussing the fragmented nature of the financial press, I will then discuss why the financial press had little effect on individuals, despite some actually good coverage existing. In discussing this issue, I will focus on topics such as the media’s lack of objectivity and the audience's unwillingness to accept the situations they are presented with. Finally, I will suggest ways to rectify this situation, such as news consumers becoming more media literate.