Medias effect on the economy

[Ultra54]

http://www.economistblog.com/2008/01...t-the-economy/
Obviously I feel it's negative affect is huge and only makes matter much worse. Take for example the local story back in the beginning of October claiming 1750 layoffs at Essar. What was the purpose of such an article? Here we are nearing 4 months later with 130 or so. Not to minimize the 130 but isn't it just a case or gossiping basically and what good comes from that?

[Hans]

The news media these days is based around generating corporate revenue. That means it's important to present stories in a way that maximizes profits. What better way to maximize profits then concoct wild stories that are sure to attract a lot of attention?

[Slow]

This is rich, coming form a guy who slavishly posts any media account of how bad the economy is in the U.S.

Hypocrisy, thy name is...