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Nov 08 2008

New culprit found for financial crisis: the media

Published by at 11:14 am under Opinion,Top Stories

The regulators have taken a hit, politicians have been blamed and now the financial media are urged to “come clean” on their role in the financial debacle of the century (or at least the last 80 years). Only the banking community is proceeding as if nothing’s happened.

Here is a must-read article on a book about the financial media’s role in the debacle. I suspect even people outside the media will find the article interesting. As a financial journalist, I agree with many things said AGAINST my profession and it’s players. 

But, I must point out that Daniel Bogler, managing editor of the Financial Times in the Pearson Group, was also critical of financial journalists and their role in the crisis. What he didn’t say, was that The Economist, a sister publication in the Pearson Group, warned consistently and clearly and repeatedly since (I think) 2004 that a very dangerous property bubble was building in the US, UK and other countries, and that it was being fueled by easy credit.  

That Bogler failed to mention this fact in this interview (ie. failed to stand up in defence of his colleagues at The Economist), must certainly also be seen as a grave mistake (of another kind).

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