Wonderful Article by the way . .
In a word, no, the media arent to blame for the recession, but they have contributed. Sort of like a friend coming to you and saying they might be suicidal, you say "hey everybody feels suicidal mate" and hand them a knife while getting their camera ready to picture you !!
People say you cant talk yourself into recession (which I agree to a degree) but negativity is infectious just like positivity is. The medias job (as stated) is to interpret information the best way they see will get ratings, simple as that. We are programmed to forget this and take what they say as the gospel truth.
If I discuss with them (whether on tv or paper interview) how bad things are and how I see things in the future, if they can find somebody who says things are even worse then what I said, Im dropped for an even bigger bombshell to upset the Irish Public with.
The truth is that its human nature to respond and relate to bad news more then good news. Anybody who watched "the Matrix" and knows agent Smiths comment on how Humans rejected a utopian society knows what im talking about . .
A serious part of the problem at the moment is that people have been scared stiff on their investments (house, pension, savings), their job stability and even the possible survival of our economy.
Up to 85% of us should be able to keep a job, even in the toughest of times, which means its fair to assume that a large amount of these people should be able to sort out some sort of conditions with their mortgage providers to keep their homes. We can talk about how much an impact (huge) 15% unemployment has on the country but if 85% keep their job, then 85% will have some sort of disposable income to put towards a mortgage and perhaps other goods. Living standards will and have dropped, but with home costs and goods costs reducing, eventually when its obvious this disaster has bottomed out, people will return to the shops again. Those who kept their jobs should be similarly better off or even better off spending power wise.
Remember a big part of the problem is that many small business and large business cant get even as little as an overdraft from a bank and therefore cant ride through these rough times. This is one of the huge reasons banks needed to be recaptilised and while none of us wanted to see the banks get bailed out, it wasnt properly reported as being in the national interest (more reported that it was simply FF bailin out their builder friends etc). Im sure more educated AAM members knew this to be unnacurate, but the general public that you talk to do believe that the banks were bailed out unfairly (not understanding the true importance).
Before somebody (I have somebody in mind!!!!) comes in and says Im writing this for my own ends, this is pretty much the opposite to whats being spewed out to the average Joe every day by the media. Its a positive balance to the grossly over negative news being shot at the uneducated general public.
As far as the US is concerned I think its far more positive news then is being stated. 9 Banks appear covered and all the other banks appear to be taking the advice of Bernake and looking for additional funding (which in itself is positive, banks being realistic, haven seen that here yet). Remember stress tests are just that, they work off a worst case scenario so that banks will be ready for the worst (but hope it doesnt come to that). Interesting that banks are alot quicker to respond to the US government then the Irish . . . Just an observation . .
I wondered to myself is it actually possible to have a factually accurate media source that has no political or vested ties to anything, something that simply says, here are the FACTS that we know, here is what they can mean (they can mean a disaster for some economists and they can also mean theres hope on the horizon for others) and letting the reader decide as opposed to telling them what to believe.
I was thinking if I was setting up a paper I would call it "
The Honest Irishman". It would have to work off only the facts available to them (which would have to be disclosed ) and give both potential sides to an issue impartially. Interesting to see if it would have a snowballs hope in hell of succeeding as most people in this country still dont want to hear the truth . . . - "Ah sure we wouldnt be in this mess if Bertie were in charge " . . Dear oh dear, the honest Irishman hasnt a hope . .