Media adding to economic troubles: economic experts

ShareThis"If (the media) keep saying the sky is falling, well, people think the sky is falling," said Conference Board of Canada chief economist Glen Hodgson in a Canadian Press report.

Hodgson says Canadians are facing obvious economic issues these days, but that "the problems aren't as deep or as widespread as perhaps people are being led to believe." He suggests the bad news might be "amplified" by the media.

Others, including Catherine Swift, president and CEO of the Canadian Federation of Independent Business and consultant Cliff Grevler agree that media coverage of the troubled economy has made the situation worse by decreasing consumer confidence and spending.

However, David Soberman, a marketing professor at the University of Toronto's Rotman School of Management, said the media's reporting of the economy is only overblown to those who don't feel the impact. Soberman is quoted saying:

"To me, the suggestion that the media is making things worse can only be true if they are reporting things that are untrue."

Comments

David Soberman's quote is only partially correct. Media also make things worse by not reporting fully. Reporting half truths is the same as lying. For example consider the current $875 million economic debacle of the 2010 Olympics Athlete's Village in Vancouver. If local mainstream news media would have done their job years ago and reported in a nonpartisan manner Canadian taxpayers would have been able to put more pressure on VANOC including their political partners, politicians, sponsors and suppliers to reveal financial details, which would have allowed taxpayers to intervene before Canada hit the wall. Instead, Vancouver new mayor, Gregor Robertson did media's job for them, but unfortunately it's too late to make a difference. Canadian taxpayers are fully on the hook while newspapers print front page headlines of the carnage and pretend they couldn't see it coming. Social media journalists and bloggers have tried to engage mainstream news media for years in an effort to have them report more accurately about their Olympic advertisers. But why would they cut their own throats, especially at a time when the 2010 Olympics is such a cash cow for news media and local newspapers especially? It's no wonder newspapers are going bankrupt. Rule #1 - Serve your customer. Taxpayers are your customer, not the IOC

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