The role of the media in the recession

[thinfourth2]

Daily Wail = Its the end of world and we are all going to be completely broke in 6 months time due to immigrants
The sun = Its the end of world and we are all going to be completely broke in 6 months time due to a lack of big tits
The Express = Its the end of world and we are all going to be completely broke in 6 months time due to diana
The BBC = Its the end of world and we are all going to be completely broke in 6 months time due to the tory party
Sky news = Its the end of world and we are all going to be completely broke in 6 months time due to the labour party


Every single one of them constantly tells us we are all heading towards finical ruin and be totally jobless

So how much does this constant doom mongering depress the economy?

[LukeBird]

thinfourth2 said:

So how much does this constant doom mongering depress the economy?

A huge amount I would suggest. You only have to look at the vast amount of morons around now, who would buy anything the press printed.
It is damned depressing, I can't watch the BBC news anymore!

[thinfourth2]

Ignoring the political bias of the BBC of which there are many many threads you would expect the the Beeb wouldn't be doom mongers but even before the election they doom mongering.

There is only one story on the BBC website which isn't we are all doomed
http://www.bbc.co.uk/news/business-16359166

Don't the media have some responsibility to paint a slightly more realistic picture that we aren't all fked

Or wouldn't that be very popular?

[Eric Mc]

The "media" is a very, powerful force in the modern world and affects deeply our perceptions of what is going on and how we feel about it. It is not just the "morons" who are affected by how information is presented to us - but ALL of us.

[NDA]

thinfourth2 said:

So how much does this constant doom mongering depress the economy?

I reckon massively. It's a constant source of irritation in this house.

The market (not just the City, but housing, retail.... Everything) is driven to some extent by sentiment. Doom and gloom headlines create uncertainty and anxiety.

The Times today is forecasting a 10% slump in house prices next year. Great. That's going to help.

[DJRC]

NDA said:

thinfourth2 said:

So how much does this constant doom mongering depress the economy?

I reckon massively. It's a constant source of irritation in this house.

The market (not just the City, but housing, retail.... Everything) is driven to some extent by sentiment. Doom and gloom headlines create uncertainty and anxiety.

The Times today is forecasting a 10% slump in house prices next year. Great. That's going to help.

? But it would help.

Ohhhh, you mean it wouldnt help YOU! Sorry, forgot to apply the context filter there!

[turbobloke]

NDA said:

thinfourth2 said:

So how much does this constant doom mongering depress the economy?

I reckon massively. It's a constant source of irritation in this house.

The market (not just the City, but housing, retail.... Everything) is driven to some extent by sentiment. Doom and gloom headlines create uncertainty and anxiety.

The Times today is forecasting a 10% slump in house prices next year. Great. That's going to help.

At least the Express has an antidote to The Times and house price gloom, on their front page - concerning the sentiment aspect, not future trends.

[Diderot]

Pivotal I'd say. Given the real economy is fuelled by public confidence, the media has done a fine job of destroying it.

[hidetheelephants]

thinfourth2 said:

The Express = Its the end of world and we are all going to be completely broke in 6 months time due to Diana(the People's Princess TM) being murdered by the Duke of Edinburgh and MI6, according to some egyptian shopkeeper.

Every single one of them constantly tells us we are all heading towards finical ruin and be totally jobless

So how much does this constant doom mongering depress the economy?

EF accuracy of lurid tabloid nonsense.

Yes they do, don't they; it probably doesn't help, but it's not practical to get rid. Rentokil won't quote for journalist infestation and stabbing them yourself is still illegal.

Edited by hidetheelephants on Saturday 31st December 15:41

[Hoofy]

Tis a good question. But they can't forever say how great everything is. They'd be accused of working for the government.

[Nick Grant]

turbobloke said:

At least the Express has an antidote to The Times and house price gloom, on their front page - concerning the sentiment aspect, not future trends.

That really is good news, Catherine Jenkins is single!

[fid]

The media may have aided a "credit crunch", but a recession can't be controlled.

It's the result of excess on the part of millions of individuals and businesses, nobody took control when it was needed, and a recession is the appropriate outcome to return us to where we should be.

Unless the media can pay off everybody's debt, there's no role they could have which would make the blindest bit of difference.

[Eric Mc]

fid said:

The media may have aided a "credit crunch", but a recession can't be controlled.

It's the result of excess on the part of millions of individuals and businesses, nobody took control when it was needed, and a recession is the appropriate outcome to return us to where we should be.

Unless the media can pay off everybody's debt, there's no role they could have which would make the blindest bit of difference.

They do make a difference to how people "feel" and the general atmopshere surrounding the actual events.

During World War 2, if we had the media we've got today, we would have been defeated - in my opinion.

[LukeBird]

Eric Mc said:

During World War 2, if we had the media we've got today, we would have been defeated - in my opinion.

Absolutely, nail on the head there (IMO).
I agree with your earlier comment as well Eric (regarding the 'morons'), I was just using them as an example of those most likely to believe what they read; those that are educated are vastly more likely to come to their own opinion/judgement and not blindly believe whatever the press has to say.
I have certainly been affected by the press and the credit crunch/recession, it has made me believe less of what the press have to say and changed my views on what I read/watch in the press.

[anonymous-user]

Make a statement enough times and people may begin to believe it's true. I heard one of the C4 newsreader women state a few weeks ago 'in this recession' as if we were currently that way. I was shouting at the telly for the business correspondent she was talking to to correct her, alas he didn't.

[fid]

Eric Mc said:

They do make a difference to how people "feel" and the general atmopshere surrounding the actual events.

During World War 2, if we had the media we've got today, we would have been defeated - in my opinion.

It doesn't matter how people feel, you can't "feel" your way to a no debt situation. The only effect feelings have is how quickly we enter a recession, or how long we drag it out before we enter one. Stagnate and wait, or recess and rebuild - whichever path we take we'll end up at the same place, and that place won't be the debt-fuelled dream that people have been in for the past decade.

[NDA]

Eric Mc said:

They do make a difference to how people "feel" and the general atmopshere surrounding the actual events.

During World War 2, if we had the media we've got today, we would have been defeated - in my opinion.

Agree 100%.


How the masses 'feel' has undoubtedly led to fiscal drag, a reticence to spend. Whilst I agree that the recession was caused by over borrowing (typically from the flat screen telly brigade who didn't have the assets to back the borrowing) and from hollow financial instruments being almost fraudulently traded..... Sentiment plays a massive part in how resilient the economy is. The media play a large part in damaging this fragile sentiment.

[Eric Mc]

fid said:

t doesn't matter how people feel, you can't "feel" your way to a no debt situation. The only effect feelings have is how quickly we enter a recession, or how long we drag it out before we enter one. Stagnate and wait, or recess and rebuild - whichever path we take we'll end up at the same place, and that place won't be the debt-fuelled dream that people have been in for the past decade.

So the terms "feel-good" factor or the converse, "feel-bad" factor, are totally meaningless terms?

I'm not saying that a recession will go just because people feel good. What will happen though is that a positive atitudes means that it may end sooner as confidence returns and people start behaving nore "normally".

Psychology is crucial in economics and "feelings" are the manifestation of the underlying psychology.

[fid]

I think that, when an economy has run out of steam, those terms have no long-term value and create volatility.

[Eric Mc]

fid said:

I think that, when an economy has run out of steam, those terms have no long-term value and create volatility.

You may be correct - but just because the economy is depressed doesn't mean you have to be.