by Bill Kavanagh: Henry Banta at the Nieman Watchdog blog has written an important piece on assessing the media's role in responding to the current economic mess we are in. It's must-reading and points to how we must demand more good coverage of smart economic thinking, especially now that the free markets/efficient markets mantra has led us to rack and ruin. Here's an excerpt:
What seems most difficult for the media to comprehend is that the economic collapse was an intellectual failure. It followed from an unquestioning faith in an economic theory that was simply wrong. It produced an economic policy that was explicitly grounded on false assumptions. But the nostrums of this failed policy have been the unquestioned basis of our economic policy for thirty years. They were translated into political mantras that were endlessly chanted by our political and economic leaders. The notion that they led us into a disaster has not sunk in to the public mind, much less that of the media. The media find it safer to avoid the basic economic issue and treat it all as a matter of politics. We have yet to hear David Gregory on Meet the Press, or any of his colleagues, ask a Republican leader how their current policies differ from those of George W. Bush or why we should expect them to produce different results.
(Kavanagh cross-posts at Bill's Big Diamond.)