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  • * Their coverage was easy to understand even though they were discussing the complicated nature of sub-prime loans and adjustable rate mortgages. * Did not touch on each player in the growth of this “bubble” – mention only the people who took out those loans (important to note that this is just one example and in other coverage they do mention mortgage brokers and, for example, it was briefly stated in one report that none of the most affected states had policies in place to prevent the existence of these toxic loans but there were 13 other states who did have such laws – although never CEOs or corporations’ roles… but this could be for many reasons, potentially including positive ones such as a desire to avoid assigning blame in a complex situation and to keep audiences away from surface “drama” and focused on the more important aspects of the issue) * Possibly in an effort to “show both sides” we see how NBC may have taken away from the strength and effectiveness of their coverage by discussing public sentiment and a poll of average citizens who believe everything is all okay…
  • We chose this specific source because it represented an early instances in which NBC remarked upon the housing bubble and possible outcomes, especially if the bubble were to burst. coverage effective in that it identifies the bubble and, more importantly, begins to reveal the possible damage that could result, citing evidence from two (presumably) knowledgeable economists; ineffective in that there is one everyday citizen source standing in for general population, her testimony is inadequate in presenting the general condition of the market, and the ending focus is on her optimistic testimony, as opposed to the economists’ more cautionary account, which proves to be accurate

Transcript

  • 1. Coverage of the Financial Crisis Andrew Catalano, Veronica Houk, Cecilia Kohler, Elizabeth Ritter, and Martin Weiss
  • 2. Introduction
    • Business Journalism: “ tracks, records, analyzes, and interprets the economic changes that take place in a society.”
    • NBC Nightly News
  • 3. Videos
    • March 13, 2007: http: //tvnews . vanderbilt . edu .proxy.lib. umich . edu/tvn-video-view .pl?RC=861306
  • 4. Coverage Before the Crisis
    • Effective: accurately portrayed the housing bubble with ample support and evidence from economists and other experts, but did so in a way that was understandable to NBC’s audience; touched on parties involved - investors, brokers, banks, investment firms; presented possible risks and consequences of bubble
    • Ineffective: insufficient amount of facts from expert sources; comparatively, too many accounts from everyday consumer level and not enough from other levels in loaning process; specific interviewees potentially insubstantial in representing overall population; optimistic tone masking threats to economy
  • 5. Headline: Through the Roof: Real Estate Prices Climbing to Record Levels; May 31, 2005
    • Remarks on housing bubble; likens to 90s internet bubble; refers to Alan Greenspan’s term (“froth”) - appeal to expert to confirm bubble exists
    • Personal account: single, female schoolteacher, “There's no guarantees in life, but I've never lost money. I've always made money. The least I've made on a property has been $20,000”
    • Economist’s perspective: Yale professor, Robert Schiller
    • defines bubble: “time when people stretch to pay more than they otherwise would because they have grand expectations for future price increases”
    • reveals possible negative outcome of bubble: “the problem is that when you have this extraordinary fixation of national attention on a market, it can cause a spiking of the market and then a reversal”
    • More words of caution from economist Mark Zandi: “problem if house prices indeed go flat or begin to decline”
    • End on personal, optimistic note: interviewee not worried, “confident she can build her nest egg before any bubble springs a leak.”
  • 6. Headline: Economy: Stock Market, Subprime Mortgages; March 13, 2007
        • subprime mortgages
        • “ Easy lending environment for several years now…”
        • “ High anxiety over housing market”
        • “ Will this bleed into the broader economy?”
        • Affects the average person because this slows down the economy… “so far we haven’t seen a big effect…some people are forecasting a recession led by the housing market”
  • 7. Coverage During the Crisis
    • Effective
    • Ineffective
  • 8. Headline
  • 9. Coverage After the Crisis
    • Effective
    • Ineffective
  • 10. Headline:
  • 11. Closing Remarks