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The New York Times: Coverage of the Financial Crisis
1. Coverage of the
Financial Crisis Seen in the
New York Times
Amy Joseph
Arielle Mellen
Kori Valentine
Peter Martin
Terra Neukam
2. Coverage of the Financial Crisis
⢠Overall, we think the New York Times
provided Americans with adequate
information needed for understanding the
Financial Crisis
⢠Leading up the crisis
⢠Peak of the crisis
⢠Aftermath
3. Coverage
Leading Up
to the Crisis
⢠September 23, 2007
⢠Use of visual/graphic
⢠Helps readers
visualize the
formation of the
housing bubble
⢠Lays out warnings
AND reassurances
4. ⢠Engaging title
â âBORROWERS BEWARE: A Special Report; Suits Say
Unscrupulous Lending is Taking Homes from the Poorâ
⢠Gives history as to how the 2008 bubble formed
and how it got to the point of bursting
âBORROWERS BEWAREâŚâ
January 18, 1999 [Front Cover] Randy Kennedy
âBut Delta [...] was one of the first to see a vast untapped resource
beyond the banks: the investment market. By converting loans into
securities and selling them to investors, finance companies could
generate a faster profit and have access to much more capital, and
make many more loans.â
5. ⢠The terminology is simple enough for the
average citizen to understand and clearly
paints a picture of deceptive loans
âMrs. Leonardi took out a $95,000 mortgage on her home in
Sheepshead Bay, Brooklyn, but she said later in a lawsuit against
Delta that she was never told she was signing loan papers and
believed she was signing investment papers.The papers described her
as a 68-year-old self-employed investor making $7,000 a month. In
fact, she was almost 73 and was living mostly on Social Security.â
âBORROWERS BEWAREâŚâ
January 18, 1999 [Front Cover] Randy Kennedy
6. ''The actual facts,'' he said, ''are that Delta made a
loan that made sense at the time to a woman who
knew what she was doing at the time.'â
âMrs. Leonardi remembered it differently. ''At no time
did any of these people explain to me that I was
signing papers for a mortgage on my home,'' she
stated in court documents. ''They merely pointed to
the lines, and I signed or initialed as directed. At the
time I was so weak that I couldn't walk without
assistance and could not read any of the papers that
I was asked to sign.â â
âBORROWERS BEWAREâŚâ
January 18, 1999 [Front Cover] Randy Kennedy
7. ⢠Smooth and logical flow
⢠Supports his opinions
⢠Illustrates progression of problem
âBut Mr. Greenspan wasnât the only top official who put
ideology above public protection. Consider the press conference
held on June 3, 2003âŚâ
âBlindly Into the Bubbleâ
December 21, 2007 [opinion column] Paul Krugman
8. âReasonable estimates suggest
that more than 10 million
American families will end up
owing more than their homes are
worth, and investors will suffer
$400 billion or more in losses.â
âMeanwhile, during the bubble
years, the mortgage industry
lured millions of people into
borrowing more than they could
afford, and simultaneously
duped investors into investing
vast sums in risky assets
wrongly labeled AAA.
âBlindly Into the Bubbleâ
December 21, 2007 [opinion column] Paul Krugman
10. ⢠Engaging language
⢠Uses simple language to discuss causes
⢠Balanced reporting; features shared viewpoint
of Martin Feldstein and Obama
âWorries that the Good Times were a Mirageâ
January 23, 2008 [Business Section] David Leonhardt
âWe could be sliding into an extraordinary recession.â
âThe recent financial turmoil has many causes, but they are tied
to a basic fear that some of the economic successes of the last
generation may yet turn out to be a mirage.â
âSo, how bad could this get?â
11. ⢠Simple, engaging language
⢠International scope; explains larger implications
⢠Interactive features
âFinancial Crisis Enters New Phaseâ
September 18, 2007 [Cover Page] Vikas Bajaj
âItâs like having a fire in a cinema,â said Hyun Song Shin, an economics
professor at Princeton. âEverybody is rushing to the door. You are
rushing to the door because everyone is rushing to the door. Clearly,
as a collective action, it is a disaster.â
âSome economists worry that a psychology of fear has gripped
investors, not only in the United States but also in Europe and Asia.
While investorsâ decision to protect themselves may be perfectly
rational, the crowd behavior could cause a downward spiral with
broader ramifications.
12. ⢠Style: draws reader in with compelling quote and thought
provoking introduction
⢠Lets Paulson defend his actions
âStruggling To Keep Up As The Crisis Raced Onâ
October 23, 2008 [Cover Page] Joe Nocera & Edmund L. Andrews
âI feel like Butch Cassidy and the Sundance Kid. Who are these guys
that just keep coming? â Treasury Secretary Henry Paulson Jr.â
âIn an hour long interview with The New York Times, Mr. Paulson
defended Treasuryâs actions, saying that he and his aides had done
everything they could, given the deep-rooted problems of financial
excess that had built up over the past decade.â
âI could have seen the subprime problem coming earlier,â he
acknowledged in the interview, quickly adding in his own defense,
âbut Iâm not saying I would have done anything differently.â - Mr.
Paulson
13. âŚbut also
⢠Brings in opposing views that critique Paulson and helps
Americans understand the severity and breadth of situation
⢠Information pertains directly to the reader
⢠Gives one explanation why government did not bail out
Lehman Brothers
âFor the equilibrium of the world financial system, this was a genuine error.â â
Christine Lagarde (Franceâs finance minister)
âThe failure of Lehman [acted as] âa triggerâ for events leading to the global crash.â â
Frederic Oudea (Oudea (chief executive of SociĂŠtĂŠ GĂŠnĂŠraleâone of Franceâs biggest
banks)
âI never once considered it appropriate to put taxpayer money on
the line in resolving Lehman Brothers,â
âWhen pressed about why it was legal for the Fed to lend billions of dollars to
Bear Stearns and A.I.G. but not Lehman Brothers, Mr. Paulson emphasized
that Lehmanâs bad assets created âa huge holeâ on its balance sheet. By
contrast, he said, Bear Stearns and A.I.G. had more trustworthy collateral.â
âAsked what he might have done better, Mr. Paulson replied, âI could have
made a better case to the public.ââ
14. The Aftermath
⢠Website = an extremely useful resource
â âOverviewâ, Updated July 12, 2010
⢠Constantly being updated, thus
constantly informing readers
⢠Recognition that this is an ongoing crisis,
still important to Americans
âUse of multimedia
⢠Interactive features, videos, graphs, interviews
⢠âHow the Government Dealt With Past
Recessionsâ
15. ⢠Encourages understanding
⢠Search tool for terms & links in articles
⢠Links to books
⢠Links to external sources (Businessweek, The Washington Post,
PDFs, government documents)
⢠Ease and accessibility
⢠User friendly
⢠Everything in one place
⢠Highlights most relevant articles
from 2006 â 2010
The Aftermath
16. Overall Findings: Strengths
⢠Creative ways to draw readers in (especially
average citizens)
⢠Catchy introductions: âSo, how bad could this get?â
⢠Common language, logical transitions/ conclusions
-Even in opinion columns [Paul Krugman]
⢠Metaphors: fire in a movie theater example
⢠Compelling images
⢠Graphs and interactive features
â 1960âs to 2001 example
18. Overall Findings: Strengths
⢠Appears in all sections of the paper
⢠Front page, Business Section, Editorials, Magazine
section
⢠Repeating authors; wide variety of authors
⢠Different writing styles
⢠Tons of reporters ď excess amount of information
⢠Website
⢠www.NewYorkTimes.com
19. Overall Findings: Weaknesses
⢠Very dense/ not very concise
⢠Articles were very lengthy; took long to dissect
⢠Amount of information can be overwhelming
⢠Bombarding the citizens
⢠A search on Lexis Nexis did not bring up any
articles mentioning warnings from Jason
Thomas or Lawrence Lindsay. For exampleâŚ
20. Overall Findings: Weaknesses
Jason Thomas sent charts to top white
house and treasury officials showing that
housing prices were wildly inflated and
bound to plungeâappropriate conditions
for foreclosure crisis (March 2007)
Lawrence Lindsey (2006) was the former
chief economics advisor and he told white
house officials that housing prices were
headed for a crash.
Hinweis der Redaktion
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The emotion around the financial crisis is infectious to those around the world as well (Europe and Asia)
KORI