Sub-prime Mortgages

Columbia Journalism Review Assesses Failure of Business Press to Warn of Crises

Hat tip to lambert on correntewire for providing the link to the latest cover story in the Columbia Journalism Review, Power Problem: The business press did everything but take on the institutions that brought down the financial system, by Dean Starkman.

Starkman and a team of researchers set out to examine how well the nation’s business press did in providing warning of the coming financial crises in the past decade. They selected a list of the nine business-news outlets they considered the most important (Wall St. Journal, New York Times, Washington Post, Los Angeles Times, Financial Times, Bloomberg, Forbes, Fortune, and BusinessWeek) and the financial institutions with leading roles in the collapse (Wall Street: AIG, Bear Stearns, Goldman Sachs, Lehman Brothers, Merrill Lynch, Morgan Stanley. Lenders: Ameriquest, Citigroup, Countrywide, Fannie Mae, Freddie Mac, IndyMac, New Century, Washington Mutual).