A media mea culpa

It will be very interesting, in a few years, when some academic goes back and does an in-depth study on what the media was reporting, and when, about the financial crisis.

It’s obvious that mainstream media didn’t see the crisis coming. Toronto Star business reporter David Olive published his own mea culpa yesterday (March 22) and we’ve all watched Jon Stewart rake Jim Cramer over the coals (right?).

So mainstream missed the boat. What about the blogosphere and its myriad voices? Bloggers and online-only news sites are supposed to provide a new diversity to reporting. Did they? I’m pretty sure they did, but the real quesiton is, how many people managed to save their savings because they were following a blogger or reporter who got things right (or who reported on an analyst or expert who got things right) before the rest of us caught on.

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