Power Problem : CJR

Power Problem : CJR: "he press’s role is, as always, ambiguous. On the one hand, no one at Forbes sold a single collateralized debt obligation to any German pension fund, so the press certainly can’t be blamed for causing the crisis. On the other hand, Bloomberg News employs 2,300 business journalists, The Wall Street Journal, 700-plus, The New York Times, 110, etc., and all business-news organizations purport to cover the financial system and imply, if not claim outright, mastery over a particular beat—the one that just melted down to China to the shock of one and all. So the press isn’t exactly an innocent bystander, either. It’s not 100 percent responsible, and it’s not zero percent. It’s somewhere in the middle, closer to zero than fifty, I’d say, but it had something to do with it."