Bad News: How America's Business Press Missed the Story of the Century [Mīkstie vāki]

As the recent U.S. financial crisis unfolded, journalists struggled to keep up with the biggest story of the century. When the markets unraveled and the economy began spiraling downward, reporters raced to cover an unfamiliar cast of characters and an alphabet soup of derivatives and toxic financial instruments. And in the midst of this collapse, ironically, the business of journalism itself began to disintegrate as the mainstream media grappled with collapsing ad revenues and falls in circulation.

Faulted for cheerleading coverage that helped create the bubble, the business media came under siege from commentators across the political spectrum epitomized by Jon Stewart's now-famous attack on James Cramer for his uncritical coverage of Bear Stearns and other financial giants. Did the press fail in its critical role as it gave in to the irrational exuberance that fed the bubble itself? How do we explain these failures?

The role of the business press in the financial crisis strikes at the heart of the heated debate about the media's role as guardians of our democratic society. With contributions from leading journalists and academics at the forefront of this issue including Nobel Laureate Joseph Stiglitz, Columbia Journalism Review's Dean Starkman, and Huffington Post business editor Peter S. Goodman?Bad News presents a foundational text in navigating a controversy that will be studied for decades to come.