How Much Do Media Affect Economy's Performance?

NewsBusters must expand to meet demand. We need $30,000 and can't do it without your donation. Please click to contribute.

How Much Do Media Affect Economy's Performance?

By Matthew Sheffield
Mon, 12/01/2008 - 14:34 ET

A lot, they influence public perception which in turn influences investor confidence

84% (3250 votes)

Some, they influence things but individuals' private knowledge is more influential

12% (449 votes)

Very little

3% (135 votes)

Don't know

1% (32 votes)

Total votes: 3866

Coming soon: A brand-new NewsBusters design. But we need your help!

Read comments Free email alerts Take action

Comments Policy

All comments are owned by whoever posted them and are subject to our terms of use. They should not be assumed to represent the views of NewsBusters.

I chose "a lot" but not for

Mon, 12/01/2008 - 14:44 ET by bradbenj5952

I chose "a lot" but not for the reason stated. I think the media's influence pertains more to the way people vote than overall confidence. Any right thinking person knows that reducing taxes leaves more money in the economy. The media's influence on the populace to vote for those who favor taxation and spending is the chief cause of our economic problems.

"Believe on the Lord Jesus Christ, and thou shalt be saved, and thy house." Acts 16:31

Bradbenj,

Mon, 12/01/2008 - 14:51 ET by Indiana Joe

I think the gist of the question was, how much does the media's portrayal of the economy affect how people perceive it, and how they taylor their financial decisions because of that. Your point about taxes and the economy is sound, but not the real question at hand, IMO.

I chose "a lot" also, but I firmly believe that the economy is very much driven by consumer confidence and actions. When the media (rightly or wrongly) makes people fear that "hard times are a-comin'," that tends to help slow down spending, which slows down economic growth.

"Meet the new boss, same as the old boss..." - The Who

News Media Focus

Mon, 12/01/2008 - 15:44 ET by JDW

Read anything concerning the worker who was trampled?

The news media is concentrating on nothing else.

Fancy the article I found tucked away in the WP describing the Christmas cheer retailers are now experiencing.

And front pages continue to plaster updates on the trampled worker.

JDW

DAILY WAVE

GOP: A new start with a new team
Who will the libs attack after inauguration?

More than we know

Mon, 12/01/2008 - 14:55 ET by uttles

I honestly believe the media and their portrayal of the economy as well as issues that affect the economy have a tremendous affect. Is it a coincidence that the "economic bust of 2008" happened just in time to get Obama elected? I think not.

Report: After Jan 20, economy will be good!

Mon, 12/01/2008 - 15:11 ET by Mica the Magnificent

As Joe Kernan from CNBC once said:

We in the media talk the economy down, down, down and down. Then we take a poll to see how we're doing.

I said some. They can

Mon, 12/01/2008 - 15:23 ET by danbo

I said some. They can effect it a lot short term. But eventually the reality will win out.

Limited Disclosure: I used to belong to the Sierra Club untill they went crazier. Worse of all, I was bribed by Exxon with free New Orleans Saints glasses with fill ups in the 70's.

The Media

Mon, 12/01/2008 - 15:40 ET by littlemissmuffin

The Media controls more than just how the economy is perceived. They managed to get "That One" elected by feeding the mindless with all sorts of drivel.

"If we conservatives moved to those seven non-existent States, the government couldn’t find us and tax us to death!"

But he still has to

Mon, 12/01/2008 - 21:07 ET by danbo

But he still has to serve.

If by getting someone without a clue in control. Yes they can do that. But eventually either he will either do something right or lose like Bubba did 2 years after his first win.

Limited Disclosure: I used to belong to the Sierra Club untill they went crazier. Worse of all, I was bribed by Exxon with free New Orleans Saints glasses with fill ups in the 70's.

COMMUNITY REINVESTMENT ACT.. and the msm cover-up..

Mon, 12/01/2008 - 16:11 ET by upcountrywater

This is the reason for the wealth destruction, we are seeing today.

This is why the gov is bailing out the banks...it's MANDATORY .

Bail-out; gm and ford.. OPTIONAL..

This is the ONLY thing McCain. should of, could of, would of... pushed..

Now we are on a new dawn, of loving devotion of the 0ne.

Hand wringing, and gnashing of teeth, to follow.

Adding to the DEMOCRATIC legacy

Aclu</

The CRA is only part of the problem, The Fed caused the bubble

Tue, 12/02/2008 - 00:38 ET by PopularTech

I am surprised people still do not understand what happened:

Understanding the financial crisis (Video) (8min)

The bailouts are not mandatory, what are you talking about. The Bailouts prop-up unsound banks and reward bad behavior which leads to a moral hazard with future malinvestment in the economy. All the bailouts will do is cause more inflation and devalue your savings and buying power.

Since when has everyone become a socialist?

Censored Global Warming Videos

Hay PT the CRA is the FED, a "bright" idea by habitat carter

Tue, 12/02/2008 - 12:53 ET by upcountrywater

TO BAD YOU DO NOT WATCH YOUR OWN VIDEO

The CRA forced banks to make these loans..

No worries !!! fredie mac and fanny mae will cover "any problems".

This is why the gov is doing the bail-out dance.

yes it needs to stop...

HOWEVER the CRA is still with us.

VIDEO: Burning down the house

DEMOCRAT

School

Too bad you don't read

Tue, 12/02/2008 - 13:06 ET by PopularTech

Yes the CRA was part of it but the reason all of this happened NOW and not when Carter enacted it was because of changes made to it by Clinton, subsidizing downpayments made by Bush but most importantly the increased credit expansion by the Fed.

Not listening to the first half of the video and repeating what you said before means you did not read what I said.

Getting rid of the CRA is not going to fix the problem of credit expansion created by the Federal Reserve.

The fact that you think the bailouts are mandatory means you don't understand economics.

Censored Global Warming Videos

PT, CRA changed the rules of banking.

Tue, 12/02/2008 - 13:32 ET by upcountrywater

The fact that you think the bailouts are mandatory means you don't understand economics.

Economics has nothing to do with this. CONTRACTS do

CRA out of thin air created, and FORCED new rules, on the private banking enviroment.

Delusional folk at CRA also said, We will cover your loans if things go bad.

Well here we are, time for the gov to cover their DISASTER, with bail-out funds..

yes it's our money. however a promise is a promise ..

Why do bureaucrats CONTINUE to pretend they can be business leaders with my money?

getting RID of CRA is a start, PT.

Bush tried to kill it in 2003, congress said NO

DEMOCRAT

School

Yes the CRA did do that but that is not the point

Tue, 12/02/2008 - 13:43 ET by PopularTech

The point is this happened now, not 1977. Bush made the problem worse:

Bush 'No Money Down' - Tax Payers Will Pay (Video) (6min)

Bush seeks to increase minority homeownership (USA Today)

So did Clinton...

Fannie Mae Eases Credit To Aid Mortgage Lending (The New York Times)

Censored Global Warming Videos

PT, Bush tried to kill it...

Tue, 12/02/2008 - 15:11 ET by upcountrywater

Bush made nothing worse he tried to kill it in 2003 failed

Significant details must still be worked out before Congress can approve a bill. Among the groups denouncing the proposal today were the National Association of Home Builders and Congressional Democrats
who fear that tighter regulation of the companies could sharply reduce
their commitment to financing low-income and affordable housing.

”These two entities — Fannie Mae and Freddie Mac — are not
facing any kind of financial crisis,” said Representative Barney Frank
of Massachusetts, the ranking Democrat on the Financial Services
Committee. ”The more people exaggerate these problems, the more
pressure there is on these companies, the less we will see in terms of
affordable housing.”

Bushes bill(s) died! CRA still in play.

The rest of the story here

Then there is this from John Mc Cain in 2005

I join as a cosponsor of the Federal Housing Enterprise Regulatory Reform Act of 2005, S. 190,
to underscore my support for quick passage of GSE regulatory reform
legislation. If Congress does not act, American taxpayers will continue
to be exposed to the enormous risk that Fannie Mae and Freddie Mac pose
to the housing market, the overall financial system, and the economy as
a whole.

I urge my colleagues to support swift action on this GSE reform legislation.

This bill DIED. CRA still in play

The point is, we pay for bearuocrats toying with our money.

and the bail-outs are MANDATORY.

And yes this SUCKS...

CORRECT; Clinton push through lots of stuff that EXPANDED the CRA.

DEMOCRAT

School

Basic logic as to why the CRA was not the root cause

Tue, 12/02/2008 - 13:14 ET by PopularTech

If the CRA was the root cause why did this just happen now? Yes the CRA was a cause but blaming the CRA as the root cause is easy for people who do not understand monetary policy. They also want to ignore Bush and the Fed's role in the problem so they can solely blame the Democrats (who are to blame but they are not alone)

Bush

Bush 'No Money Down' - Tax Payers Will Pay (Video) (6min)
Bush: Expanding Home Ownership (The White House)

"This Administration will constantly strive to promote an ownership society in America. We want more people owning their own home. It is in our national interest that more people own their own home. After all, if you own your own home, you have a vital stake in the future of our country."
- President George W. Bush, December 16, 2003

American Dream Downpayment Act of 2003 (HR 1276)
American Dream Downpayment Act: Fiscally Irresponsible and Redundant to Existing Homeownership Programs (Ronald D. Utt, Ph.D. Economics)
Bush's 'American Dream Downpayment Act of 2003' (Lew Rockwell)
Bush seeks to increase minority homeownership (USA Today)

Greenspan - Federal Reserve
Did the Fed Cause the Housing Bubble? (Robert Murphy, Ph.D. Economics)
The Housing Bubble in 4 Easy Steps (Mark Thornton, Ph.D. Economics)
Guilty as Charged (George A. Selgin, Ph.D. Professor of Economics)
Greenspan says ARMs might be better deal (USA Today)

Censored Global Warming Videos

→ Shut up Obama

Mon, 12/01/2008 - 16:22 ET by Cool Arrow

During Obama's presentation of his Homeland Security gang today, the market dropped another 60 points.

When things are looking up, he's a wet blanket. When things are going bad he's a further mucker.

LYDSEXICS UNTIE!

Democrats + Lame Stream Media

Mon, 12/01/2008 - 16:40 ET by Scrapiron

The democrats and their pardners in the Lame Stream Media have been on a mission to destroy the economy for 8 years. They initiated a surge in Jan 2007 and have accomplished their goal. The worst part is they thought they could destroy the economy, blame it on GWB, and immediately fix it. They got it wrong as usual and are now trying to shift their screwup to anyone and everyone they can think of. Bad for them that at least 50% of the citizens have more brains than the democrat politicians and LSM wonks so the blame game won't work. The fact is 95% of the citizens know the democrats destroyed the economy for political purposes, but only 50% will admit the facts.

Old, Retired and glad of it.

Which Way Is Up?

Mon, 12/01/2008 - 17:44 ET by JDW

The news media is truly insipid. During the upcoming Limbaugh/B Walters interview Rush describes Obama's selection of Hillary as 'brilliant'. In return the news media attacks Rush as being a loudmouth...

As evidenced by elections, the libs never have to change anything, only our side. Regardless of how far left McCain tilted, there was more room.

One need not have brains to experience the Obama 'promises' to realize failure. And the news media is running out of readers to buy them.

JDW

DAILY WAVE