Let me start by saying that we all view the world through our own biased filters. As a data analyst and policy analyst, my bias is for data and in-depth information. My all time favorite quote summarizing this belief comes from a cartoon I once saw:
In God we trust. All others bring data!
Normally I do not editorialize on news reporting because I believe all information is valuable. However, CNN’s current hype and hysteria approach to “news” makes it unbearable for me to watch. “Experts” telling others what they should think about issues, often while screaming or raising their voices.
- What makes them an expert?
- Even if there are experts, where is the data to support their statements and theories?
- How has it been evaluated and scrutinzed (let alone why can’t we see it)?
- Why the need for screaming and loud voices? Doesn’t everyone’s television set in this day an age have a volume adjusment control where one can raise the volume to above normal levels if one so desires?
Ok, the argument is the average viewer does not have the intelligence and attention span to understand the issues so they must be “simplified.” First of all I take great offense to be called stupid.
Take the current reporting on the economic crisis. Inquiring minds want to know: what exactly, specifically, in detail, brought on this global disaster?
I consider myself an average viewer. Last time I checked I do not have a nobel prize in Economics or even a degree in Economics for that matter.
At the same time, I am definitely not the target audience for shows like The Real Housewives of New Jersey. I shudder to think that anybody could live like this on a daily basis and if it is true and this is what “average” means then perhaps I should be making arrangements to go live on the space station. Is it a wrong way of living? I have no clue. My basis for determining right or wrong is based on whether harm is caused to others and there does not appear to be any apparent harm being caused here plus those involved are (I hope) making a tidy sum from letting their behavior be portrayed on national television. It is simply way too much drama and angst for my personal preference.
Back to economics and current global financial meltdowns (now this to me is real life drama and much more gut wrenching than any horror film). A professor I had in undergrad once told me:
Never complain about a problem without also offering a solution.
Ok, in order to offer a solution I first need to understand the problem. I watch CNN and, other than being told how bad things are, I cannot understand what the problem is. I have asked others if they are getting a better understanding than I am and the consensus seems to be general confusion. Then I see a BBC report such as this one
Global Credit Crunch Probed http://news.bbc.co.uk/player/nol/newsid_7000000/newsid_7000600/7000655.stm?bw=bb&mp=wm&asb=1&news=1&ms3=54&ms_javascript=true&bbcws=2
Which immediately raises the question in my mind, how is all this funny money even possible?
Ah, PBS has a very enlightening documentary called The Ascent of Money which explains the history of our modern financial system.
Current financial crisis in historical context http://www.pbs.org/wnet/ascentofmoney/featured/watch-full-program-the-ascent-of-money/24/
Episode 1: From Bullions to Bubbles (a history of the origins of money) http://www.pbs.org/wnet/ascentofmoney/featured/the-ascent-of-money-episode-1-from-bullion-to-bubbles/44/
Episode 2: The Bonds of War (how public debt became currency) http://www.pbs.org/wnet/ascentofmoney/featured/the-ascent-of-money-episode-2-bonds-of-war/90/
Episode 3: Risky Business (how insurance became currency) http://www.pbs.org/wnet/ascentofmoney/featured/the-ascent-of-money-episode-3-risky-business/97/
While I do feel there is an anti George W Bush bias in the mortgage crisis explanation (i.e. the discussions about Enron implicate Bush but the activities described range from 1995 to 2001 which, considering the 1st year of a new presidential term is a transition year, are activities that took place entirely under the Clinton administration). I also wonder what the hype over going off the gold standard is all about because the entire system has been based on trust and belief since its inception; we have simply substituted the belief that gold is valuable for a belief that certain currencies are valuable.
For those who find the PBS documentary too long, I recall a link a friend had sent which provided a great visual summary of what caused the mortgage crisis.
The Crisis of Credit Visualized http://www.vimeo.com/3261363
Notice something yet? No need to understand 3rd order derivative calculus or have a degree in Keynsian theory or investment banking in order to follow these explanations. Why can’t we see more reporting like this and less hype?
Back to the funny money. It is obvious that, even with the artificial construct of trust being a historic principle, something went gravely wrong here. With this basic understanding of the problem, I now need data:
- How many bad loans (dollar terms, percentage of all loans)?
- How many of the bad have been classified or rated as good?
- Can we separate the good from the bad ones or is the financial entaglement the equivalent of trying to remove a gene from the human DNA sequence?
- What exactly are the bailouts targetted at doing?
- Yes, I know putting liquidity into the market but for whom? Are we strengthening good assets or pouring all this money into giving liquidity to those who are holding mostly bad assets? If the latter, why are we doing this?
These are the issues I would like to see reported. Not other people’s opinions on whether or not we have a problem In my opinion, unless you just landed from another planet outside this galaxy, the problem is self evident. What we need now is in-depth reporting that will enable us to come up with solutions to this mess.
Do I think my posting this will change CNN’s reporting style? Nope. However, perhaps if others read, start saying and posting the same sentiment, maybe, just maybe, a change can happen.
Read Full Post »
Cecilia Wandiga's Blog 
Kudos to the BBC and PBS for proper reporting!
Posted in Links and My Comments, Personal, tagged economic crisis, good news reporting on July 18, 2009| 1 Comment »
Let me start by saying that we all view the world through our own biased filters. As a data analyst and policy analyst, my bias is for data and in-depth information. My all time favorite quote summarizing this belief comes from a cartoon I once saw:
In God we trust. All others bring data!
Normally I do not editorialize on news reporting because I believe all information is valuable. However, CNN’s current hype and hysteria approach to “news” makes it unbearable for me to watch. “Experts” telling others what they should think about issues, often while screaming or raising their voices.
Ok, the argument is the average viewer does not have the intelligence and attention span to understand the issues so they must be “simplified.” First of all I take great offense to be called stupid.
Take the current reporting on the economic crisis. Inquiring minds want to know: what exactly, specifically, in detail, brought on this global disaster?
I consider myself an average viewer. Last time I checked I do not have a nobel prize in Economics or even a degree in Economics for that matter.
At the same time, I am definitely not the target audience for shows like The Real Housewives of New Jersey. I shudder to think that anybody could live like this on a daily basis and if it is true and this is what “average” means then perhaps I should be making arrangements to go live on the space station. Is it a wrong way of living? I have no clue. My basis for determining right or wrong is based on whether harm is caused to others and there does not appear to be any apparent harm being caused here plus those involved are (I hope) making a tidy sum from letting their behavior be portrayed on national television. It is simply way too much drama and angst for my personal preference.
Back to economics and current global financial meltdowns (now this to me is real life drama and much more gut wrenching than any horror film). A professor I had in undergrad once told me:
Never complain about a problem without also offering a solution.
Ok, in order to offer a solution I first need to understand the problem. I watch CNN and, other than being told how bad things are, I cannot understand what the problem is. I have asked others if they are getting a better understanding than I am and the consensus seems to be general confusion. Then I see a BBC report such as this one
Global Credit Crunch Probed http://news.bbc.co.uk/player/nol/newsid_7000000/newsid_7000600/7000655.stm?bw=bb&mp=wm&asb=1&news=1&ms3=54&ms_javascript=true&bbcws=2
Which immediately raises the question in my mind, how is all this funny money even possible?
Ah, PBS has a very enlightening documentary called The Ascent of Money which explains the history of our modern financial system.
Current financial crisis in historical context http://www.pbs.org/wnet/ascentofmoney/featured/watch-full-program-the-ascent-of-money/24/
Episode 1: From Bullions to Bubbles (a history of the origins of money) http://www.pbs.org/wnet/ascentofmoney/featured/the-ascent-of-money-episode-1-from-bullion-to-bubbles/44/
Episode 2: The Bonds of War (how public debt became currency) http://www.pbs.org/wnet/ascentofmoney/featured/the-ascent-of-money-episode-2-bonds-of-war/90/
Episode 3: Risky Business (how insurance became currency) http://www.pbs.org/wnet/ascentofmoney/featured/the-ascent-of-money-episode-3-risky-business/97/
While I do feel there is an anti George W Bush bias in the mortgage crisis explanation (i.e. the discussions about Enron implicate Bush but the activities described range from 1995 to 2001 which, considering the 1st year of a new presidential term is a transition year, are activities that took place entirely under the Clinton administration). I also wonder what the hype over going off the gold standard is all about because the entire system has been based on trust and belief since its inception; we have simply substituted the belief that gold is valuable for a belief that certain currencies are valuable.
For those who find the PBS documentary too long, I recall a link a friend had sent which provided a great visual summary of what caused the mortgage crisis.
The Crisis of Credit Visualized http://www.vimeo.com/3261363
Notice something yet? No need to understand 3rd order derivative calculus or have a degree in Keynsian theory or investment banking in order to follow these explanations. Why can’t we see more reporting like this and less hype?
Back to the funny money. It is obvious that, even with the artificial construct of trust being a historic principle, something went gravely wrong here. With this basic understanding of the problem, I now need data:
These are the issues I would like to see reported. Not other people’s opinions on whether or not we have a problem In my opinion, unless you just landed from another planet outside this galaxy, the problem is self evident. What we need now is in-depth reporting that will enable us to come up with solutions to this mess.
Do I think my posting this will change CNN’s reporting style? Nope. However, perhaps if others read, start saying and posting the same sentiment, maybe, just maybe, a change can happen.
Read Full Post »