The Financial Crisis and Horse Race Journalism

In 2001, the events of 9/11 were covered by the news media in a way that reassured and unified an angry and fearful country.  In 2008, a financial crisis that in its own way is as dire as 9/11 is being covered in ways that are divisive and infuriating.

At the root of the problem is the colossal failure of reporters to report the crisis, in the context of the presidential campaign, objectively and in a way that challenges the major party candidates to address the issue with the seriousness it demands.

Before it is over our financial and economic distress will almost certainly take the life savings and the livelihood of hundreds of thousands of people, and perhaps many more.  But by the evidence to date, reporters don’t get it.  So taken are they with the “horse race” conventions of political reporting that they have reduced even this, the worst economic portents since the Great Depression, to the familiar banalities of their stock in trade: who’s up, who’s down, and polls galore.

This, plus of course, their own political spin on things.  Thus are we told that the financial mess works to  Barack Obama’s political advantage …  and not much more.

Whether reporters perform this way because they are biased in favor of the Democratic Party and Democratic policies, or because they are themselves clueless about all things economic, or because they are, perforce, tethered to the inadequacies of the politicians they cover (with the correct answer being all of the above), makes not the tiniest bit of difference.

The stark fact is that the national news media have underreported and misreported virtually every important aspect of our national nightmare: how we got into it, how we can prevent it from happening again, and, most importantly, how we can escape its worst effects now -- and how our national leaders can help us.  

Here at The Media Institute, which receives all of its financial support from media companies, we spend most of our time promoting the Speech Clause of the First Amendment.  This means that we promote those laws and regulations that maximize freedom of speech and of the press — something we will continue to do whatever the media’s journalistic shortcomings.

But at a time when all of the legacy media are in grave jeopardy — first from the competitive effects of the Internet, and now from the struggling economy — they are not making it any easier for themselves or for us.  If worse comes to worst, the people of this country are unlikely to forget or forgive the role the media have played at this crucial hour.

A Time To Celebrate Free Speech

National Freedom of Speech Week – NFSW for short – is upon us.  This week of Oct. 20-26, 2008, marks the fourth year in which freedom of speech has been remembered with a commemorative  week of its own. 

When The Media Institute launched NFSW in 2005, we knew that the success of the week would depend on the participation of many organizations that would take the free-speech message to their constituents.  In that first year we partnered with the NAB Education Foundation and four other groups.

NABEF is still a stalwart, and those four groups have grown to many times that number.  Broadcasting, cable, newspapers, movies, electronics – virtually all of the major media platforms are represented this year in addition to educational institutions and a variety of other organizations.  That has always been the point – to make NFSW an open-ended collaboration rather than a proprietary event.

What I find exciting about NFSW’s evolution is the way in which a growing number of groups are taking the First Amendment message to young people and involving them in creative  and interactive ways. 

For example: NABEF is sponsoring a competition for college students, inviting them to produce public service announcements on free speech.  The Radio and Television News Directors Foundation is conducting a similar competition for high school and middle school students.  The Thomas Jefferson Center for the Protection of Free Expression is sponsoring a poetry and songwriting contest on free-speech themes.  And the National Communication Association is encouraging the members of its college chapters to publicize and celebrate the week on their campuses.  (See the NFSW website, www.freespeechweek.org, for more details.)

It’s a well-worn cliche that today’s youth are the future of our country.  A fact far less widely touted is that they’re also the future of the First Amendment and our precious freedoms of speech and press.  But we need to do a better job of making our young people aware of these freedoms.  The activities above are good starts, and these groups are to be commended.
   
Ultimately the success of National Freedom of Speech Week will be secured when Americans in general and young people in particular demonstrate a heightened awareness of the importance of free speech and free press – and are willing to stand up for those freedoms even if means protecting speech that is unpopular or unpalatable.  

Even as we pause to celebrate freedom of speech this week, let’s be mindful that we still have a long way to go.

Fact and Opinion

Name a national news organization that commands the respect both of Republicans and Democrats, conservatives and liberals. Can’t do it? Neither can I, but as the head of The Media Institute, and as a citizen, I wish I could.

At a time when there is no governmental institution in America—and scarcely any institution of any kind-- that is not the subject of contempt or contention, the news media have a rare opportunity right now to play a meaningful and unifying role, and in the process to do wonders for their own flagging fortunes. But it’s not happening.

The United States today is fairly seething with fear and anger. It is no overstatement to say that many people in this country, left and right, literally hate some of their fellow Americans-- a state of mind that will only be exacerbated as the presidential campaign yields a winner, and as the financial crisis takes its inevitable toll. A few years ago I used to say jokingly that I didn’t think the country was up for any more foreign wars, but that I thought there might be an appetite for a good civil war. I don’t think it's funny anymore.

There is nothing intrinsically wrong, and a lot that is right, with opinion journalism. But when, as now, people in large numbers are fearful about the future and questioning what’s best for themselves and for the country, it is as ominous as it is lamentable that we don’t have at least a few national news organizations that are trusted, for their rigorous commitment to thoroughness and objectivity, by people of different political persuasions.

There is no need to define objectivity with mathematical precision; two parts of this to two parts of that. Neither is there any suggestion that objectivity means pleasing everyone, even some of the time. There are, after all, some people--like Marxists on the left and fascists on the right-- whose views can’t be reconciled with any strain of objectivity.

But the larger point survives, and is all the more dolorous for those of us whose careers are linked with these organizations, by the fact that this glaring void exists at the same time that the news media are facing a difficult present and a parlous future.

At what better time, and in what better way, could the legacy media demonstrate their continuing and essential value to this country than by recommitting themselves, at this very moment, to a journalistic standard that strictly adheres to objectivity in the gathering and reporting of the news?

 

Political Reporters, the Economy, and the Presidential Race

In 1991, the Greek-owned cruise ship Oceanos sank off South Africa’s eastern coast. All of the crew, including the captain, abandoned ship before many of the passengers got off, leaving them to the safekeeping of the shipboard entertainers.

Watching the presidential candidates mumble and fumble their way around the country’s financial mess, it’s hard not to feel as those passengers must have felt—abandoned and alone, and every man for himself.

In fact, though, the more astute will have felt that way for some time. This, because though you wouldn’t know it from the stories filed by this country’s political reporters, the nation’s financial agony isn’t something that just sneaked up on us in the last few weeks.

From the extraordinarily high price of commodities like oil and gold, to the drying up of business and consumer credit, to the collapse of the housing market, to the sinking value of the dollar against foreign currencies, to the erratic and downward spiraling action in the equity markets, the U.S. economy has been sending out SOS signals for at least a year.

Like the presidential candidates, though, political reporters have been serving up economic mush, when they haven’t ignored the economy altogether in favor of “horse race” stories.

It’s in this environment that John Harris and Jim Vanderhei, co-founders of Politico, accuse Obama and McCain of putting on a bad show. “Tuesday’s debate,” they say “was a look through the wrong end of the telescope. Men with fascinating biographies seemed conventional.”

No argument with that assessment here. But then they come up with this: “Both Obama and McCain were once cult-of-personality candidates, running on their inspirational personal biographies and reformist profiles more than on their policy records.” D’ya think?

In my lifetime there have never been two candidates more uncritically acclaimed by the media. No Republican politician has ever gotten the kind of press coverage that (prior to this campaign) McCain received. And as for the press coverage of Obama, well, to say it’s been fawning is like saying that an eon lasts awhile.

So as the country’s staggering economic problems cast a giant shadow across the land--and in the process reduce the two presidential candidates to dwarflike proportions—it seems kind of late in the day for political reporters to blame the candidates for their lack of substance, much less because they no longer seem “inspirational.”

Journalists have had innumerable chances, over a long period of time and in an eerily declining economy, to explicate and challenge the presidential candidates’ economic policy views. Why haven’t they?

Pining for the candidates lost allure, Harris and Vanderhei close their article with this: “Obama and McCain are men with large life stories, asking to lead the country at a large moment. With one more debate to go, could someone turn the telescope around?”

Perhaps a better question would be when political reporters are going to turn that telescope on themselves.


 

The Good and the Bad of It

Because, as they say on TV news promos, "you need to know," herewith some thumbnail opinions of certain journalists and media outlets:

Daily Kos—Not since the Ku Klux Klan started wearing sheets has anonymity been put to a more malevolent use. If you worry only about the right, spend a little time reading the anonymous posts here and see if you still feel that way.

Drudge Report—If anyone had told you, back in the day, that Matt Drudge and his Drudge Report were destined to become the news leader in American journalism, would you have believed it? Well, you should have, because these days that is not only the fact, it’s the acknowledged fact. News organizations from the great to the obscure fall all over themselves trying to get a link to one of their stories on the Drudge Report. As Drudge himself says, “they kiss the ring.”

Christopher Hitchens—The scourge of all things politically correct, and a very entertaining writer. Wrong about a number of things, but who cares?

Charles Krauthammer—Smart, clever, serious.

Mainstream media (generally speaking)—In immediate and urgent need of more (and more prominently displayed) economic reporters. Looking back on the financial crisis gripping the country at this time, historians will marvel at the shallowness of the media coverage of it. In significant part this is owing to the fact that the media have too many political reporters covering economics and not enough economic reporters covering politics (or economics).

Keith Olbermann—If he’s not deliberately channeling Howard Beale he gives a good impression of it.

Politico—Though its coverage of politics is devoid of anything even remotely artful and features an overabundance of “horse-race” analyses, this relatively new journal is already the best in class. The online version is updated frequently, including on weekends, and taken as a whole its political slant is neither pronounced nor off-putting.

RealClearPolitics—One of the best of the political news aggregators, though they provide too many links to the same few (and politically predictable) sources. The greater value is found in their links to less familiar outlets, including blog sites, and in their own contributors like Jay Cost.

Robert Samuelson—Though he writes impressively about many things, Samuelson’s greatest strength is his understanding of economics. His pieces last month and this about the financial crisis are far and away the best things written on that subject by anyone at the Washington Post.

Tom Shales—In the way that some people are said to have a perfect ear, Shales has a perfect eye. His take on everything from speeches to TV shows is almost always spot on, and the class of the field. Unfortunate, therefore, that he occasionally wanders into matters of politics and policy. Note to Tom: Don’t do it. You’re not good at it, and it diminishes you even to make the effort.

Slate—Not perfect but a serious place for serious people, and marked by terrific writing. If the Washington Post, which owns Slate, were more like it, it would be a fresher and more widely admired newspaper.

George Will—The best of the commentariat. Made his journalistic bones, so to speak, during the Nixon regime where, second perhaps only to Woodward and Bernstein, he was the leading critic of that Administration. Though a conservative Republican, not averse to taking on conservatives and Republicans, as seen in his recent scathing criticism of John McCain (McCain Loses His Head). One of the very few journalists (Robert Samuelson being another) with a broad understanding of the speech clause of the First Amendment.



 

Fairness Doctrine: The Talk Goes On

The Fairness Doctrine, or at least talk of a reimposed Fairness Doctrine, just won’t go away.  It was finally killed off in 1987 but the current Democratic Congress has been making periodic noises about bringing it back.

The big question now seems to be what would happen under a President Obama.  Would he actively support a return of the doctrine?  Would he accede to a Congress controlled by his Democratic friends who put a Fairness Doctrine bill in front of him?  Would he dare (or bother) to go against his congressional allies and veto such a bill?

All we know for sure has been ferreted out by the hard-working John Eggerton of Broadcasting & Cable.  He reported back on June 25 that Obama’s press secretary, Michael Ortiz, told him that "Sen. Obama does not support reimposing the Fairness Doctrine on broadcasters," and that the candidate sees the issue as “a distraction from the conversation we should be having about opening up the airwaves and modern communications to as many diverse viewpoints as possible."

On Sept. 18, however, George Will opined that an Obama-led government would bring back the Fairness Doctrine.  Will wrote:

“Until Ronald Reagan eliminated it in 1987, that regulation discouraged freewheeling political programming by the threat of litigation over inherently vague standards of ‘fairness’ in presenting ‘balanced’ political views.  In 1980 there were fewer than 100 radio talk shows nationwide.  Today there are more than 1,400 stations entirely devoted to talk formats.  Liberals, not satisfied with their domination of academia, Hollywood and most of the mainstream media, want to kill talk radio, where liberals have been unable to dent conservatives' dominance.”

Will’s comments have stirred the pot once again, particularly among right-leaning blogs where much of the speculation and hand-wringing takes place.

In support of Will’s assertion are two factors.  The first is that Obama need not actively support a reimposition of the doctrine to sign a bill pushed by his fellow Democrats.  The second is that his press secretary also told Eggerton that Obama supports “media-ownership caps, network neutrality, public broadcasting, as well as increasing minority ownership of broadcasting and print outlets" – in other words, the traditional Democratic media-policy platform in which the Fairness Doctrine plank would fit snugly.

The Fairness Doctrine was a bad idea for a lot of reasons.  It should be allowed to rest in peace.  Sen. McCain gets that, and has co-sponsored legislation to keep it dead.  Sen. Obama says he opposes a new Fairness Doctrine.

Yet George Will can be a hard person to bet against.  In the case of Obama and the Fairness Doctrine, however, I’m hoping Will is wrong.