September 22nd, 2008 
joel Last week we posed the question whether or not Erie Mayor Joe Sinnott should hire a Communications Director to better manage the public relations priorities of City Hall. A majority of respondents voted yes, he should have someone manage his message better. However, the low amount of those answering the poll speaks volumes about the ambivalence over the issue, and perhaps city policy…which again, speaks to the need for someone to communicate the city’s relevance! Oh well, next question:
This week was an unprecedented one in the financial markets. One investment bank goes bankrupt, another swallowed up, the government takes over Fannie, Freddie and AIG. And the stock market moves 1500 points in both directions. The general media providers leaned heavily on their financial specialists to explain all the complexity. How do you think they did?
On a scale from 1 to 5, how well are you being informed by the coverage of the current financial crisis?
- 3 - I have a basic knowledge of the situation from the coverage (47%, 9 Votes)
- 4 - The media has done a good job of keeping me informed on the events (26%, 5 Votes)
- 5 - The coverage has helped me thoroughly understand this complex situation (16%, 3 Votes)
- 1 - I'm clueless, the media has been no help (5%, 1 Votes)
- 2 - What I'm watching and reading just confuses me further (6%, 1 Votes)
Total Voters: 19
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There are too many channels and not enough INFORMATION. Everything is “spun” by pundits who all have an ax to grid. Fox makes me grit my teeth, O’Reilly makes me want to fight him, I love Oberman and Matthews but it is REALLY obvious what side they are on. WHO is telling the truth, where’s Jack Webb (Sgt.. Friday), “Just the facts, ma’am.”?
So I feel “informed” that a crisis is happening, but not “informed” about who what and where and especially HOW this happened.
I think the average person is too overwhelmed by all this. As long as it doesn’t immediately afffect their bank account, I don’t think they really care. Also when people hear about the huge bailout figures that the government is tossing towards all these institutions…well I think after years of hearing about the billions of $$$ spent in Iraq and the national debt with is nearing the trilllion dollar mark (if it’s not there already) we’re all just plain numbed. That’s when everyone searches for the next celebrity train wreck story. Sad.
I HAVE TO AGREE WITH STU. DEPENDING ON WHAT AX SOMEONE WANTS TO GRIND , THAT’S THE SPIN YOU GET. FOX(SO CALLED FAIR AND BALANCED) IS SO FAR INTO THE REPUBLICAN CAMP IT’S SICKENING. NBC IS TOUTING THE DEMOCRATS SO MUCH THAT IS ALSO SICKENING. THE REST OF THE NETWORKS DON’T HAVE ENOUGH CLOUT OR INTELLIGENCE TO SPIN ANYTHING.
What I’m hearing you guys say is that it isn’t so much the lack of quality or quantity of the coverage, but the sheer lack of trust in the voices covering the crisis.
Has trust in the news media sunk so low that we treat the coverage with a huge dose of suspicion?
Are at a place where we shoot the messenger?
Nice to see you at lunch Joel!
I am informed on this DESPITE the media. I worked at Lehman Brothers for 2 years and learned quite a bit about the markets and government regulations. I don’t trust most of the people on this issue: too many are all too eager for the largest growth of the federal government ever.
I DON’T DISTRUST THE MEDIA IF I FEEL THEY ARE HONESTLY REPORTING THE NEWS AND NOT MAKING THE NEWS. LET NEWSMAKING AND THE SPIN LEFT TO THE EDITORIALISTS AND THE SPIN DOCTORS.
I agree with HeavyD – most of the financial reporters (ESPECIALLY CNBC) and gov’t talking mouths are eager to quickly ram this down the public’s throat.
It is a shame we don’t have an Edward R. Murrow to REALLY question what is going on! If there was ever a time when we needed the media to do its job it is NOW!
Just once I would like to hear an honest appraisal of the financial situation on wall street and more importantly, what “joe average six pack” should do to guard his/her nest egg.
Every financial planner in the nation must have attended the same seminar on what to tell investors in a down market. “Stay the course” or “don’t adjust a thing” are the mantras. Their reasoning seems sound enough, a move of assets might exclude investors from the inevitable upswing or “correction” in the market.
Perhaps a three-part report by local news utilizing local financial experts is in order. Reporters should look at the largest local stocks like Erie Indemnity, GE and National City and analyze these stocks’ performance lately. Local perspective is what we need and allow the network and cable mouthpieces to keep blaming the red and blue camps.
We need TRUTH TV a renegade, underground, free, uncensored, unvarnished presentation of the week’s events. If a soundbite is 2 minutes long, that’s what it is, no commercials no sponsored segments just, “this is what McCain said, this is what Obama said or the Erie mayor or whatever.
Nothing personal but when I was at the Bayfront Center we got a lot of coverage and it was wonderful but our names were misspelled, mispronounced or just wrong about 75% of the time and we weren’t raising taxes or bailing out big banks or sending kids to the desert to get blown up one by one-now that’s scary
so Joel, fix it!
your old pal-
stu
The current financial crisis is a good example of how a local TV newsroom could provide worthwhile coverage while incorporating new technology AND drive an audience towards a particular daypart.
Here goes:
TV station (insert call sign here) promotes an upcoming segment where financial planners from the area will take your questions. Promote the station website and invite viewers to log on and submit their questions on line.
Field those questions in a later segment “live” in the studio and tag the segment with the fact that these same advisors will take questions on line until a certain time. There ya go, a marriage of traditional and new media
This is a topic that deserves a ton of scrutiny. And new media can help accomplish this.
I’ve put out a call to Phil English and Kathy Dahlkemper to explain exactly what government should do in this situation, how their proposed remedy would be paid for, and how they can stop it from happening again.
We’ll see if they take up the call.
http://www.globalerie.com/blog/2008/09/23/government-bailout-plan-deserves-full-scrutiny/
Here is a very good explanation of the causes of today’s financial meltdown.
http://www.ibdeditorials.com/series11.aspx