It is not often that the world wakes up to the same headlines right around the globe. But that is what happened last week when the news media told the story of the international economic system going into a tailspin.
The collapse of investment banks and a huge global insurance company had media outlets using terms like “Wall Street meltdown”, “an economic 9/11″, even the “end of capitalism”…
To hear much of the global media tell it the economic crash blindsided the world, including banks, regulators and even those who had been reporting the financial world to the public.
“I don’t think anyone saw this coming, least of all the financial press,” Ryan Chittum from the Columbia Journalism Review, says. “Should financial journalists be fortune tellers? No. But should they have done a better job of reporting that the structure of Wall Street was such that something like could have happened and clearly the answer is yes…”