Thursday, August 19, 2010

Media's Bias in Economic Reporting is Flagrant

It is unusual and irresponsible to entrust analysis to economists from big financial institutions and stock brokerages; the media shouldn't become a lackey of the financial world

The media's economic reporting is very biased.

First, most of the commentators are private-sector economists from big financial institutions and stock brokerages. The coverage is extremely one-sided. There are academics who can offer economic analysis. There are neutral research organizations too. Yet those appearing on TV are economists from the big banks and brokerages. These economists work for the financial world and the stock market. They are mostly Milton Friedman disciples, influenced by his views on monetarism. Most of them are swayed by the Finance Ministry's principles for financial reconstruction.

What's up with the media? They are way too biased. The media should be training analysts to be independent and original.

Second, the media always finds a financial crisis to make a fuss about. Some newscasters keep repeating how Japan is already bankrupt. The media has become the frontman for the Finance Ministry. For the last 20 years, the Finance Ministry has pushed financial reconstruction, but it's been a failure. Economic analysts who don't admit this are frauds.

The media rarely reports on the realities of unemployment, the regional economies and small to midsize businesses. The reporting is biased. The media is out of whack.

They should report the news fairly.