Is the Media Responsible for Making the Global Economic Crisis Worse?

Are media outlets making the global economic crisis worse than it really is? Are they exaggerating reports and stories just for the headlines? Is the media undermine consumer confidence and making matters worse? A recent survey seems to think so as 77% of Americans polled blamed the media for making the situation worse. The interesting question that comes to mind as stated by Red State is, could media organizations actually be held liable for the damage they have caused by such over the top reporting.

Seventy-seven percent of Americans believe that the U.S. media is making the economic situation worse by projecting fear into people’s minds.

The majority of those surveyed feel that the financial press, by focusing on and embellishing negative news, is damaging consumer confidence and damping investment, making a difficult situation much worse. The poll was conducted via telephone, December 4 – 7.

The US survey of 1000 adults was conducted by Opinion Research Corporation and is statistically representative of the total U.S. population. The survey question: “Do you think the financial press is making the economic crisis worse by projecting fear into people’s minds?” While the overall response indicated that 77% of Americans answered YES, here are highlights of note: Household Incomes: $25k – $35k — 79% answered YES $35k – $50k — 88% answered YES $50k – $75k — 76% answered YES $75k – more — 78% answered YES Demographics: 85% of young adults (18-24 yrs old) answered YES 77% of males and females alike answered YES 65% of blacks answered YES

Richard L. Scheff, a national expert on corporate liability and white collar crime issues, warns media that they could potentially be exposed to liability despite apparent constitutional protections: