I have a theory on the current “credit crisis”: when the media stops covering the credit crisis, the recession will end.
The timetable that leads to this begins with a bit of irrational exuberance. At some point, a large number of investors and members of the public get caught up in the potential of economic gain, of making lots of money quickly. At some point, someone moves the cheese and a critical mass of these people are disappointed. They may not have made any money or made as much as they wanted or even lost considerable sums. It doesn’t matter.
The malaise they feel spreads like a virus, a meme until, at some point, it becomes news. Repeat these steps a few more times from a few more people and viola! You have a news obsession.
A few years ago, Iraq was the news. You couldn’t turn on the television without hearing about Iraq, the deaths in Iraq, how the people of Iraq were coping, and on and on an on until, it would seem, every angle of the news story was covered. That news coverage even helped the Democratic Party choose Obama as their candidate for president.
But later, the story changed. Iraq didn’t feature so much. Instead, the story was the economy. First, it was characterized in the UK as an American banking problem. Then it was the American-influenced banking problem. With the bailout of Northern Rock, it became a UK problem started by America. Then, it was the Global Credit Crunch. This pattern even helped elect the first African-American to the presidency.
Now, the BBC and other news networks fixate on the number of layoffs and measures companies are employing to stave them off. Eventually, we will fixate on difficulties in people are having while waiting in the unemployment line. During all of this, the news will run stories about reforms that may or may not happen, steps that are being taken to help the public deal with the economic reality, and people that are brought to account for their role in shaping the existing situation, real or not. Most of this won’t mean a thing.
Eventually, people will become tired of listening to the news tell them just how bad things are. Either they have a job, health care, and a home or they don’t. Either they will have hd to declare bankruptcy or they haven’t. Either they company has failed, or they have said good-bye to a few coworkers and they are holding by the skin of their teeth. Either way, a significant number of people will turn away from the news.
They will turn their TVs to something escapist. They will not Digg stories about the economic troubles anymore. They won’t visit www.cnn.com as often because they just don’t want to hear another story about Joe the Plumber becoming Joe the Unemployed. Ratings will slip. Unique visitors will decline. Other stories will begin to surface.
Then, it will happen. The media, in its various forms, will stop putting stories about the economic issues on the front page. They won’t lead with these stories anymore. They will change the story of the day in order to win back readers, viewers, and listeners. The trigger may be a “Nancy from the Network” or boredom, but the effect is the same. We will stop hearing about the economic downturn.
It is at this point that the recession will end. It may not end in official figures. It may not result in the free flow of credit. But, in the minds of most people, they will “on the road to recovery”, “back on track,” or some other catchphrase which ignores the damage that has been done and the people that are still suffering.
The media should not stop the current obsession with the economy. They are responding to their need for ratings and the public’s simlar obsession. Nor does this mean that we are simply imaging the Global Credit Crisis or that it’s only in our head. The money issues are real and so is the suffering of people across the world.
But it is our boredom that will change the media that changes the messages we receive which changes the messages in our heads which ends the recession.
Posted by: Kate
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General