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Discuss the failure of business journalism in reporting the great market crash of 1929. - Essay Example
Author : prince87
Journalism & Communication
Pages 6 (1506 words)
Journalists were aware of the impending crisis in 1929. Usually, a journalist undergoes both tough and good times. The best times present them with an opportunity of reporting real lifetime events such as the great market crisis of 1929…
Furthermore, banks invested customers’ money in stock markets. The upward bound in the stock market was highly promising, and the great market crash in October 1929 hit everyone by surprise. Nevertheless, there had been warning signs like the mini-crash in March 25th, 1929 when prices began falling, but with the assurance of Charles Mitchell of the continued lending of money; the panic was suppressed (King 2000, p. 67). The spring of 1929 also gave more signs of a serious setback to the economy due to the slowing down of steel production, car sales and house constructions. During this time, some few individuals warned of impending serious crash in the stock markets, but they were cautioned, ignored and labelled as pessimists. Most economists believe in cycling of the overall economic activities between the expansion and contraction of the economic periods. The economic growth alternates with depressions and recessions. Analysis of the great depression indicates efforts by economists and journalists and their determination of the causes of depression (Burgan 2002, p.78). Discussion Business journalism requires that the journalists know exactly what is required, and the content should be critically analyzed before distribution to the audience. Some business journalists do not know the appropriate sources for their information to back up a story or an event. Others do not understand the principles of economics and the importance of stock markets. ...