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How Much Is The Media Effecting the Economy?

by Guest Writer on November 20, 2008

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From Alice:

Do you think that the media and it’s constant doom-mongering is the main reason that spending is down and retailers are wary?

Do you think that if the media painted a better picture that more people may be more inclined to spend a bit more and the economy would fix itself?

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{ 29 comments… read them below or add one }

1 Marcus November 20, 2008 at 1:27 pm

In one word: Yes.

In a more thought-out form: If the media can successfully decide a presidential election, it can certainly decide the national attitude on the economy.

In the end though, it really isn’t the media…it’s the folks taking the information in and not questioning whether it’s based on fact or part of an agenda that ultimately decide that attitude.

Maybe the real question is whether we’re replacing our former God(s) with television, radio, newspaper and internet. We’re certainly sheepin’ it up in our society as a whole.

We definitely need to use our noggins more and our ears less.

Oh, and just to clarify before it takes over the thread. I don’t believe anybody’s views, votes or economic action to be stupid or sheepish…if you’ve really put some thought into it before you’ve done it and it is the right thing to do in your situation. Different strokes for different folks, and that’s just fine by me. Don’t expect me to let my views go unheard though, I don’t expect your to. It’s good to get input on a different perspective.

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2 Alice November 20, 2008 at 2:54 pm

I think that 24 hour news is a big culprit. There is simply not enough “new” news to keep several news outlets talking on the air 24 hours a day. So, they have to draw everything out, get opinions from so called “experts” and dilute the news so thoroughly that it’s very hard to tell the news from someones opinion.

In other words, you’re right, Marcus. We just need to be smarter about what we believe… and probably watch less tv.

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3 CR67 November 21, 2008 at 2:34 pm

After having some time to think about it, I’d have to say yes, the media does effect the economy. However I think it’s effected the opposite than what was suggested in the original post. I think all the fear mongering within the media is what keeps people locked away in their homes as well as spending money. People don’t go out as much, they spend thousands of dollars on home security systems as well as home theatre systems, video game consoles, etc etc. People are staying home more and watching more tv than ever before, which has contributed to our nations obesity problem as well as bombarded the American public with commercials to buy more crap we don’t need. The only reason spending is down this year is because the price of fuel and food sky-rocketed, combined with the mortgage crisis as well as the bank and investment firms going under.

I don’t think all these govt bailouts are going to do a thing to fix the economy. The economy will fix itself just as it has in the past. Prices will come down just as they always do (as we’re currently witnessing with fuel) and consumer confidence will bounce back.
At the same time, I also agree with what Marcus and Alice posted in regards to the media. People need to stop blindly beleiving everything they see and hear on tv just because it’s on tv or just because it was posted on the internet. Use more common sense and start thinking more about all the so called “news” that’s being pumped into our homes via tv, radio, internet, 24 hours a day. It’s affecting us more than we realize and not in a positive way.
This is just my opinion and I could be way off. But i’m open to hear what others have to think, so lets hear it.
Thanks for the new topic Alice.

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4 Marcus November 21, 2008 at 4:24 pm

I thought we were friends CR…

You just technically disagreed with me…

This’ll end in blows.

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5 CR67 November 21, 2008 at 5:20 pm

Uh oh! Hey I did agree with the last half of your comment. :D
Seriously though, if you think about it, when was the last time the media as a whole really “painted a better picture” for the general public. Personally I can’t remember. But I have witnessed it getting worse over the years.
One of the PBS channels broadcast an hourly newscast from Europe each Sunday morning. (I forget exactly where, I’ll have to check this Sunday if I catch it) I wonder if anyone here as seen it. The difference is night and day with they way they broadcast what they consider “news” and what the networks here broadcast each day in this country. I’m just amazed everytime I watch it at how different it is and it took me a few times to realize that what was missing was all the negativity and “doom & gloom” that the networks here are so famous for.
But until we as the “consumer” demand something different, I don’t see it changing anytime soon. The only real way to fight it is by not tuning in.
I’m willing to bet that if a network started showing more positive news story’s, their ratings would go through the roof. (but again….just my 2cents)

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6 Alice November 21, 2008 at 5:32 pm

I’ve always wanted to be a “nielsen family” (do they still use that term?) so my viewing habits could count for something.

Of course then they’ll get a lot more votes for South Park and the Simpsons than the news…

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7 Anonymous November 21, 2008 at 7:53 pm

The media can’t effect an economy – rather, mediums might affect an economy! Really affects the credibility of the website.

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8 Marcus November 21, 2008 at 7:57 pm

<3 CR

I agree, we need more mediums. Since people won’t read history books, we’ll need to force communication with the deceased.

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9 CR67 November 21, 2008 at 9:13 pm

Someone break out the ouija board!

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10 Alice November 22, 2008 at 1:11 pm

If you are communicating with the deceased, I don’t think you’ll have to force it.

Best History Class Ever!

Sign me up!

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11 UK Jo November 22, 2008 at 5:25 pm

My friends and I had the exact same conversation today in my little part of the UK. Not about spirit communication – we do that every other wednesday with tea and scones. No. The media. Many people are boycotting negative aspects of the media for a more positive outlook. It’s all about what you choose to take on/in. Read and listen, by all means. Remember we have a choice to what we decide to absorb or hear. Thats the big difference. The media are truely running the show. That is a fact. But do we have to dance to their tune? Its all about choices.

This news site has an important part to play in that. This site is here for you guys. It’s not here to hold any political, race, gender or religious view. Can you say that about any other medium?

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12 Wendyjo November 22, 2008 at 11:30 pm

If not for our very local, and State wide media, how many of us would have heard about the majority of events occuring in our world; let alone our own community?

The media serves the purpose of informing YOU of what’s going on while you’re taking care of your own business.

Sure, the media is effecting the economy. A whole lot of you wouldn’t be “saving for a rainy day,” sure to come if the media hadn’t let you know that day was on it’s way.

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13 Marcus November 22, 2008 at 11:52 pm

Some (like me) would argue that that rainy day wouldn’t be coming if the media wasn’t around to let us know that they thought it might happen.

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14 Wendyjo November 23, 2008 at 12:05 am

No… not checking in with reality, and no kidding?

Have you looked at the current unemployment rates across the U.S.A., or just in Idaho? Our state alone is paying out MILLIONS, record amounts every week to the unemployed. Have you looked into the “help wanted” section of the local papers, or looked to see what’s offered at the local job service? Not much, not much at all.

Have you kept up with the bank closures across the U.S.A., and how they are affecting Idaho? Have you kept up with home foreclosures, and how they are affecting home owners and investors in Idaho?

Yes, Idaho is experiencing the cloud burst the rest of the Country is experiencing. Just like anything else, it takes Idaho a lot longer to feel, experience the big effects. We’re slow.

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15 Anonymous November 23, 2008 at 2:20 am

What everybody seems to be ignoring in all of this is, it’s been the mis-management of these companies by the people in charge that have led to their downfall, and nothing else. It is just finally catching up to them all after years of failure to properly manage their finances.

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16 Wendyjo November 23, 2008 at 3:25 am

Ah!

When the top screws up, it can finally no more trickle down. Well, it can pass the blame and debt, and all the hungry mouths.

But when the top continue to eat, pay their bills and taxes, the rest of us look for jobs and collect unemployment. They made the mistakes and we pay the price.

Good luck Idaho, and America.

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17 Bloop November 24, 2008 at 9:03 am

No, I don’t think the media is making for a worse economy. I absolutely believe, however, that how we react to what is presented to us by the media does affect the economy. It seems too easy to blame the media for influencing our behavior rather than taking responsibility for how we behave ourselves.

My wife and I are on our eleventh year of not having television in the house. We still get lots of news, mainly by radio and by internet. When we encounter news of concern to us, the first thing we do is QUESTION it. We look at who is presenting the news and do research rather than basing our behavior on one little story. If the media is to blame for anything, it’s for presenting a breadth of information without the depth. But if we don’t look for the depth, then it’s our fault — because the depth is out there if we’re willing to work and read and research, rather than let the media spoon-feed us into cowering in our homes with the home theater systems.

Part of the trouble I see is that with the Internet and 24-hour news channels is that we now insist on instant gratification for our news. If we’re presented with a news story that requires us to think, it turns the majority of us off. Most media realize that, and work to pre-package news to eliminate the necessity of thought. I always have to laugh at the little polls CNN conducts, because they rarely offer the answer I want to give — I dont know. But boy a lot of people sure do know after reading a 10-inch story or watching a 3-minute video. Perhaps I’m making too broad an assumption here. Maybe those who do “know” have done their research. But a big part of me says that isn’t the case.

We all need to remember as well that we don’t live in Winston Smith’s 1984 — we can turn off the viewscreen.

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18 Find Humor in Life November 24, 2008 at 1:39 pm

There are many good observations listed in several comments posted before mine.

I’ve learned to question the ‘news’ on TV, internet and in the newspapers. They are, after all, businesses that are trying to turn a profit. We should be discerning about how well their ’service’ actually serves us. While some may be biased toward offering negative information, others are balancing it with positive. How many of us lean toward believing what we want to believe; taking a certain attitude because of our basic nature? If a person tends by nature to be paranoid and fearful, any news with that slant may affect how they react. A person who is naturally optimistic will probably react accordingly.

Alice wrote, Do you think that if the media painted a better picture that more people may be more inclined to spend a bit more and the economy would fix itself?
Those who look to the media for direction might feel better and spend more (whether they have it to spend, or not.) I don’t know if the economy would fix itself, though. Is it that easy?

It was funny to me when not long ago, the media reported a bad economy and people holding onto their money pretty tightly. Many people commented they were drastically scaling back their spending…. Later news stories revealed sales of electronic games and cosmetics, etc. were the same as when the economy had been reported as ‘good.’ Luxury items are usually the first thing to go when the economy is truly depressed, yet the retailers seemed to be doing fine.

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19 Peter Hobotobrintz December 2, 2008 at 1:39 pm

I think the media is effecting the economy a lot by freaking people out alot.

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20 Anonymouse December 2, 2008 at 2:01 pm

Everyone should know these days how our media blows everything out of proportion and this financial “hiccup” is no different. Just look at the global warming fiasco. Funny thing is, the global warming nuts don’t tell you that the last two years have been the coldest since the 1930’s, long before “greenhouse gases” were an issue. Granted we all need to do our part to take care of our planet, but it’s not the end of the world as the media would have you believe. So stop buying into it and making these global warming fanatics rich by buying their “green products”.
Take what you see, hear and read in the media with a grain of salt. And like Bloop suggested: question EVERYTHING, and do your own research. And for godsake stop blindly beleiving everything you hear or see on the nightly news. Better yet, stop watching the news. 95% of it doesn’t concern or even effect you or your family one way or the other. It’s sensationalism at it’s finest, that’s all it is.
Thats my 3 cents on this issue.

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21 Bloop December 2, 2008 at 2:31 pm

Whoah, hoss. We need to keep watching the news — whether it’s watched on television, read online or wherever. We need to watch it and research and figure things out, but we can’t just ignore it.

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22 Anonymouse December 2, 2008 at 3:04 pm

I rarely watch the news on tv. I turn it on in the mornings to get the weather report but that’s about it. I’ll watch a little bit of the Today show on the weekends, but most of it is garbage so that doesn’t last long either. Other than that it’s no news for me, aside from the occassional glance at the newspaper at work to see what’s going on in our city, I get along just fine without it. I do read the Wall Street Journal about once every week or two to check on business news, my stocks, etc. but as far as local, national or world news as a whole, I do just fine without seeing or hearing about all the death and destruction that goes on in this world on a daily basis. We can’t prevent it and I don’t need to waste my time hearing about it.
My wifes parents sit in front of the tv and watch at least 3-4 hours of fox news every single day. For what? To be informed about a snowstorm in the NorthEast or the terrorist attacks in Mumbai?
I think we’re all curious by nature but if people would turn off their tv’s a little more they wouldn’t be as scared to come outside and live their lives. It’s one thing to be informed about what’s going on in the world, and it’s another to be worried about a car crash in California or a bank robbery in Mississippi. I mean who really cares? I can’t do a thing to help the car crash victims or the bank teller so why do I need to be constantly bombarded with all that negativity?
I say no thanks. And I’ve survived just fine for the past 50+ years

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23 Bloop December 2, 2008 at 3:12 pm

We’re talking apples and oranges here. Yeah, the news you mention, we can do without. But there’s a lot of news out there on the local and national level that does affect us and that we should be aware of. Contantly watching the news is a bad thing — but ignoring it completely is even worse.

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24 Anonymouse December 2, 2008 at 3:19 pm

I appreciate your view towards the issue. But can you give me a couple of examples of how ignoring the constant barrage of doom and gloom news is a “bad thing”?

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25 Anonymouse December 2, 2008 at 3:20 pm

Or even the non- “doom & gloom” type news stories for that matter.

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26 Bloop December 2, 2008 at 4:48 pm

Just within the last few months, watching/reading the news has helped me form opinions/come up with rational thoughts on the following:

The presidential election
corporate bailouts
taking better care of my children
taking better care of myself
learning to interact better with people of differing opinions
being more aware of how my driving habits affect others
being more aware of how government policy affects my chances at health care and my kids’ chances at getting a good education
Reminding myself that there is good in people if you look for it

And those are just a few.

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27 Marcus December 2, 2008 at 5:13 pm

I didn’t need the news for much of that.

Researching and forming an opinion on a topic is one thing…being spoon-fed info from the news outlets on what they deem worthy is another. Just my $0.02.

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28 CR67 December 2, 2008 at 5:41 pm

I have to agree with Marcus & Anonymous. I don’t need the news to help me with any of those things you listed Bloop. But, that’s just me and I completely understand how story’s regarding those issues you mentioned could help or benefit some folks. I know how to handle all of those situations through personal experience and/or through trial and error growing up. As Anonymous noted, those wouldn’t be topics (imo) that would be “bad or disrupt your life” in any way, shape or form if you didn’t watch them on the evening news.
I like the discussion here though, it’s an interesting topic and good debate. It’s always interesting to see how each of us view things differently.

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29 Bloop December 3, 2008 at 8:07 am

Never said I needed the news to make me think about these things. But what I saw on the news helped.

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