Nocera Nails AIG-Why We Need A Newspaper Stimulus Package
I just read an article on the financial crisis focusing on AIG, that does the best job I’ve seen of navigating the fine line between being understandable to someone without a PhD in economics, and at the same time having immense value to someone who does.
It appears, of all places, in The New York Times, and was written by Joe Nocera.
That Nocera wrote it is no surprise, but The Times, with the exception of occasional but brilliant columns by Nocera and Floyd Norris, has come in a distant third behind the Wall Street Journal and The Financial Times in running value added pieces on the world wide financial crisis.
On the one hand, Nocera’s piece is a prime example of why American newspapers should not be allowed to go gently into that good night, as has been happening on a weekly basis lately. On the other hand, the rarity of masterful missives like the one in The Times today explains why yesterday’s newsstand icons are dropping like flies today.
Less than 5% of the monies being used to bail out AIG alone (forgetting for a moment about the rest of the tax dollars being used to bail out the other bad actors) would preserve our national journalistic treasures , whether one agrees with their positions or not. I’d prop up both the Times and the WSJ, which, as a business, is also taking it on the chin.
This relative pittance would more than pay for itself by providing access to vetted and verified information that would allow us, as citizens, to make the well informed decisions our elected officials can’t seem to make on their own.
2 Comments
Additional comments powered by BackType
Oh, but I hope your tongue was firmly in your cheek! you don’t really suggest propping up the Newspaper industry?
Heck, I’m not even for helping the Auto industry, even though I’m sure my 15 year old will someday drive a car. And I’m sure he’ll borrow money someday (given his track record to date.)
I’m not sure he’ll ever buy a newspaper.
As long as the newspaper industry takes a “trees must die” attitude, and focus their business model on the medium used to distribute their content, it is doomed for failure – even more so than the banks and automobile industry.
On the other hand, if you are advocating federal financing for honest, ethical journalism, I think I want some of what your smoking.
in many ways i can’t much argue with your comments. i still think that the print media, with its J-School criteria of editors verifying sources and info, is a better source of reliable info and what you describe as honest, ethical journalism. on the web, one has to vet sources for oneself; at least the papers have been somewhat vetted prior to publication.
ideally if the papers and their standards could move seamlessly to the web that’d be great. however, folks without computers, who arguably need access to news, and particularly local news, would be left empty handed. unless we bought them all Kindles and newspaper subscriptions.
thanks for checking in. stay in touch. LK