Stock Market Responding to Japan’s Nuclear Crisis—The Role of American Media
March 16, 2011 4 Comments
The stock market is responding to Japan’s nuclear crisis, and the picture isn’t pretty. The Dow Jones Industrial Average finished down 242 points today. The Nasdaq dropped by 51 points.
This is because the stock market doesn’t like uncertainty. And uncertainty is the hallmark of the current situation. Japan is in crisis. The American media are trying get to the bottom of things. But they have resorted to sheer speculation on the basis of doubtful evidence. I hold the irresponsible media partly responsible for our stock market malaise.
Japanese officials are holding their cards close to the vest. Is this because the news about their damaged nuclear reactors is far worse than they want the world to know? Or is it because the Japanese culture favors patient and cautious reporting rather than minute-by-minute, blow-by-blow updating? Who knows?
Here’s something we do know. When the American media bring the experts in to speculate about events unfolding in Japan, they are compelled to reflect “two sides” to the “issue.” (Maxim: “There https://douggeivett.wordpress.com/wp-admin/post-new.phpare two sides to every issue.”) What’s the issue? “Just how bad is the situation and how much risk of spreading radiation is there right now?” So one expert is selected precisely for his relative optimism and another is selected for her more negative outlook. This does not ensure that the media retain individuals on each side who are equally competent to evaluate what little is known.
Case in point: Bill O-Reilly (Fox News) interviewed Professor Richard Muller, a physicist at UC Berkeley, and Rita King who, bless her heart, is a “former nuclear industry journalist.” Speculation without benefit of good data is bad enough. But speculation from a former journalist is painfully specious.
Cameras with direct feed into some American broadcast studio are an invitation to loose lips. Have you heard what Gunther Oettinger said today? Who’s Gunther Oettinger, you ask. He’s the European Union Energy Chief. Gunther said that Japan’s nuclear plant crisis is “out of control.” This was during a European Parliament committee meeting in Brussels. The stock market went nuclear; the sell-off in equities plunged deeper. Read about this here, where we’re told:
The EU energy commissioner’s spokeswoman, however, later clarified that Oettinger did not have any special or extra information on the situation in Japan.
There you have it. An escalation in alarmist talk with no correlative change in data.
Let’s face it. We don’t know what’s happening on the ground in Japan. Our typically American demand for immediate information and quick fixes isn’t getting us anywhere. Poor Shepard Smith, of Fox News, flew out to Japan to get first-hand information, and he’s learning more about what’s happening in Japan during his conversations with Fox anchors at home than he is from officials in Japan.
In American news reporting, there’s no such thing as keeping your powder dry and your mouth shut. But if there isn’t any more specific real news from Japan soon, the media may have to start covering other important issues and events happening in the world, like our national debt and the Congressional failure to produce a budget, the war in Afghanistan, and Muammar Gaddafi’s goofy and perilous antics in Libya.
Does “Somewhere in Between” Mean “Ideologically Neutral”?
June 1, 2009 2 Comments
At Politico.com, Michael Calderon has a piece assessing the significance of the drop in viewership at CNN—“CNN fades in prime-time picture.” The brief article is mostly just straight reporting.
These are the “facts”—except for the part about the trick ponies, which I slipped in. And there’s a reason why I use the term “trick pony” to refer to cable TV “news” anchors. To begin, the persona of an anchor is crucial to nabbing and keeping viewers. Everyone acknowledges that. But we should wonder why.
The answer may seem obvious. Take CNN, for example. They claim to be “the most trusted news . . .” Leave aside the question whether the tag captures the truth. Why would they be trusted more than the other networks? Remember, the answer has to have something to do with persona. So why would Anderson Cooper, the leading news anchor for CNN, be, in effect, the most trusted news reporter, period?
The answer we’re supposed to come up with is that CNN is ideologically neutral, and Anderson Cooper is the embodiment of that neutrality. And, we must remember, ideological neutrality is good . . . if it’s news you want.
Calderon begins to reveal this outlook early on, when he contrasts the CNN strategy with the “more opinionated programming” at FOX and MSNBC. Notice that—FOX and MSNBC are “more opinionated” in their programming. Maybe that’s true. But what does it mean, and why believe it?
Well, a network can be more or less opinionated. FOX and MSNBC are “more.” So CNN is “less.” Thus, it follows that CNN may also be airing “opinionated programming,” but just not as much as FOX and MSNBC. But then, what is this more or less of opinionated programming? And are viewers supposed to be able to tell when it’s happening and when it isn’t?
Surely things aren’t that simple.
I think we can agree that Keith Olberman is an opinionated guy, and that he unleashes his opinions pretty regularly on his show at MSNBC. Sean Hannity comes to mind when thinking of FOX. So does Bill O’Reilly, who has created a whole new meaning for the phrase “I’ll let you have the last word.” (If you’re a guest with whom he disagrees, he will, indeed, “let you have it.”)
We agree in thinking that prominent anchors at MSNBC and FOX are “opinionated” because it’s obvious. But here’s the significant point: what’s obvious is what their opinion is. That is, they make it obvious that they are presenting an “opinion” because they tell us when they are giving us their opinion.
Why is this so significant? Because opinions don’t always come flying at us with banners telling us that we’re in the trajectory of an opinion. Often they sneak up on us, clothed with disclaimers that their message is completely “objective.”
Calderon is mistaken in suggesting that CNN is ideologically neutral on the grounds presented by him in his piece. Being neither overtly conservative nor overtly liberal, in the style of FOX and MSNBC, respectively, does not mean that CNN is “in the middle” or “neutral.” It has been convincingly argued that they are not neutral but considerably left of center.
Viewers need skills in detecting the ideological commitments of media outlets, the more so when their commitments are more subtly packaged and publicly advertised as “neutral.”
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Filed under Critical Thinking, Cultural Issues, Media Tagged with CNN, FOX, ideology, Media, Media Bias, Michael Calderon, MSNBC, Social Commentary, television, television ratings