Is The Media Making The Recession Worse?
You can't go online, watch TV or pick up a newspaper these days without reading about what terrible shape our economy is in.
And look, things aren't great. One hundred thousand jobs were lost in the United States this past week alone due to layoffs.
But you have to wonder if the non-stop, panicked "we're going into another Great Depression!" media coverage that we've been subjected to since September is making the economy even more unstable. After all, the stock and credit markets operate on emotion, and media outlets of all kinds are stoking our money worries on a daily basis, sending us into a collective tizzy.
When I watch CNN, I literally cringe in fear every time Ali Velshi appears, knowing he is going to deliver some ominous bit of financial news that'll have me convinced I am going to be unemployed by the end of the week, and I can't even relax when I watch The Oprah Winfrey Show nowadays because the wise one keeps bringing Suze Orman on to lecture us mere money mortals on how we'll be eating cat food when we retire because of how fiscally irresponsible we all are.
It's bad enough that CNN and The Oprah Winfrey Show are obsessed with economic news, but you know it has reached a level of oversaturation when gossip Perez Hilton diverts his attention from the antics of Lindsay and Britney to report on corporate profits ("Sony's net profit dropped a massive 95% in the third quarter due to a strengthening yen, the gloomy economy and stiffer price competition from electronics rivals. Eeeeek!" he recently wrote) and layoffs ("Disney-ABC TV announced Thursday that they are laying off 400 workers.")
I don't visit Perez' site to read all of this economic doom and gloom. I want an escape from it all, and that means salacious celebrity gossip! What's next? Is Perez going to start posting annual reports, 10-Ks and proxy statements for us to fret over?
I am a voracious consumer of media in all forms, but I am actually putting myself on a media diet for awhile because I can't handle being bombarded with scary economic news wherever I turn.
Am I the only one who feels overwhelmed by the tidal wave of bad economic news and warnings that the media is delivering? And might the media be making a faltering economy weaker by scaring the bejesus out of us?
(Images courtesy of Getty)