What Has Become of Business Journalism?

What Has Become of Sports Political Business Journalism?

 

It should come as no surprise that business journalism has lost whatever bark or bite it had. Journalism is more corporate and greedy than ever. Large media companies are eager to whack people anyway. Why would a business reporter do anything to make the establishment complain to his or her superiors at the country club?

 

You just have to be really damn good to do this kind of journalism, you have to take your time, you have to be well-paid, and you have to know nearly as much as the folks you're covering. And, beyond that, America's love affair with greed is such an addiction, so embedded in its DNA, that short of a Madoff personally ripping off his friends, you'll still have people who shrug at good journalism, citing the primacy of the shareholders above all other considerations.

 

Can't necessarily youch for the quality of reporting, but the number of city business journals keeps growing at a fast pace.

 

More than any other category of news, business reporting is viewed as "news you can use," because of its connection to the stock market, and treated that way. It's unfortunate that it is so toothless, though, because, outside of maybe court reporting, business reporters have more access to public record information than anyone else. It's all there for them.

 

When I've had business page duty, I much preferred practical stories to the barrage of "New widget store opens in downtown Podunk" stories that are the bread-and-butter of so many small shops.

 

One of the few business writers actually worth reading is Gretchen Morgenson.
For those paying attention she actually predicted the mortgage / housing meltdown in
2007. Here is link to article - March 11, 2007. Worth a read to see how accurate that
she really was. Will not forget the day. Actually made me take a close look at my
financial plan and revise accordingly. Glad that I did.

http://www.nytimes.com/2007/03/11/business/11mortgage.html?ex=1331269200&en=c6ed5757baea462e&ei=5124&partner=permalink&exprod=permalink&_r=0

 

But, a new cupcake store opened!

 

I feel like so many of those are just, "New Walmart opens in town" and "List of people with a new job" rather than true business reporting. They're as much PR machines for the local mayor's office as anything. At least, the one in my city is like that.

My theory for the lack of business reporting quality is that, in order to be a good business reporter, you have to have a thorough understanding of business, likely with a business or finance degree to go along with writing talent. Not many people have that combination of skills, and on top of that, those who do are likely going to be able to make a lot more money actually getting a job in industry somewhere versus being a business reporter for some news site.

 

Yeah, but it shut down right away. The 11-year-old owner didn't have the proper permits.

 

Heck, Boom, I called the housing crisis in November 2006 on this very board when everyone was reminiscing on the dot.com bust. Where's my credit! Just kidding, but here's my post from back then.

"And somehow the recent runup in home costs and the now "settling" of that great American asset seems to have stayed out of this conversation.

Where do you think a lot of that stupid money went after the dot.com bubble burst? Granted though, as long as you can make the payments you can at least live in the house.

Still -- and I've been saying it on here for a couple of years -- the day of reckoning in that sector is coming. Buckle up kids."