Since the stock and credit market turbulence began in July, NewsBusters has been informing readers that media continually predict recessions that never happen.
On the sad flipside, bearishness in the press can become so pervasive that an economic downturn ends up being an unfortunate self-fulfilling prophecy.
NewsBusters affiliate the Business and Media Institute made this very point in a late-November article by Amy Menefee entitled "Talking Ourselves Into Recession."
This concern is shared by business leaders like Craig Hester, CEO of Hester Capital Management, who during an interview with CNBC's Erin Burnett and James Cramer Friday spoke an inconvenient truth about media's impact on the economy that folks in the press sadly don't recognize as they disseminate pessimistic after pessimistic predictions often leading to people unnecessarily losing their jobs - or worse:
Who says businesspeople can't get a fair shake from the media?
Two days after the U.S. Commerce Department reported an astounding 3.9 percent growth in gross domestic product, the U.S. Labor Department comes in with job data that exceeded analyst’s expectations.
The Labor Department reported a gain of 166,000 jobs in October and an unemployment rate that held steady at 4.7 percent for the second month in a row.
Most people are probably not familiar with Joe Kernen, a morning anchor for the financial network CNBC. On Tuesday, he invited singer Sheryl Crow and “An Inconvenient Truth” schlockumentary producer Laurie David on to discuss their “Stop Global Warming College Tour.”
As Kernen tried to present the skeptics’ side of this debate, the ladies clearly got uncomfortable and, to say the least, a bit defensive with their interviewer.
For instance, when Kernen referenced the British documentary “The Great Global Warming Swindle,” and presented evidence from it refuting anthropogenic global warming theories, David astoundingly responded (video available here, h/t NB member Sick-n-Tired):