economic crisis
Post on 14-Sep-2014
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Team NBC does the Economic Crisis
Team USADan IngramPenelope Filyo Austyn FosterJamie Keith Shannon Lozon
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NBC Nightly News Overview
Ranked #1 last 12 years 2008 - averaged 8.609
million viewers, 10% more than ABC's "World News" (7.818 ,mill) & 42% more "CBS Evening News" (6.053 mill).
Avg. age of viewer ~ 60 In the 25- to 54-year-old
demographic prized by advertisers - “Nightly” 2.59 million viewers
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Financial Coverage September 2008
Sept 1-14th 9.3 minutes/343.1 total program minutes 2.6% economic/financial reporting
Sept 15-30th 122.3 minutes/372.3 total program
minutes 32.8% economic/financial reporting
Sept 15-30th 12 lead stories on economy/financial crisis
Timeline of Events
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Coverage of Bear Stearns NBC Nightly News
February 2008 -April 2008
March 2008 6 stories focused on
Bear Stearns 8 others mentioning
falling economy Combined February and
April Only 3 stories
focusing on Bear Stearns
5 others mentioning economy in general
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Noticeable Trends in Coverage Similar to all NBC coverage
Only a certain amount of time allotted to each story
Gave focus only at the time of Bear Stearns fall (March) Very little pre and post in
depth-analysis and coverage in general
Over-reliance on CNBC financial "experts" to explain the crisis
Presidential Primaries and Oil are head of News Headlines
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Signs of Trouble
NBC Nightly News 7/10/08
First discussion of Fannie and Freddie facing trouble
15 billion lost in bad mortgages
“Don’t let us down” “Due to high oil prices” Real explanation
missing
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Bailout Version 2.0 NBC Nightly News 9/6/08 Bailout of Fannie and
Freddie officially announced
“Lenders caught napping”
Information from authority figures
4 million Americans behind in payment or in foreclosure on their mortgages.
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“Saving” American Mortgages
NBC Nightly News 9/7/08
“History in the making” Meets objective of:
Market stability Mortgage availability Tax payer protection
Seriously?!? Making mortgages
cheaper and more readily available
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Failed Fortuneteller
NBC Nightly News 7/13/08
Reassurance without factual support
“Continue to do so in their current form”
Bolster confidence Feel good vs. actual
solution Actual explanation “It was good”
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Fannie and Freddie Trends
Reliance on CNBC Failure to explain how
things happened Continued prophecies Emphasis on
reinforcing the status quo rather than addressing the problems in the system
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Lehman Brothers Coverage
THURSDAY - Sept 11th – 40 seconds
One of great names in investment banking on Wall Street is in trouble.
Gov’t trying to find a buyer
No word if tax payer money will be used to back the sale
Lehman Under Pressure
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Sunday Sept.14th - 1.5 min.
Future of Lehman? 4th largest investment bank; merger talk
Go to Steve Leisman CNBC Seems they have failed to find a buyer so
government moving on to help the next tier – Merrill Lynch and Bank of America merger talk; AIG is trying to raise 50 billion before markets open tomorrow
Big story - government has refused to be involved Plug for special live coverage on CNBC Lehman on the Brink
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Sept 15th - Lead Story; 11min
Worst financial crisis in modern times Lehman is the largest bankruptcy ever; Merrill
Lynch, AIG struggling How did this all happen? - CNBC
housing crisis; loose regulation and risk Explanation of buyer fallout for Lehman Negatives - layoffs; tight credit Is my money safe? Do not dump stocks!
Williams at CNBC Segment 1 Williams at CNBC Segment 2 Williams at CNBC Segment 3
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Lehman Bros. Coverage Trends
Coverage very simple; basic introduction lacking details & historical context Focus on ramifications and not cause
The crisis stems from housing crisis, risk, and bad investment no details of sub-prime loans, money
markets, derivatives Reliance on official sources and CNBC
analysts Wall Street vs. “Main Street
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"Congratulations! You're now the proud owner of AIG."
NBC Nightly News 9/17/08
Day of AIG Bailout Money markets
“Safest” place to keep money
“Can anyone stop this thing?”
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The Bailout is Passed Bailout debates Taxpayer money
“What exactly are we paying for?”
“Us” versus “Them” Now we wait.
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Biggest threat: The economy
NBC Nightly News 2/12/09
Obama administration announced the economy and terrorism was the biggest national threat
Global recession Flooding country
with refugees Developing countries
hardest hit
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Global mess
NBC Nightly News 10/6/08
“Proof today that this is a global economic crisis”
Weak US economy means rest of the world will face crisis
Markets plunging around the world
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“Why can’t we do that?”
NBC Nightly News 10/13/08
“Hang on to something nailed down.”
Banks around the world flushed money into the banks
British acted most efficiently to save financial system 65 million to
partially nationalize banks
NBC Nightly News 10/13/08
“Hang on to something nailed down.”
Banks around the world flushed money into the banks
British acted most efficiently to save financial system 65 million to
partially nationalize banks
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What about the rest of the world?
NBC Nightly News 3/31/09
Williams in London “We haven’t heard
as much about the problems over here.”
Many economists thought Hungary would be the first in Europe to go bankrupt.
Spain’s high unemployment