China Calls For New Global Currency And U.S. Says “No!” (2)

Economic NewsDespite the latest attempt by Chinese authorities to smooth the drop, Asian equity markets traded lower as the rout in global stocks continued which saw US stocks post its worst month since May 2012 (S&P 500 -0.8%). As a part of capitalism’s emphasis on high-efficiency, sociology and phycology professors, Croteau, Hoynes, and Milan (2011) have argued that the corporate news media owners demanded substantial returns on their investments” (p.59), which created profit pressures. Croteau, Hoynes and Milan (2011) wrote, Newspaper editors, increasingly trained in the world of business instead of news reporting, focus more on marketing and packaging the news” (p. 59). Packaging the news entails sensationalism and bias, which hinders the consumer’s ability to distinguish between the quality of the media’s goods—information. As for the market, the media play a role in the flow of economic information in an economy.

In other words, the news media will most likely support legislation that reinforces market ideals, but will still criticize actors that violate accepted business norms, injure innocents, and jeopardize the market system as a whole” (Herman, 2002, p. 78). News media conglomerates have generated more revenue by providing information which reinforces a viewer’s values. Since the American viewer values the ideals of capitalism: competition, social mobility, and equal opportunity, the news media does not challenge those values. This has been most recently illustrated in a two month survey of the news media’s treatment of the unemployment crisis.

ThinkProgress (2011), an American political blog sponsored by the Center for American Progress, conducted a study during the last week of July and found the word debt” was mentioned more than 7,000 times on MSNBC, CNN, and Fox News while the word unemployed” was only mentioned 75 times. On September 29, 2011, protests submitted a Declaration of the Occupation of New York City to the New York City General Assembly. The Declaration (2011) stated, No true democracy is attainable when the process is determined by economic power. Leading up to the 2008 economic crisis the business media did not give adequate information about stocks and bonds.

Kat Stoeffel (2011), a reporter at The New York Observer, has claimed that mainstream news outlets did not give the protestors any attention in the first five days of the protests. The article has marked the start of the Occupy Wall Street protest as September 17, when 1,000 people gathered in downtown Manhattan and walked up and down Wall Street, and then settled with tents in Zuccotti Park. On September 24, around 80 people were arrested for blocking traffic, and CBS, ABC, The Huffington Post, and other smaller news outlets reported on the arrests.

Organizers estimated that between 10,000 and 20,000 people marched, while ABC news reported that there were a few thousand” (ABC News, 2011). The Occupy movements and their anti-capitalism sentiments were perhaps unwelcome in the news media until the movement grew to the point of undisputable news worthiness. But, this pro-market bias may encourage news outlets not to seek the informational and political basis for makingits excess and failures”(Herman, 2002, 78).

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