I chose CNN as the organization to follow for this week’s Twitter Assignment. 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. 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. On October 5, The Week (2011) reported that at least 39 organizations joined Occupy Wall Street for marching through New York’s financial district.
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. AIG will fail, this will cause the biggest leg-down yet in the current 2008 Stock Market Crash.
Smith would likely argue that a pro-market media bias fundamentally helps to spread market ideals, which promotes an efficient society and human freedom. In a political context, if voters are encouraged by the media to advocate for the free market, then they are likely to vote for candidates with free market policies. 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).
Herman (2002) has argued that, as political watchdogs, the media should serve the democratic and public sphere by presenting arguments both for and against market initiatives. Bowles (2006) has argued that while free market-advocates attribute economic problems to the government, free market opponents attribute economic problems as being an inherent part of the capitalist system. But, some argue that the business media have interests and pressures in only portraying positive news about financially related items.
In the eyes of market advocates, inflation is caused by the government creating too much money, and unemployment is caused by institutional frictions such as minimum wages and pro-trade union bargaining” (Bowels, 2004, p.37). Although the news media and business media may not always report positively on the economy or financial institutions, there is pressure to optimistically report about financial institutions. When investments are high, investors and companies are focused on their growth and therefore relay only positive news to the media (Dyck and Zingales, 2002). Notice that each holiday brings us closer to the Great Stock Market Crash of 2008.