I got to go to another edition of the Kalb Report last night at the National Press Club. It was a very interesting discussion on the economy and the way the news media has covered the current economic crisis.
I thought they made some very good points. They said that the problems about the economy were reported as far back at 2007. It's just not everyone put it together. There is a tendency to just believe the good news. Also people said the bubble was going to bust; yet things just kept going along with no signs of stopping. When the signs did finally appear and start to effect people, it was too late to do anything about it.
Pearlstein of the Post I think had a good analogy. The economy was like Wile E Coyote. It kept running and running and when he finally looked down he was no longer on solid ground. He'd run off the cliff and suddenly was on the way down.
Another point they all made was that we need to know our history. Yes this crisis is like any other we've ever know. Yet there are also similarities to past down turns they may serve as a guide to how we get out of this situation.
They also talked about how fast the cycle of news is and how important it is to keep up to date on everything that is going on. And just how hard that is to do.
In all a very informative evening.
From left to right Steve Pearlstein, The Washington Post; Alexis Glick, Fox Business Network; Marvin Kalb, Moderator; Diana Henriques, The New York Times and Ali Velshi, CNN.
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