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eric pebble

Why Did Financial Journalists Miss The Big Story?

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Mortgage Fraud/LIAR LOANS - the route of evil - STILL the elephant in the room..... STILL most people don't get it..........

It's a conspiracy of silence..... :rolleyes:

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Why did financial journalists miss the big story?

Budget Day is an apt time to look back at how many of Fleet Street's finest - and their Wall Street counterparts - failed to spot the economic storm clouds. The editor of the FT owns up:

Most reporters working in this so-called “shadow banking system” found it hard to interest their superiors who controlled space and who were more interested in broadcasting the “good news” story of rising property prices and economic growth.

http://www.spectator.co.uk/clivedavis/3557376/why-did-financial-journalists-miss-the-big-story.thtml

+ read this:

http://www.bjr.org.uk/data/2009/no1_schechter

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1 reason..they are reporters..they report on what others say and do.

a powerful marketing machine such as the property VI, spends millions on the very best PR and analysis.

Take the beeb, they employ reporters as newsreaders ( presenters really), they read the "news", then they go over to their "correspondant" who reads what he/she was told, read or overheard. Its not rare for an actual person, talking about the very thing being reported, to be cut off and the "reporter" gives one or two sentences on what he thought he heard.

its not their job to check figures. many cant even add up.

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That's the good stuff.

More here:

http://webcache.googleusercontent.com/search?q=cache:4ruBYJflrvQJ:www.marketoracle.co.uk/Article18851.html+uk+mortgage+fraud+liar+loans&cd=10&hl=en&ct=clnk&gl=uk

"Volume of liar’s loans and subprime was everything – as long as Lehman could sell the liar’s loans to other parties. Volume created immense real losses, but it also maximized Mr. Fuld’s compensation."

http://www.house.gov/apps/list/hearing/financialsvcs_dem/black_4.20.10.pdf -- [see page 10]

----------------------------

And the VI 's are fighting back - successfully for their "case"....

Of course - we all know - it they stop liar loans - they stop the entire "housing market" - because it is UNAFFORDABLE without liar loans... :rolleyes:

Watchdog's ban on mortgage self-certification hits backlash

http://www.thisislondon.co.uk/money/article-23818209-watchdogs-ban-on-mortgage-self-certification-hits-backlash.do

Edited by eric pebble

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..... STILL most people don't get it..........

.....

Eric mate. Most people get it. Most people got one. You didn't. Quit bitching. They will go bust soon enough.

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I don't think the journalist missed the story but most print media have property sections and are heavily funded by property adverts. Several north london local papers have (or used to have!) 60 page full colour weekly supplements - better just to ignore the story and get the revenue.

Doh! A journalist no matter what, should always make sure his citizen know the trust, that was the goal of the press. Long time now we haven't had this feeling. They are even manipulated! what's the point to read them?

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I don't think the journalist missed the story but most print media have property sections and are heavily funded by property adverts. Several north london local papers have (or used to have!) 60 page full colour weekly supplements - better just to ignore the story and get the revenue.

Don't forget that many journalists are likely to be into buy to let themselves.

To get some idea of the scale of buy to let, take a look at the Direct Line "Landlords Insurance" ad on Sky News. They wouldn't run a prime time TV ad campaign of that scale if the numbers weren't there.

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(...)

Interesting articles.

One of them mentioned that the editor of the FT, Lionel Barber, gave a speech at Yale University about that. But I couldn't find it on-line. It could be a interesting read.

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It's a conspiracy of silence.....

There are two main reasons that the Big Story was missed the first process is called 'concision', in the media you are only given the time to regurgitate 'conventional accepted truths' (folk wisdom), such as 'House prices only ever go up.' You don't need evidence or facts to make these statements, but when you say anything that contradicts 'conventional accepted truths' you are expected to show evidence and facts in a time window so small that you just end up sounding like a nutter

People like Ron Paul, Noam Chomsky, Peter Schiff, Jim Rodgers, Jonathan Davis etc.. never get chance to put across their position, before they can make their point they become subjected to all the logical and illogical arguing strategies that are know to man. Negative proof, Strawman, Distortion, Interruption, minimisation, proof by verbosity, aggression, exaggeration, shaming, denial, selective inattention, cherry picking, rationalisation, diversion, face pulling, mockery etc...

I never miss an opportunity to slide a Chomsky video into a post, even if you disagree with his politics the point he makes is worth listening too.

http://www.youtube.com/watch?v=3cceC3DeFcY

The second main reason is the filtering system the media uses to selects editors, program makes, presenters, journalists and the final stories. They are selected for obedience and social background it is unlikely that they will ever deviate from 'conventional accepted truths'. These individuals are not necessarily liars, they may well genuinely believe everything they say, the point is that 'if they believed something different they would not have a job in the media'.

This one goes into a little more detail and worth watching just to see the look on Andrew Marr's face as Chomsky puts him in his place.

Edited by enrieb

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Guest sillybear2

Financial journalists work for publications that are reliant on banks and the financial sector for their advertising readies, they don't bite the hand that feeds them. We have the BBC of course, but they're simply part of a different establishment, they're hardly likely to say Mervyn King is full of shit are they? Even though he's still failing to hit the inflation target, during the bubble years we were told that Jordan-esque hyperinflation of assets didn't matter as they were only focused on a single target, now they're ignoring that very target.

Destroy the techostructure, or whatever, they're all corrupted.

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Mortgage Fraud/LIAR LOANS - the route of evil - STILL the elephant in the room..... STILL most people don't get it..........

It's a conspiracy of silence..... :rolleyes:

----------------------------------------------------

Why did financial journalists miss the big story?

Budget Day is an apt time to look back at how many of Fleet Street's finest - and their Wall Street counterparts - failed to spot the economic storm clouds. The editor of the FT owns up:

Most reporters working in this so-called "shadow banking system" found it hard to interest their superiors who controlled space and who were more interested in broadcasting the "good news" story of rising property prices and economic growth.

http://www.spectator...big-story.thtml

+ read this:

http://www.bjr.org.u...9/no1_schechter

Con_spira

O.E. spir "sprout, shoot, stalk of grass," from P.Gmc. *spiraz (cf. O.N. spira "a stalk, slender tree,"

A bunch of 'Green' Shoots!

Silence of the dammed?

Edited by erranta

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Con_spira

O.E. spir "sprout, shoot, stalk of grass," from P.Gmc. *spiraz (cf. O.N. spira "a stalk, slender tree,"

A bunch of 'Green' Shoots!

Silence of the dammed?

Well thanks for that erranta - most interesting! ;)

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Financial journalists work for publications that are reliant on banks and the financial sector for their advertising readies, they don't bite the hand that feeds them. We have the BBC of course, but they're simply part of a different establishment, they're hardly likely to say Mervyn King is full of shit are they? Even though he's still failing to hit the inflation target, during the bubble years we were told that Jordan-esque hyperinflation of assets didn't matter as they were only focused on a single target, now they're ignoring that very target.

Destroy the techostructure, or whatever, they're all corrupted.

So true.

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  • 259 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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