Friday, October 20, 2006

Impressions Of The Economy By The Media

In a recent Instapundit post, Glenn quipped:
No wonder the Big Media are acting as if the economy is in dreadful shape. For them, it is.
I'm wondering if there is more truth to this than people realize.

I experienced the boom and the bust of the dot com industry first hand. When I started, things were really good. The yearly company meeting was seen as an excuse to fly everyone to the Bahamas on charted jets. Then when things tanked, things changed in a hurry. The company meeting became fried chicken at a city park.

Economically and from a morale standpoint, the situation was still at a low for us when the economy as a whole started to bounce back. I remember my shock when I started reading articles about how strong the economy actually was. It couldn't be, could it? The last quarterly update from out CFO was devastating.

I can say with experience that I understand how one's own situation can color the impression of the economy. Old-school, big media is definitely seeing a shift in popularity to alternative forms such as blogs and podcasts. It seems more than reasonable that living through and trying to cope with such drastic changes would cause them to see a generally robust economy in a more negative light.