It is my opinion that we have not been well served by the British media in this present economic crisis.
Given that it is impossible to accurately predict the future, pundits in all the different media have been little better than soothsayers in their utterings. The fact that there has sometimes appeared to be a consensus does not suggest prescience so much as feeding from the same trough. The layman should have been able to ascertain without too much trouble more analysis and less speculation.
I would like to see a detailed analysis of several past recessions including the Great Depression couched in terms where I could readily compare what is happening today with previous downturns. I would like lots of statistics in percentages to show me whether or not our current situation is in any way comparable. Somewhere I have seen a small scale graph which demonstrated that, the Great Depression apart, recessions do not really affect the upward march of GDP in a highly developed country such as the USA. Will this one be similar?
Nowhere have I seen details of the banking crisis. Was there no alternative to governments providing vast sums? I have lost track of the hundreds of billions of dollars that have been made available. Did this actually mean that the banks required these huge amounts to balance their books? Put another way, were the debts of the banks billions more than the assets? If that were the case, at some point they must have been trading while knowingly bankrupt which is surely illegal or it is for Mr Bloggs in his corner shop. Why has no journalist exposed this or government’s possible connivance?
The British media are becoming increasingly insular. In order to judge the competence of our own government and its agencies we should be able read about the actions that other governments are taking, not just the USA, and how effective their measures have been so far. These should not be isolated one off reports but should receive the similar coverage to that which we receive about the domestic situation. Gordon Brown is claiming to lead the world. Is he?