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March 30, 2009

What We Learned in the Meltdown

By Tom Dolan



Whether the debate is over not enough aggressive regulators or too weak regulations, it's clear many journalists did not connect the dots and recognize the financial meltdown story.
There's a great piece on the subject in the Columbia Journalism Review. It acknowledges beat reporters saw pieces of it but even bigger picture columnists "who warned about the buildup of risk and...even disaster...didn't know how widespread it would become or how unprecedented the government's reaction would be." The clip is geared more for print reporters. But has definite application for Local TV, which should have been asking tougher questions about the housing bubble.
Martha Hamilton, the former Washington Post reporter/editor who wrote the piece, offers a checklist to follow-up. For example, it includes assessing the impact of banking rule changes on whether a borrower can make the mortgage payments. It notes Bloomberg News for filing an FOI suit to get the Fed to reveal more details about how it is spending the bailout money.




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