Thursday, September 25, 2008

THE ELEPHANT IN THE STUDIO WITH ANDREA MITCHELL

Columbia Journalism Review - When Andrea Mitchell reports on the current financial crisis-or on anything that relates to the crisis, which is, these days, a lot-there is an excessively large elephant in the control room. Its name is Alan Greenspan. . .

Greenspan, by virtue of his nearly-nineteen-year chairmanship of the Federal Reserve Board, is, to some extent, culpable in the crisis we're facing. Critics have accused the Greenspan-led Fed of inflating the housing bubble by keeping loan rates too low for too long, encouraging reckless lending and borrowing. Greenspan himself has admitted as much, telling CBS last year, "While I was aware a lot of these practices were going on, I had no notion of how significant they had become until very late. I really didn't get it until very late in 2005 and 2006." . . .

None of which is to say that Andrea Mitchell is culpable for her husband's credit-crisis connection. She isn't. But nor does that mean that her reporting isn't, to some degree, compromised by Greenspan. Take Mitchell's commentary on today's episode of Morning Joe, in which-wearing a pundit's hat more than a reporter's-she tried to find a silver lining to the Paulson plan's $700 billion investment request (emphasis mine): "Once there's some stability in the market, then the real value of these mortgage loans will become apparent, and then people will get back in.". . .

0 Comments:

Post a Comment

<< Home