In what way have the fields of journalism, film, television, advertising and public relations contributed to the ongoing narrative of the 2008 financial crisis.
The difficult nature of the 2008 financial crisis meant that the role of the media, namely journalism, public relations, advertising, film, and television played a vital role in framing and interpreting the events for the general public. Unfortunately, the limited coverage was insufficient and neglected to inform Americans thoroughly through the processes of gatekeeping, goal framing and agenda setting. Ultimately, the media enabled the corrupt capitalist system to maintain control over society, by privatizing information and downplaying the crisis.
While both journalism and public
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The financial crisis of 2007-2009 resulted from a variety of external factors and market incentives, in combination with the housing price bubble in the United States. When high levels of bank and consumer leverage appeared, rising consumption caused increasingly risky lending, shown in the laxity in the standard of securities ' screening and riskier mortgages. As a consequence, the high default rate of these risky subprime mortgages incurred the burst of the housing bubble and increased defaults. Finally, liquidity rapidly shrank in the United States, giving rise to the financial crisis which later spread worldwide (Thakor, 2015). However, in the beginning of the era in which this chain of events took place, deregulation was widely practiced, as the regulations and restrictions of the economic and business markets were regarded as barriers to further development (Orhangazi, 2014). Expanded deregulation primarily influenced the factors leading to the crisis. The aim of this paper is to discuss whether or not deregulation was the main underlying reason for the 2007/08 financial crisis. I will argue that deregulation was the underlying cause due to the fact that the most important origins of the crisis — the explosion of financial innovation, leverage, securitisation, shadow banking and human greed — were based on deregulation. My argument is presented in three stages. The first section examines deregulation policies which resulted in the expansion of financial innovation and
The ownership, advertising and ideology filters illustrate this. 9/11 was an opportunity for neo-conservatives to promote the decision to go to war in Iraq, the Bush administration sold a product under the illusion of patriotism (Moyers). The White House Iraq Group, made up of the President's circle of officials, is a marketing group that ran this propaganda machine and advertised the connection between Al Qaeda and Saddam Hussein. An oligopoly was created and it became increasingly difficult to distinguish between the mass media, bureaucracies and the federal government (Moyers). Economic factors were a key part of the media's collapse, media owner's insistence on high returns for shareholders disrupted critical reporting (Kamiya).
It being the leading source of news since the printing press. We put our faith in the media to report accurate facts unbiasedly. Between 1983 and now the media industry has consolidated from 50 individual companies to 6. That means that though the impression given is that there are a multitude of sources to attain information, the messages being communicated are all one in the same. The limitation of media sources cause a ripple effect of limited information, allowing these companies to control the public’s perception on
In this essay, I will briefly explain what happened during the financial crisis of 2007-09, and also discuss the contribution of the government to the financial crisis.
Throughout history there has always been some sort of a class struggle. The rich always seemed to get richer while the poor barely managed to get by. One of the main things that contributed to the ever-expanding gap between the rich and the poor was greed. Whether it was the greed for money or for power, greed was certainly a driving force. More recently, the greed of several, rich and powerful individuals helped to cause one of the largest financial collapses of modern times. The purpose of this paper is to establish some of the key players in the economic crash of 2008, and to show some common
Throughout Shakespeare’s tragedy, Macbeth, it demonstrated that when power is influenced by personal ambition, it leads to downfall and characters start to realize power signifies nothing. Almost every character introduced into this play has used their ambition to try to gain power or has used their power to get where they are right now. Macbeth’s actions were guided by what the witches predicted for him, and when that word went around, Lady Macbeth was controlled by the thought of power too. The thoughts of power created conflicts throughout the book, starting with the murder of King Duncan, all the way to the murder of Macbeth. When actions are used to steal power, it leads to a destructive future.
In George Orwell’s novel published in 1945 “Animal Farm”, A dislikable character named Napoleon presents greed, power, corruption and manipulation. These traits are all linked together. Napoleon, who represents Joseph Stalin from the Russian revolution, emerges as a corrupt opportunist and antagonist straight from the beginning of the novella. Napoleon doesn’t show any interest in the strength of Animal Farm itself but rather the strength of his power and domination over it. Just like Joseph Stalin after the death of Lenin.
“You’re fired,” the first thing an employee hears in his/her job at a real estate company in 2008 without knowing the cause while his/her CEO gets a massive raise. Ever since the subprime mortgage crisis occurred in 2008, which left a multitude of people without a stable, well-paying job, CEOs and other executives in the United States have been making gargantuan amounts of money from their respective companies while laying off workers. For example, according to From Beyond Outrage written by Robert B. Reich, “The chairman of Merck took home $17.9 million in 2010, as Merck laid off sixteen thousand workers and announced layoffs of twenty-eight thousand more.” and that is not just “worrisome, but also outrageous.” However, this paramount issue did not begin in the twenty-first century, but in the late 1980’s. During this time, George H. W. Bush’s Administration had utilized the concept of trickle-down economics that was implemented by the Reagan Administration, and, as a result, helped to create a growing gap in wealth in the U.S. Furthermore, this expanding gap has led to growth in poverty as well as the constant growth of the power of the upper class in which the author Gregory Mantsios, who wrote Class in Americaㅡ2012, wanted to clarify the myths and truths within the United States social hierarchy in order to explain the need to strengthen the middle class.
The financial crisis that put our economy on a downhill rocky road is known as the Great Recession of 2008. The U.S. Governments resolution to one the biggest panics was revolved around multiple bailout and fiscal measures. The fight to pull our weakening economy out of a dark hole left the American people with hope of advancing what gets thrown their way. The many bailout programs implemented by the U.S. Government can only hold the economy together for so long until were up to our knees in debt.
Nearly 50 years after the United States survived its worst economic crisis, the nation’s class gap widened severely. The percentage of workers represented by unions dropped from 10.8% between 1983 and 2012 (Wiseman). Incomes only grew for the top percent of earners in the country (“A Guide to Statistics on Historical Trends in Income Inequality”). The majority of Americans saw little amounts of
“The Great Recession of 2008 didn't just happen in one month. It took years to correct the easy-money policies and lax standards of Wall Street”. Corruption in Wall Street ran rampant in the months leading up to the recession. Many brokers on Wall Street poorly informed customers, and tied them into mortgages they simply could not sustain. Corporations could get away with corrupt actions due to a lack of regulation on business practices, specifically instituting regulations on big financial corporations. At the same time, the government bailed out multiple large-scale businesses, as an attempt to preserve struggling American industry. This ultimately proved not to be beneficial. As our mother remarked, “I did have an idea that we were going to be heading for at least a contraction in the market. But, I had absolutely no clue of the magnitude of it, and blindsided me a bit. I feel like it was protracted because of all of the bailouts that were offered… It might have had a more natural outcome if some institutions were allowed to fail…”. Ultimately, government efforts to prevent an impending recession were concentrated in areas that would only magnify its
As citizens of the United States, we are members of the leading capitalist economy in the world. Our production and distribution is mostly done privately and we operate in a “profit” or “market” system. The capitalist system has been a target for criticism throughout the last three hundred years and is being discussed now more than ever due to the recent recession and financial crisis (Shaw and Barry n.d., 1). Its effects,
This chapter is about the background of 2007-2008 financial crisis. The 2007-2008 financial crisis has a huge impact on US banking system and how the banks operate and how they are regulated after the financial turmoil. This financial crisis started with difficulty of rolling over asset backed commercial papers in the summer of 2007 due to uncertainty on the liquidity of mortgage backed securities and questions about the soundness of banks and non-bank financial institutes when interest rate continued to go up at a faster pace since 2004. In March 2008 the second wave of liquidity loss occurred after US government decided to bailout Bear Stearns and some commercial banks, then other financial institutions took it as a warning of financial difficulty of their peers. In the meantime banks started hoarding cash and reserve instead of lending out to fellow banks and corporations. The third wave of credit crunch which eventually brought down US financial system and spread over the globe was Lehman Brother’s bankruptcy in August 2008. Many major commercial banks in US held structured products and commercial papers of Lehman Brother, as a result, they suffered a great loss as Lehman Brother went into insolvency. This panic of bank insolvency caused loss of liquidity in both commercial paper market and inter-bank market. Still banks were reluctant to turn to US government or Federal Reserve as this kind of action might indicate delicacy of
Capitalism and the free world have long been intertwined in their state of dependency. Reaping insurmountable benefits, this economic system has become fully entrenched in our society, elevating itself to a deity. In the 2009 documentary, “Capitalism: A Love Story”, film maker Michael Moore advocates the “blasphemous” notion that capitalism is “evil”. Although the documentary targets an American audience, its representation of capitalist corruption resonates globally. Throughout the documentary Moore mercilessly critiques the status quo while illustrating his condemnation with stark portraits of suffering ensued by economic crises to question the price that America is willing to pay for its love affair with capitalism. Despite blatant bias,
This paper discusses whether it is ever permissible to commit infanticide or not. Infanticide is the killing of an infant or the practice of killing newborn infants. It is a difficult subject to discuss since infanticide seems morally repugnant at first glimpse, though it becomes increasingly complicated as we reflect on particular nuances in real world cases.