More Reasons Why Nobody Takes Newspapers Seriously Anymore

Wednesday, September 17, 2008

I think I've had enough entries here in Public Static about how the newspaper Phil. Daily Inquirer and Responsible Journalism tend to go hand in hand like used abortion spoons and Catholicism. Honestly, I used to think PDI was one of those better newspapers that had a more human touch to their reporting as compared to the Manila Bulletin which was the preferred newspaper around the house for so many years. Maybe it was naivety of youth, either that or PDI really just degenerated from a vital information source to yet another one of those panic bullshit journalist bodies called tabloids. It seems like every big event they cover get turned into even bigger events. Here's today's front page:
Yesterday was something like that too. You'd think you'r reading those fictional newspaper headlines from comic books about the apocalypse. Anybody outside the market wouldn't really realize that the plunge is just a 5% average drop in world market indexes and is far from level of collapse.

In the article, the guys over at PDI were so nice to tell the world that our local banks will be devasted because of Lehman Brothers' closure, which kinda tells you to withdraw all your money and keep it in a huge chest to be burried in your back yard. The real deal? Most banks don't even have any exposure. RCBC, BDO and other big banks report less than 1% asset exposure, which, according to the great book of common sense, is anything but "devastating".

The world is changing, but how it's happening is not exactly how it's written down on newspapers. Whatever happened to making sure the readers get as close to the turth as possible? I understand that people have to sell their wares have to survive but panicmongering despite being one of the pillars of communication is just too low a level to sink in.

I'm not saying there is no crisis going on. There is and yes, everybody will be feeling the effects, even you and me, except Ben Tumbling (because he's dead already). I just hope people realize they're just making shit worse by panicking, or worse, capitalizing on the panic and ignorance as an excuse to sell more instead of using the opportunity to actually fill the gap of ignorance with useful and accurate information.

What a disappointment.

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