/ Modified may 1, 2010 2:24 a.m.

FINANCIAL WMD'S

Did the press largely miss the warning signs for the collapse of the financial system? Don't miss this report on Morning Edition, Monday, March 9th KUAZ-NPR

economy crash

So much financial reporting involves taking an assertion by an economist/analyst/investor type, and then bouncing it off a couple of other experts and asking, “what do you think?” rather than getting into the details. It would be like someone from common cause saying he thought Ted Stevens was corrupt, and then an intrepid reporter asking a lobbyist and a former senator, what they thought, and they respond that it doesn’t ring true them, and that constitutes the reporting, instead of pouring over campaign contributions, company documents, ethics filings, etc.

This story will take a look at some of the missed signs and the actual warning bells that were rung in the financial press to explore the nature of reporting and how much the media gets caught up in the conventional wisdom of the moment. NPR's Media Correspondent, David Folkenflik reports.

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