For the past decade the media inscribed a “triangular relationship between politics, development and banking” which largely explains why despite the witch hunts for rogue bankers, developers and politicians the media has not yet reflected on its own role in the crisis.
[Image via Irish Independent]
Dear Brian Brennan [BrianBrennan (at) independent.ie],
I just read your piece in today’s Irish Independent and wanted to say I thought it was well timed. The damning judgement at the ballot box was not just directed at Fianna Fail, but at all those who facilitated and were complicit in the economic crisis. I also wanted to say though, that while you target a number of groups who bear serious responsibility for the economic crisis, I would argue you have left out at least one significant group: journalists and journalism.
At both a corporate and a journalistic level Irish media institutions failed in their role as the fourth estate. They failed to investigate properly the property market and the economic rational that underpinned it, they failed to expose the banking and political system that fueled the bubble, and at the most basic level they failed to safeguard the supposed firewall between journalism and advertising. Quite oppositely, they actually developed an economic stake in a rising property market. Both the Irish Independent and the Irish Times moved into the property sector both in terms of news supplements and as sales agents. Economics reporting reflected and fed into that perspective, with few dissenting voices.
Despite all this the media has not reflected on its role in the economic crisis.