Yes, Major News Organizations Make Mistakes That Move Markets Too
from the well,-duh dept
I’ve spent the last couple of days at the Mesh Conference in Toronto, where there were some really fantastic people and conversations (as per usual, the best of those conversations occurred over meals and in hallways). However, at lunch on Thursday, someone who I won’t bother to name went off on the whole Engadget/Apple thing, insisting that the traditional press at least had processes in place to prevent that kind of thing, and that the “poor grandmothers” who lost money when their brokers sold Apple should absolutely blame Engadget. I tried to point out that the traditional press was equally as bad at times. He agreed that the press makes mistakes sometimes, but he suggested they would never be as bad because they had these “self-regulatory” measures in place that blogs like Engadget simply don’t live up to. Well, along comes Paul Kedrosky (who was supposed to be at the event, but couldn’t make it) to highlight how the traditional press absolutely can be just as bad. A CBS affiliate in Tulsa, Oklahoma posted an incorrect story about a refinery fire that caused crude oil prices to spike $0.40 in a matter of minutes. It’s the same basic thing that happened with the Engadget piece (in fact, the Engadget situation is a lot more understandable). However, will we see a big discussion on how major media outlets have no credibility and can’t be trusted like there were following the Engadget piece? Somehow, it seems unlikely.