Need an research paper on failure of business journalism in reporting during the great market crash of 1929. Needs to be 6 pages. Please no plagiarism. The spring of 1929 also gave more signs of a serious setback to the economy due to the slowing down of steel production, car sales, and house construction. During this time, some few individuals warned of an impending serious crash in the stock markets, but they were cautioned, ignored, and labeled as pessimists. Most economists believe in the cycling of the overall economic activities between the expansion and contraction of the economic periods. The economic growth alternates with depressions and recessions. Analysis of the great depression indicates efforts by economists and journalists and their determination of the causes of depression (Burgan 2002, p.78).
Business journalism requires that the journalists know exactly what is required, and the content should be critically analyzed before distribution to the audience. Some business journalists do not know the appropriate sources for their information to back up a story or an event. Others do not understand the principles of economics and the importance of stock markets. Some business reporting lack contextualization, which helps readers understand the meaning of the economic situation. The major goal of business reporting is to enhance more customer cover-up and retention. This is especially notable since many people have shifted to the media for them to know the prevailing economic conditions. People simply want better business coverage (King 2000, p. 67).
The business journalists knew about the great depression, but their ignorance of economic history was massive. Ignorance in expressing their opinions rendered everything wrong during their reporting on the great depression. For instance, in 1920, the forecasting reported on flourished economy and failure to recognize the coming depression, a factor that totally put them out of business. J. K. Galbraith’s reporting on The Great Crash 1929 relates to the forecasts of the Harvard Economic Service who failed in warning the business of impending depression. Galbraith wrote in November 1929 that the U.S. was not facing a protracted liquidation and that severe depression like that which was in 1929-1931 was less likely to be experienced.