to the Pitchforks!

So I’m going to go on and admit how much I emjoy the Goldman Sach’s hearings. Not because I think it means anything (to date, regulation reform is still log-jammed in filibuster) but because I enjoy watching business journalists try to put the concepts behind complex derivatives into plain language for mass audiences.

Its really hard. In a recent episode of On the Media on NPR, Planet Money (which you should be listening to) correspondent Adam Davidison said that he thought he had:

“seen the edge of what journalism can accomplish, of what journalism is capable of, and the bulk of financial regulatory reform is on the other side of that edge.”

That’s pretty rough. We count on business journalists to translate things for us. To make sense of the starched collar and Monte Blanc pen side of the banking table, journos have got to get their own heads around very squirrely subjects.

So when we get a day like yesterday, its a shame to see so many journalists and news outlets drop the ball. I cannot tell you how many breathless articles I have read about  “Fabulous Fabrice” and Carl Levin saying the word “shitty.”

There has been significantly less coverage of exchanges like this one:

Are you serious? Really?

This is where the rubber meets the road. I know that there are a lot of people in Congress that need to make hay, and this is a fine opportunity to curse out a billionaire, but this is what needs coverage. THIS iswhat needs to be given context and understanding if the public is to be informed about the tiny gang of white men who are dominating 63% of our economy.

If you’re a business journalist (as I aspire to be) this is what you should live for.

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