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POPSEconomy Freezes Amid A Media Meltdown Every broadcast, it seems, warned about something involving the economy — jobs, growth, housing, outsourcing, retail sales. You name it, the media covered it. And their reporting was often wrong. Take gas prices, a topic near and dear to our wallets these days. This spring, that gasoline could get close to $4. But for years the networks have warned that gas prices would go that high and more. At least 20 times from 2005 to 2007, the networks cautioned about prices hitting $5, and another six times for $6 or higher. Sometimes journalists gave up promoting cataclysm and decided to cheerlead for it. In a Feb. 20, 2008, column, the Washington Post's Steven Pearlstein attacked Wall Street, saying "the best thing that could happen to our economy is for a dozen high-profile hedge funds to collapse; for investment banking to enter a long, deep freeze; for a major bank to fail."
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