Journalists Tell Dan Abrams They Fell Short on Crisis Coverage

Survey shows media's disappointment with media coverage leading up to crisis.

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While executives on Wall Street and in Detroit have pointed fingers in plenty of directions since the financial crisis began crippling business--journalists are apparently willing to point fingers at themselves (as well as at executives).

According to a new survey from Abrams Research--founded by Dan Abrams, formerly of MSNBC--62 out of 100 journalists from the New York Times, Wall Street Journal, CNBC and elsewhere, are critical of the job media has done--"suggesting there was an over-exuberance about the economy and a failure to connect the dots as troubles began," the AP reports.

In October, CNBC's Charlie Gasparino told Howard Kurtz: "We all failed ... What we didn't understand was that this was building up. We all bear responsibility to a certain extent."

In that same story, Kurtz makes a very accurate distinction:

After being burned by years of cheerleading before the dot-com collapse, the media warned repeatedly that the surge in housing prices might turn out to be a bubble. But the emphasis was generally on the potential toll on homeowners, not the banks that would be left holding bagfuls of bad loans.

The rest of his article is excellent.

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