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Monday, November 2, 2009 at 11:53 am
Carr cites several “technical reasons underlying the collapse — and that’s what it is — of business journalism.” It’s hard to argue with him, not to mention dangerous. You don’t want a guy like Carr mad at you. Still, you’ve got to hope he’s being a bit pessimistic in order to make his point, and that there’s still some life in the game if somebody can figure out a new way to do it. Carr suggests that the beat itself has lost its mojo, because its subject — essentially the aggrandizement of Business and its practitioners — has disappeared. We’re not interested in big, glossy spreads of the superpeople who run the economy and its constituent parts. We don’t want to see one more big piece on how great this or that financial wizard might be… because we’re not in the wizard business anymore. Yet the need for stories that concern the making and spending of money have never been more important. The collapse of this discipline as a popular art form will spell disaster in the short and long term. Short term — we won’t know what’s really going on even more than usual. Long term — same, only bigger. So what should those who cover Business be writing about, and not? Here are some early suggestions: NO: The Financial Sector. I’m bored with it. I’m not saying there shouldn’t be coverage. But about 80% of all stuff right now is about Wall Street, banks, financial institutions, rich farts getting bonuses, and so forth. Been there. Done that. Unless a guy is running around in front of the stock exchange with his or her pants on fire, I’m not as interested as I should be anymore. YES: People in other areas of enterprise who are making news in one way or another. There must be some other fields of endeavor where people make something other than decisions and big money. I mean… aren’t there? NO: Prognostications from economists and security analysts. With the winnowing-away of huge swaths of reporters and editors, a lot of newspapers, magazines and websites now confine themselves almost exclusively to reporting on the reports of those whose job it is to issue reports. Sometimes these guys are right. Sometimes they’re wrong. They’re seldom very interesting to read about. But it fills space, particularly the more outlandish and opinionated ones. YES: Bovine methane emissions and attempts to either reduce or monetize them. NO: Davos. The Allen Conference. Any other story that features the usual stiffs wearing blue jeans and white water rafting. That includes Bono. YES: Auto workers who are still employed. How science is making our lives better. Malls that are sinking into the swamps on which they were built. Stem-cell startups in weird locations. Businesses that are actually making money, instead of those that are grooming themselves for a VC run. You know… business. Remember business? NO: Global. YES: Local. NO: Dead stuff and why it’s dying. YES: Having fun in Tokyo. NO: What old guys are thinking. YES: What young people are doing. NO: Tech. YES: Sex. Business is about life, not death; about freedom, not prison; about struggle, not defeat. Sometimes when the story isn’t going your way, you have to change the story. What was first in importance is now last; what was last is suddenly first. Maybe it’s time we all started looking at the front end of the elephant for a while. The view is different from up there. YES: Having fun in Tokyo. I still read the Wall Street Journal and the Economist, the rest is crap. Unless it involves cow farts. Posted By Leeroy : November 2, 2009 1:10 pm
“No: What old guys are thinking”. The old guys went through the obstacle course of life and the bumps and bruises that go with it. Let’s see how well our “little darlings” measure up going into the future. Unfortunately, we old guys will be enraptured on our float in the cosmos out of sight, out of mind. Betrayed by deceit is like having the elephant piss on you. Posted By Bob, Michigan : November 2, 2009 4:10 pm
This sounds like a bunch of non-interesting puff pieces that are pitched to business journalists on a daily basis. I mean, a profile of people who still work in the auto industry and how well they’re doing is exactly the kind of stuff that is pushed by corporate flaks. Whether right or wrong, people like to read about other interesting people, and those tend to be the Wall Street fat cats who are partly to blame for getting us into this mess, have been bailed out by everyone else, but have still yet to feel any real pain. Posted By John, New York, NY : November 2, 2009 4:16 pm
According to 2008 CIA factbook; the US is producing 23.3% of the world’s GDP. The entire EU is 29.70%. Japan is 8.1% & China is 7.2%. A lot business is still happening in the US. They need to step outside of NYC and find the news. Posted By Jake, MPLS, MN : November 2, 2009 5:51 pm
I guess I’ve become an anachronism. I was under the impression that journalism was about speaking truth to power; holding the mighty accountable. Never mind. Foolish me. Posted By Paul, Miami, Fl. : November 2, 2009 8:28 pm
NO to any business journalists who have lived in NYC for more than ten years Posted By Steve Bangalore : November 2, 2009 9:36 pm
@Yes to stories that really say India is just a big garbage dump You are right Steve, India is just a big garbage dump of the so called developed( and now bankrupt) nations like US and the EU. Good you said it! Posted By Communiket, Pune, Maharashtra,India : November 3, 2009 2:53 am
Bing…you must have changed medications or fallen off the wagon. I can see it’s going to be tough stomping the new-found optimism outta ya. Fortunately, reality will ultimately provide assistance. As for the yeas and nays on particular business journalism species; I was tired of reading puff pieces about the latest CEO wunderkindt many years ago. The glossy cover airbrushed portrait photography (throw in a trophy wife and a generic Ivy league offspring or two), pathetic ‘teen-beat’ coverage of their warrior business ‘philosophy’, and photo parade of city townhouses and country estates. It’s never really been more than material for MBA masturbatorial fantasies, and several moral strata lower than anything you’d ever find in a Hustler (which would have been a great name for a business periodical). Frankly, I’m sick of business heroes, old or young. If you’ve ever have inside knowledge of many of the people celebrated as such, you come to wonder if the person/business they’re writing about is the person/business you know. Business journalists once supposedly provided valuable information…it’s now quite apparent if the ’story isn’t going your way, then you change the story’. What’s the value in that exercise…waving around pom-poms and leading business cheers? I though that was a job for corporate hacks. Posted By Mike, Spokane, WA : November 3, 2009 3:50 am
Kind of rough on us old guys, aren’t you? The wonderful ‘business news’ enjoys writing stories reminding us that no one will be able to retire. Yet, us old guys sit here on our butts with more money than we will ever spend, and a steady stream still coming in. And that’s after sending all the young beautiful world-changing people to college. It’s not that hard to do. See… Wait a minute – I forgot. Nobody cares what old guys think. Sorry. Posted By Jim, Winston-Salem, NC : November 3, 2009 8:22 am
I care, Jim. But as a subject of daily investigation and interpretation, it’s not a fertile exercise, I think. In any event, we’ve had a lot of it. Meanwhile, there’s a whole generation or two growing up in a weird kind of silence. Maybe it’s because they have nothing in particular to say, but I don’t think so. My generation made so much noise nobody could get a word in edgewise. These young guys seem mostly defined by their viewing habits and purchasing interests. Posted By Bing : November 3, 2009 8:49 am
So the perfect article would have to do with young people monetizing sex in Tokyo after cowtipping at a startup ranching operation on the site of an abandoned bankrupt shopping mall. Posted By Mike Jackson – Austin, Texas : November 3, 2009 9:38 am
Carr is essentially right, from an American view point, hyping Business wizards has lost it’s appeal in the west,,,however there are emerging markets in the Far East who have yet to be exploited with the hype and BS that preceeds the Madoffs of the future. Carr should learn mandarin and peddle his wares there,,,Western people have learned the truth about Business Wizards and it will take a generation to forget the present problems we are faced with. Posted By Jack Hammond Canada : November 3, 2009 10:23 am
Business journalism became formulaic and boring a couple of years ago. I let my subscriptions to the two Fs lapse and haven’t even picked one up at an airport newsstand for over a year. Business journalism seems to be taking its cue from the movies. Either it’s a feel-good triumph where the good guy fights against tough odds, makes all the right decisions and triumps. Or it’s a cautionary tale where a couple of bad guys screw things up because they were evil, dumb or some combination thereof. I go to the theater when I want to see a movie. From a business magazine, I want to see something a bit more balanced. HBR has some decent content, but it reads too much like a consultant’s report. Posted By ChicagoSail, Chicago IL : November 3, 2009 10:35 am
Yes, Mike! Wouldn’t that be a terrific article? Posted By Bing : November 3, 2009 10:42 am
Yes, Bing! I, for one, would like to see that article Mike outlined. And you’re just the guy to write it (since Hunter S. Thompson is no longer with us). Posted By Steve, Charleston, WV : November 3, 2009 11:38 am
British banks: RBS and Lloyds, feeling the pressures. “We feel so bruised as we understand these conflicting pressures”. “We will be forced into punitive sales”. If they understand, as they claim, were they sleeping on guard duty as the tides of convuluted collusion in the banking system took place? UBS and Merrill Lynch advised Lloyds, also, UBS and Morgan Stanley advised RBS; well, do we need to look further at what led up to these modern day banking dilemmas? We’ve had several grueling years of the causes of these problems, but only one solution–”Tap the treasury; there are still tax payers available to pick up the tab”. Nowhere do we hear of personnel failures; like, CEOs and their elite staff sleeping on guard duty while blind siding the “Public Trust”! Collateral Debt Obligations and Credit default Swaps wrapped up in Hedge Funds and Derivatives reveals the story! Where is “Fortune and “Time” sending their business corresponding, to …….? Yogi Bear says, “It ain’t over till it’s over! Posted By Bob, Michigan : November 3, 2009 11:50 am
I blogged this yesterday (http://seanreadsthenews.typepad.com/seanreadsthenews/2009/11/times-carr-says-business-journalism-is-over-blog-will-still-run-tomorrow.html) as did Justin Fox at TIME. I review business news daily for my blog and while some days (**cough** today **cough**) are harder than others, there are always stories to highlight and to boo. Carr hit a nerve when he said the beat is all about bailouts and government policy. I hate that and really try to avoid stories where it’s more about government than business. But he’s wrong that people read business news for the glamor, they read it for the information and great stories will still emerge from great reporting. Posted By Sean Dougherty, Clifton, NJ : November 3, 2009 4:19 pm
Until and unless business news becomes completely devoid of content, those in business and finance and policy will have no choice but to read it, so if Carr is prophesying the entire demise of the segment he’s wrong (didn’t we just have some discussion on this blog about another media guru?). But if he’s talking about the quality of business journalism over time then of course he’s got a point. And here I see two themes. The first is exemplified by the CNBC effect. Many decades ago I got to know a gentleman who at one stage ranked high in the news organization of one of the major TV networks (back when networks meant something). This guy definitely didn’t have what you’d call a corporate personality but somehow had managed to ascend the ranks. He had also had enough of his share of life’s hard knocks that he exhibited a wizened humility which has stuck with me. He told me that as a journalist, he never forgot that he was no more important for the real movers and shakers than as a conduit of information. But you wouldn’t know it by the business reporting of today. The problem with most of the young guys is that after covering a handful of those inane reports you talked about, they think they can do it better so they all compete to be pundits supreme. So what we receive in a large dollop of the business news we do get are competing talking heads spewing content that’s little better than very bad newsletters. No wonder people tune out. The second problem is that the really good ones (business reporters, that is) get promoted into inactivity. Let me highlight two in/from the Fortune family. When Allan Sloan wrote for Newsday, I used to treasure some of his columns because no one else seemed as straight-face no-bullshit about big business as he seemed (speaking truth to power as Paul said). Joe Nocera’s 1996 book “A Piece of the Action” was a wonderful compilation of how consumer finance became consumer finance in the US over a generation. I don’t wish to be unkind but now that both men are at (deservedly) bigger platforms, I’ve also seen fewer and fewer of those pieces that really grabbed me. That was the kind of content that, heck, I might even pay for today. Posted By Cliff Tan,Saratoga, CA : November 13, 2009 12:37 pm
at the moment that when th europen ligue do thers endavoure for to appraising so the bst algerian artist in football so the barbarian silli habit of the egypien suppoter preffer so to receive them withe breaking theirs feets Posted By behaz toufik algeria : November 14, 2009 5:58 am
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Stanley Bing
Stanley Bing is a Fortune columnist and best-selling author of business books noted for their wisdom as well as their sharp, slightly acrid sense of humor. He is also the only writer on business and the workplace who still puts on a suit and tie and goes to do battle with the dragons that breathe fire at corporate America every day. This blog captures what remains of his brain after it has exploded in all other directions.
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Those who were enjoying a weekend of high sports drama or familial bliss might have missed another media obituary this past Sunday – David Carr’s persuasive 
I’m with you on the sex part.
As to elephants — the front end is fine, unless it’s running you over.
Getting mighty Biblical with that “what was first in importance is now last; what was last is suddenly first”. If that’s true, and sex is now a “yes”, does that imply that sex used to be a “no”? Geez, I hope not.