You guessed it – it’s the media! At least that’s what Philadelphia-based attorney Richard L. Scheff is saying, based on a survey from Opinion Research Corporation. According to ORC, 77% of all Americans believe that while the media did not cause the financial crisis, it is making it worse by focusing on the negative and dampening consumer confidence. Among households in the $35K-$50K income bracket, the number of people pointing a finger at the media skyrockets to 88%.
"Although statements by the media are protected by the First Amendment, the survey results demonstrate that the public believes that the press bears some responsibility for the lack of confidence in the economy. One would hope that these media would act less out of self-interest in these times of national crisis. I could see creative lawyers attempting to pierce constitutional protections by constructing theories of liability for losses they may allege were driven by irresponsible news releases," said Scheff.
RBR/TVBR observation: That’s right, all you Chicken Littles out there. Don’t just hide from bad news, sue the media for running it!