The Great Media Depression
According to the Business and Media Institute:
The economy consumes the nightly newscasts. Broadcast networks report that America’s finances are “like a house of cards.” ABC, CBS and NBC even hyped similarities to the Great Depression more than 40 times in the first four months of 2008.
Today’s journalists are making repeated connections to the largest economic crisis in modern times – often with the phrase “not since the Great Depression.” Only a few of those comments explained the differences between today’s economy and the nation’s darkest economic years, or bothered to note that America is not in a depression.
MP: Before we (and especially the media) get too carried away about comparing today's economy to the Great Depression, consider the chart above (click to enlarge) that shows the annual unemployment rate from 1929 to 2008. Between 1930 and 1940, the jobless rate averaged 17.1%, which is way, way above anything we've seen since, and far, far above today's jobless rate of 5.5%.
See related article by John Stossel "Dire News from My Colleagues."