A journalist recommending shooting the messenger may be like a turkey voting for Christmas. But in this case, I’ll take the risk.
Saying that we’re talking ourselves into recession might bring to mind another bird: an ostrich with its head in the sand. But, while we have to accept that problems in the financial markets could undermine the wider economy, they do not have to contaminate other sectors. What can spread the infection, however, is loss of confidence and that’s where the media can play a key role.
A business leader at the Davos summit put it neatly when asked by a journalist what his greatest economic fear was. “Being constantly asked by journalists what I’m afraid of rather than what I’m confident about,” he responded quick as a flash.
Focusing on the worst case scenario does seem to be a particular peculiarity of the British and American media. Watching the news in Austria the other week, a German channel reported that Deutsche Bank’s results were quite strong as it had avoided the US sub-prime mortgage swamp. CNN and BBC World both questioned whether the picture was as rosy as the bank said.
Similarly, on the radio today, John White, the boss of housing giant Persimmon, said the property market was tough but slowly picking up. The interviewer responded by asking whether the whole sector wasn’t actually set to collapse “like a pack of cards”.
Businesses commenting in our upcoming softwood focus equally admit that trade has been uncertain and volatile but, with the jobs market still firm and interest rates lower, they predict a better second half.
Our special feature this week also finds the trussed rafter sector in good heart about the longer term. And interestingly it sees a tailing off in flat building, which the BBC presented as evidence of construction teetering on the brink, as potentially good news. It could mean more housebuilding, more roofs and more trussed rafter sales.
OK, maybe shooting the messenger is extreme. But drinking from a half full glass rather than the half empty one constantly offered in the media, might do us all good.
