Shooting the Messenger

Wow. Who knew that the reason for the financial collapse is not mismanagement at the top, but the media telling people too much about what they're doing. This from the Guardian (UK):

Now, as the world's biggest banks struggle to stay afloat, crippled by the most serious financial crisis since the 1930s, business reporters are being attacked for a different reason, accused by some, including a powerful group of MPs, of destabilising the economy by revealing the extent of the problems at Britain's biggest banks. Rather than telling their readers too little, as they were in the wake of Enron, journalists are now charged with telling them too much.

The Treasury select committee, chaired by Labour MP John McFall, announced last week that it would investigate the part journalism has played in the current banking crisis - as part of a wider inquiry into how the saga unfolded - examining 'the role of the media in financial stability and whether journalists should operate under any form of reporting restrictions during banking crises'. It will hear evidence from media organisations, including the BBC and major newspaper groups, in the new year.