Monday, November 24, 2008

Blink and you miss the share rise: The BBC's hysterical news coverage continues

We got pulverised with pulsating red "FINANCIAL CRISIS" graphs with shares going vertically downwards on the BBC News for weeks.

Now shares go up by 10% in one day and do we get a green graph with the arrow going upwards? (Sample helpfully provided below)

Do we heck as like.

It gets mentioned in one sentence by Robert Peston.

FTSE up 9.84%. Dow Jones IA up by 11% in 2 days. But, those poor people sitting round who worried about those pulsating red downward graphs hardly get told about it.

A month ago journalists were telling us all about the London inter bank offer rate (LIBR). Now it hardly gets a look in. That's because it has dramatically fallen for three month borrowing (see graph below from so it's no longer news. Instead we get hysteria about the chancellor's borrowing.

So let's briefly recap. First of all we're told it's a bank lending crisis. But that's got better. So then it was a share crisis but now they've gone up - albeit for one day - and it doesn't get a look in. Because now they've decided it's a government borrowing crisis....or a government taxing rich journalists in two years time crisis....

It's all a great reason to listen to Terry Wogan instead of Today and watch Emmerdale instead of the News.

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