Comments on: Has technology deepened the financial crisis? http://tech.blorge.com/Structure: /2008/10/15/has-technology-deepened-the-financial-crisis/ Technology news Sun, 22 Nov 2009 16:15:02 -0700 http://wordpress.org/?v=2.8.5 hourly 1 By: Ken http://tech.blorge.com/Structure:/2008/10/15/has-technology-deepened-the-financial-crisis/comment-page-1/#comment-141536 Ken Thu, 16 Oct 2008 17:35:46 +0000 http://tech.blorge.com/Structure: /2008/10/15/has-technology-deepened-the-financial-crisis/#comment-141536 If you think watching markets crash without having access to any information about why and how it happen until the 6 o'clock news or the morning newspaper comes out is somehow better, you're young. Having instantaneous news sources available allows rumors to be debunked much quicker. Pick any news item and do a web search and you will see many entries with different slants. Back in the day you had AP and UPI feeding newspapers and three channels, if you were lucky, with remarkable similar conclusions about events. The term investigative journalism didn't evolve in a vacuum. Once a rumor spread it was very difficult for the corrections to catch up. If you want to pick a reason that this crash became so widespread and affected so many, see 401Ks replacing the old company pensions. Millions of people directly holding securities, or the funds that do, is extremely recent. Not the main reason, If you think watching markets crash without having access to any information about why and how it happen until the 6 o’clock news or the morning newspaper comes out is somehow better, you’re young.

Having instantaneous news sources available allows rumors to be debunked much quicker. Pick any news item and do a web search and you will see many entries with different slants. Back in the day you had AP and UPI feeding newspapers and three channels, if you were lucky, with remarkable similar conclusions about events. The term investigative journalism didn’t evolve in a vacuum. Once a rumor spread it was very difficult for the corrections to catch up.

If you want to pick a reason that this crash became so widespread and affected so many, see 401Ks replacing the old company pensions. Millions of people directly holding securities, or the funds that do, is extremely recent.

Not the main reason,

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