12/02/08

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Guilt spurring bubble hype

One New York journalist who has covered the city's notoriously exuberant housing market thinks the media is behind much of the bubbling hysteria. Daniel Gross, who wrote a story about the housing bubble for a May edition of New York magazine, told a National Public Radio audience last month that the media now is using the housing bubble to make up for its lack of coverage before the bust of the tech-fueled stock market boom in the late 1990s.

"In the late '90s and even through 2000, the large sort of media complex collectively missed calling the bubble," Gross told NPR's Bob Garfield. "And we all rode over the cliff together. I think in compensation for that, you see many more people who make their living in the media as analysts, journalists, wanting to get out on the record saying, 'I may have missed the stock bubble, but I'm not going to miss this one. You're warned.'"