Abrams Research: Journalists Say “Media Dropped The Ball” Before Financial Crisis

By SteveK 

Abrams Research, the media strategy firm founded by Dan Abrams in November, has put out its first report, and it relates to the economic crisis.

The firm “surveyed 100 top members of the business and financial media,” including the CNBC, CNN and the Wall Street Journal, to see their thoughts on how we got in, and when we’ll get out, of the situation.

The survey found 68% of those surveyed said “the media dropped the ball” in the lead-up to the crisis. “That’s a very telling and interesting number,” Abrams tells the Associate Press’ David Bauder. “Some of the comments we got were really fascinating. I think there’s a lot of self-examination going on within the financial media about what happened and why.”

Click continued to ses a summary of all the results…

Abrams Research surveyed 100 top members of the business and financial media – from the Wall Street Journal, New York Times, Fortune, Forbes, CNBC, CNN, Business Week, Porfolio, Silicon Alley Insider, Slate, Fast Company, MarketWatch, Financial Times plus top financial bloggers – to see what they really thought would happen in the year ahead. Here’s what we found:

The recession will end sooner rather than later. The majority of respondents predict that the recession would be over within a year. 79% think the recession will be over within two years. Only 7% see this stretching out for the long haul.

It won’t become a depression! At least not according to 70% of respondents. On the whole, an optimistic group.

Optimistic, but not self-deluded: 68% said that the media dropped the ball in the lead-up to the financial crisis…

…but when it comes to assigning blame, they let themselves off the hook: Banks, regulators and consumers come in ahead of them on the fault scale. The banks and the regulators got most of the blame: 45% said the banks deserved most of the blame, and 44% said the regulators were mostly responsible. Greedy consumers got 9% of the blame; only 2% said the media were most at fault.

73% of respondents are expecting a perp walk: When asked how many Fortune 1000 CEOs would be indicted, most thought 1-2 (31%) vs. 3-5 (20%), 6-10 (16%) and 10+ (6%). 27% think the road ahead will be perp-free.

Wildcard: The experts predict on average that the Dow will be at 8639.12 in six months; the closest guess at that time will win $500 to donate to his or her favorite charity.