When it comes to economic news, the press tends to be biased toward exaggeration and sensationalism. If some event isn't a "scandal," then it must be a "crisis."
The latest example of crisis journalism turned the phrase "mortgage meltdown" into an overnight cliche. It began with the effort to blame a worldwide dip in stock prices on local U.S. problems with subprime mortgage loans. According to The Associated Press, "Anxiety that a blowup of subprime ...
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