Shame on the News Media
Today I caught the clip of a news story about repayment of this mortgage asset backed paper. It was something to the effect about investors will get their money back.
There are some estimates that losses will amount to the range of a trillion dollars because of how banks have re-packaged debt with their fancy programs that ensured the risk was minimized, spread out and controlled and sold it to unsuspecting investors.
So, news of investors getting their money back should be a top story and a well explained story. First, trying to find any follow up was difficult and this is the rubbish news story I eventually found, http://www.cbc.ca/money/story/2007/12/24/loonie.html.
This story is so vague, it isn't worth bandwidth it uses.
I follow this stuff and I follow Canadian news media as well as US. I have zero awareness of what this story is about, who has had investments frozen, any kind of details of this restructuring, etc., etc., etc.
No wonder people live their lives in a Glory of Ignorance when you consider people's main source of information is so disgracefully inept at explaining what this is and what it means to everyone.
Looking around some more, I found a better story, but I stick to my assessment of media reporting. I have been following this stuff closely for the past year and I haven't seen anything about the degree to which Canadian pensions and companies have been hit. How can people possibly know how serious this stuff is when it receives so little attention?