- Media focuses on victims, activists and media hounds making shrill cries for government intervention in the crisis of the day
- Events run their course and the problem fades away
- Complete lack of apology or correction regarding overreaction on the part of the media, which is back to step 1 on the new crisis of the day
I found a great article that gets into this phenomenon in detail. Here are some excerpts:
The Dow’s up and oil’s down. And it all seems to have happened so quickly. Just a few weeks back the talk was of doom and gloom, as the price of gas kept inching up above 3 bucks a gallon? Funny how quickly those who swore that the bad days had arrived for good have disappeared from sight! (Well, maybe not so funny if you believed them and sold your stocks before the rally.)
It also talks in depth about the cycles in today's public arena:
It has to do with cycles. There are generally three time cycles that compel political action: Economic cycles, political cycles and news cycles. Each cycle has its own momentum and its own set of consequences. When something shocking happens, like a war or a natural disaster, politicians and the media usually panic. And at no time in our history have news cycles and political cycles moved faster than they do today.
Good stuff.
Fox News: The Free Market Knows Best...Again
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