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Jackie Colson-Miller

Jackie Colson-Miller, CIPS
Certified International Property Specialist
NAR Liaison to Austria
Tampa Real Estate
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Tampa, FL 33609
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Facts and Distortions in the Media…On Wall Street…and In the Financial Industry Will Affect The Tampa Real Estate Market

The major source of our “news” comes from the mainstream media.  In 2008, we have seen a major shift in the news media from “presenting facts” to “presenting opinion as fact”.  They seem to have chosen to give the public “selective” facts.  While editorial opinion used to be confined to the “editorial page”, it is now presented, and accepted, as fact, every day by “journalists” on the television and in the print media. I have reached the point where I cannot read the newspaper, because it is 80 pages of “editorializing”.

Imagine if your physician gave you “opinion” without facts about a medical condition. You would quickly get a second opionion. In real estate, we use appraisals of value, using “facts” of comparable sales to provide current value of a property. Without those “facts”, we could only offer an opinion. The lending industry requires those “facts” to support value.  And, they should,.

It takes research, these days, to really sort out fact from fiction on a number of topics.  The top headlines of the week are the Presidential Race and the Financial Woes and Potential Bailout on Wall Street.  My opinion? I am opposed to a bailout. Investments are risks, whether the investment is in Real Estate, Stocks, Mutual Funds, or anything other than FDIC insured products.  Investors CHOOSE to take those risks, for the HOPE of a larger return.  People make choices. Sometimes those choices work to their advantage, and sometimes that don’t. That is the nature of RISK.  I believe companies should answer to their shareholders. I believe the Federal Government should run the government with efficiency and not bail out failing companies.  There is a buyer for everything, and those failing companies can be sold…for a price…without the help of Uncle Sam.  In fact, those “buy outs” are already happening, on Wall Street and in the Housing Market.

But, back to the “professional journalists” who write, and speak, on behalf of the mainstream media.  When can we get them to give us the “facts”?  I read an interesting commentary on that subject today.

Here is the question:   Should these “Professional Journalists”, who distort the facts, be held to the same accountability for professional misconduct as those  on Wall Street? Read the commentary…What do you think?

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This entry was posted on Wednesday, September 24th, 2008 at 11:47 am and is filed under Real Estate News. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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