admin
06-24-2003, 09:38 AM
This site is never one to underestimate the power of the web in influencing policy. Our point is that the printed media while important, is going to remain important because they should be viewed not as newspapers but as news organizations. They report and web-based organizations disseminate the information, whether or not it is accurate, to large segments of the world's
populus.
Consider the recent articles in the New York Times on Fannie Mae,which was picked up by a number of websites, including Forbes and Reuters:
" The newspaper quoted sources saying the company lost billions of dollars when interest rates fell, but accounting rules allowed it to keep the losses off of its income statement. A Fannie Mae spokesman told the newspaper that the company's income statement accurately portrays its business.
"The New York Times article on Fannie Mae definitely caused some of the spread widening, although I don't know how much of it was on on actual volume and how much of it was on concerns of volume," said a senior agencies trader. "I don't put much stock in it," he said of the story."
The story does not stop there. The momentum of the story coupled with Freddic Mac's problems has already resulted in the introduction of a new regulatory machine to regulate Fannie Mae and Freddie Mac.
The Wall Street Journal reports:
"A congressional critic of Freddie Mac and Fannie Mae is expected to introduce legislation to abolish the government-sponsored mortgage companies' current regulator and create stronger oversight within the Treasury Department".
Newspapers may be dying, their underlying news organizations are reinforced by the web.
Read relevant press account (http://www.forbes.com/markets/newswire/2003/06/23/rtr1007934.html#skipad)
populus.
Consider the recent articles in the New York Times on Fannie Mae,which was picked up by a number of websites, including Forbes and Reuters:
" The newspaper quoted sources saying the company lost billions of dollars when interest rates fell, but accounting rules allowed it to keep the losses off of its income statement. A Fannie Mae spokesman told the newspaper that the company's income statement accurately portrays its business.
"The New York Times article on Fannie Mae definitely caused some of the spread widening, although I don't know how much of it was on on actual volume and how much of it was on concerns of volume," said a senior agencies trader. "I don't put much stock in it," he said of the story."
The story does not stop there. The momentum of the story coupled with Freddic Mac's problems has already resulted in the introduction of a new regulatory machine to regulate Fannie Mae and Freddie Mac.
The Wall Street Journal reports:
"A congressional critic of Freddie Mac and Fannie Mae is expected to introduce legislation to abolish the government-sponsored mortgage companies' current regulator and create stronger oversight within the Treasury Department".
Newspapers may be dying, their underlying news organizations are reinforced by the web.
Read relevant press account (http://www.forbes.com/markets/newswire/2003/06/23/rtr1007934.html#skipad)