The "business" of business reporting

[bill718]

Small and medium size businesses employ over 80% of Americans, while the Fortune 500 employs less than 10%, but who do outlets such as CNBC, Bloomberg, and the WSJ cover almost exclusively? You guessed it - the Fortune 500.

If these outlets want a report on manufacturing, do they interview the owner of a Boeing subtractor who manufactures door lock mechanisms and bolting systems for the airplanes? Nope, it will be the CEO of Ford, GM, or Tesla that gets the spotlight. If these outlets want a report on banking, do they interview the President of a regional bank in the Midwest? Nope, it will be the CEO or CFO of JP Morgan Chase or Goldman Sachs. If they want an economic report on healthcare, do they contact a hospital in North Platte, Nebraska? Nope it will be the CEO or CFO of United Health Group or Molina that gets the spotlight (and I don't recall any local backs getting any too big to fail bailouts in 2008 or 2009!)

I have nothing against the Fortune 500, but maybe it's time for these major news outlets to pull their heads out of the sand and admit that Wall Street and Main Street often operate differently, and that an equal focus on Main Street might give the public a more accurate assessment on the state of our economy.

 

[Captain Creeper]

Small and medium size businesses employ over 80% of Americans, while the Fortune 500 employs less than 10%, but who do outlets such as CNBC, Bloomberg, and the WSJ cover almost exclusively? You guessed it - the Fortune 500.

If these outlets want a report on manufacturing, do they interview the owner of a Boeing subtractor who manufactures door lock mechanisms and bolting systems for the airplanes? Nope, it will be the CEO of Ford, GM, or Tesla that gets the spotlight. If these outlets want a report on banking, do they interview the President of a regional bank in the Midwest? Nope, it will be the CEO or CFO of JP Morgan Chase or Goldman Sachs. If they want an economic report on healthcare, do they contact a hospital in North Platte, Nebraska? Nope it will be the CEO or CFO of United Health Group or Molina that gets the spotlight (and I don't recall any local backs getting any too big to fail bailouts in 2008 or 2009!)

I have nothing against the Fortune 500, but maybe it's time for these major news outlets to pull their heads out of the sand and admit that Wall Street and Main Street often operate differently, and that an equal focus on Main Street might give the public a more accurate assessment on the state of our economy.

Other than covering small business generally as part of the "small cap" or "mid cap" sector, they do tend to focus on what the maga caps are doing.

 

[1srelluc]

Maybe AI will do better.



Unless I was the guy with the toolbelt that passes through the office nobody pays attention to I'd be worried.