One of the primary functions of journalism is to serve the public by holding accountable those in power who may be harming the public. But sometimes that watchdog function fails, as it did in the years leading up to the financial crisis of 2008.
That, at least, is the contention of Dean Starkman in “The
Great Story” (Columbia Journalism Review, January/ February). The article is an
excerpt from his new book, The Watchdog That Didn’t Bark: The Financial Crisis
and the Disappearance of Investigative Journalism (Columbia University Press).
What happens when the watchdog doesn’t bark, when journalism
doesn’t do its job of holding accountable those in power, Starkman writes, is
that “the public is left in the dark about, and powerless against, complex
problems that overtake important national institutions.”
In this case, “10 million Americans uprooted by foreclosure
with even more still threatened, 23 million unemployed or underemployed, whole
communities set back a generation, shocking bailouts for the perpetrators,
political polarization here and instability abroad.”
The business press had produced many stories, but they
failed to take on the institutions that brought down the financial system.
To help understand how and why this happened, Starkman looks
at two kinds of reporting, what he calls “accountability reporting” and “access
reporting.” He draws up a list comparing them (see below).
Access Accountability
fast slow
short long
elite sources dissident
sources
top-down bottom-up
quantity quality
investor public
niche mass
functionalistic moralistic
Access reporting gets inside information from powerful
people and institutions and is geared toward investors.
Accountability reporting seeks to explain what those
powerful people do and is geared toward the public. It explains complex
problems to a mass audience and holds the powerful to account.
Such explaining takes time and is long, which doesn’t go
over well with who want their stories quick and short.
In January, a woman who formed an organization to fight
human trafficking spoke at my church. She was inspired to begin her work after
reading an investigative report in the Wichita Eagle about a 13-year-old girl
who was enslaved by a pimp.
I pointed out to her that without that newspaper devoting
funds to “accountability reporting,” she would not have read that story.
Some call public-interest reporting “long” and “pretentious”
stories by “elitist” reporters. “But opposing long and ambitious stories,” writes
Starkman, “is like fully supporting apple pie but opposing flour, butter, sugar
and pie tins. In the end, there is no pie.”
When we look at the financial crisis of 2008 and what led up
to it, Starkman writes, “accountability reporting got the story that access
reporting missed.”
Such reporting goes beyond classifications of right or left,
conservative or liberal. Instead it looks at a problem and explains how it came
to be. Eventually, we learned about the institutions responsible for the
financial collapse, but by then many lives had been ruined.
“Without accountability reporting,” Starkman writes,
“journalism has no purpose, no center, no point.”