Global financial crisis: media perspectives

The United States of America, which is considered as the super cop of the world could not withstand the impact of global financial crisis as its economy crashed and crumbled. The global financial crisis showed its devastating role not only on the developed countries but also on the developing as well as the third world countries. It is the worst financial crisis the world has ever experienced since the Great Depression of 1930. The reason for this recent crisis can be summarized in just one word, -“greed”. Greed is the factor behind all the misbehavior that eventually led to the crisis. Greed made people to forget common sense and prudence in all aspects of financial management. In a normal situation, sub prime mortgage should not be done at all. The banker needs to have enough collateral while lending a mortgage to protect themselves from any possible financial risks if the payment of the house owner defaulted. As people wanted to make more money, because the normal mortgage market did not have enough room for growth anymore, people intruded to the much riskier world of sub prime mortgage. The reasons for the financial crisis are at large, but the way it was projected by the media played a crucial role in disseminating the information regarding the global financial crisis to the layman around the globe, especially in India. The present paper studies on how the media played a role in creating awareness on the global financial crisis in India.