Banking Inquiry Told Media Played Key Role In ‘cheerleading’ Property Bubble

BANKING INQUIRY TOLD MEDIA PLAYED KEY ROLE IN ‘CHEERLEADING’ PROPERTY BUBBLE

The Banking Inquiry has heard that the media played a key role in ‘cheerleading’ the property bubble.

UCD lecturer Julian Mercille says most media were influenced by their own commercial interests, which helped to propel the bubble.

He says very few media had raised the prospect of a property crash – with most insisting there would be a soft landing.

And he says those problems still persist today.

“The political-economic nature of the media industry – outlined above – is intact; news organisations are still corporate or government-owned entities, advertising still plays a role in generating revenues, and journalists still source their stories overwhelmingly from established intuitions and individuals” he added.

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