Unjust in Time
Rankings and lists tend to drive Web traffic to publishers’ online platforms, and this traffic turns inventory and generates performance-based ad dollars. So publishers like lists and rankings, and editors/journalists are under the gun to put them together in a bid to keep their jobs, which are subject to revenue.
Hence, lists and rankings that have little to no value beyond titillation. Such as the one Time has put together in its Feb. 10th issue on 25 People to Blame for the Financial Crisis.
We’re picking this up thanks to Barry Ritholtz’s brief, punchy analysis of it in his Big Picture blog this morning. No doubt, Barry’s list of 25 people to blame would qualify as more legitimate on a number of levels.
But we have two bones to pick with the entire concept.
Ian McCarthy, ceo of Beazer Homes
Where does Time magazine’s editorial crew get off indicting these individuals–including every “American Consumer”–as the prime culprits? What possible value can this piece of faux journalism serve any part of the Time-Warner audience? Plus, when a list is supposed to select a finite number of individuals and one of the selections is simply “everybody,” doesn’t that automatically forfeit the game?
Secondly, we think it’s offensive to include Ian McCarthy, Beazer’s ceo on a list of 25 most-wanted individuals. Ian’s and even Beazer’s role in what distressing people and stressing markets–even as a scapegoat for the broader culpability of “home builders”–is blown way out of proportion in this presentation. We think it’s off the ranch for Time to publicly humiliate this individual, and regret that specious projects such as these don’t have more dire consequences than a few ad schedules being pulled for a few months.
We think Time dialed a wrong number on this one.
Comments
2 Responses to “Unjust in Time”
Leave a Reply
Beazer is a poster child for what’s been wrong with new home building, and builders’ affiliated lenders, due to the fact they are under investigation for mortgage fraud and securities fraud. But KB Home has also paid fines for similar issues in the past, as have some other builders. When smaller, less well heeled, and less politically well connnected builders do these things, they may be indicted for fraud as some have, e.g. F. Jeffrey Miller in KS who was sentenced in 2008. I’m glad to see Beazer on the list, but they are hardly the only ones. And I do agree putting consumers on the list was painting all consumers with too broad of a brush. Many people neithr bought nor sold real estate at all during the bubble. They are hardly to blame. Andy many who did, did nothing wrong either. A lot of consumers were duped, even victims of fraud, and some were engaging in fraud. But mainly the industry was creating and making the fraud possible, so I’m glad to see the list contained many of its “poster children.” There are many more who could/should be on it.
Eager to Beazer…
Beazer ( BZH : 1.91, up 4.37%), settles . On Bigbuilderonline.com, senior editor Teresa Burney reports…