I miss the relative solitude of the pre-Internet era. The media voices we heard then were not just fewer, they were better-informed. And their opinions were well-reasoned because they had to get past crusty editors who could rant for days about misplaced commas, let alone accuracy and fairness.
Today, the world is a freshly painted wall and Twitter has given everyone a spray can. “Tweets” have news-update value, but their 140-character limit doesn't afford much context. Consider the stream of vitriol triggered when Fiat finalized its acquisition of the U.S. Treasury Dept.'s 6% stake in Chrysler.
At first, the messages were simple and factual. “Government loses $1.3 billion on Chrysler bailout,” said one. The tone quickly changed. “Nice job Mr President…Taxpayers lose $1.3 billion as govt. exits Chrysler,” said one Tweet. Said another: “What union or what Obama flunky has pocketed this money?”
Nowhere did I see that Chrysler had repaid $11.2 billion of its $12.5 billion taxpayer-funded loan. Nor was there any acknowledgement that government intervention, however onerous, prevented an industry-wide implosion.
In an analysis of the aid packages that saved Chrysler and fellow Chapter 11-filer GM, the Center for Automotive Research found “the government's actions avoided personal-income losses totaling $96 million, 1.1 million net job losses in 2009, and another 314,400 in 2010.”
Some 23,000 of those jobs are the subject of contract talks between Chrysler — whose first-half sales were tracking 21.7% ahead of like-2010 — and the UAW.
I wondered, was the Twitter nation's dearth of insight limited to the auto industry? Surely, not every account-holder is prone to rash assessments of the news.
I got my answer as the story of Yao Ming's retirement began to unfold. “yao ming is terrible, thank god he is done,” said one Tweet.
The all-important context: Ming was an NBA all-star in each of his eight seasons in the league and averaged 19 points and 9.2 rebounds per game. He retired because of a chronic foot injury.
Eric Mayne is a veteran auto industry journalist who has won numerous international awards for news and feature writing.
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