Remembering the Recession: Marketplace and Status Quo Journalism

Abstract

Ten years after the 2008 Great Recession, US media recalled the experiences and lessons learned from its aftermath. Among these was Marketplace's Divided Decade project, which spanned calendar year 2018 and included 66 discrete stories covering the impact on individuals and different sectors. The project cut across both Marketplace Morning and its evening broadcast Marketplace, both syndicated by American Public Media (APM). Marketplace appeals to a public radio audience of elite, educated listeners who are located away from financial power centers but still wield influence. This audience is larger than any other U.S. broadcast business program. Using theories of affect, this paper will demonstrate how Marketplace's recollection of a critical event continued to shape attitudes about the economy. By using critical discourse analysis (CDA), I unearth how power is reified through financial news reporting practices. Marketplace's focus on individual narratives decoupled the crisis from its structural context, while its reliance on economic policy leaders emphasized their affective memories and justified official responses. Divided Decade upheld the status quo by separating the impact of the crisis from the lives that were affected, while foreclosing alternative approaches to the problems the 2008 crisis laid bare.