This old media is not dead—it’s undead. It’s still walking around terrorizing the local townspeople. That latest viral video, do you know how it became viral? First it appeared on YouTube. Then it was highlighted by a blogger who is followed by a few in the know within the old media print media. The story was ran in a few local large markets and then picked up by some more bloggers.
Next it hit the morning TV shows then the afternoon shows. After all this then it hit it’s stride. It went from under a million views to multi-million. The key here is that the driver for the viral effect was the reach and credibility of old media. Old media is also being led by new media.
I saw this story today about how the Dow Jones is repeating the same pattern that appeared just before markets fell during the Great Depression. Of course the story quoted the line of those who don’t remember history are bound to repeat it.
If we have a similar type of economic hardship that happened in the 30’s this one will be drastically different. Over the last year or so I’ve done more reading and research on this time frame than ever. I’ve also listened to a fair amount of audio and podcasts such as Russ Roberts EconTalk. There is one comment I’ve seen recently that sums it up:
You can’t compare the Queen Mary to A 747 just because both get you across an ocean.