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Media not to blame for banking crisis, says BBC's Robert Peston

The primary responsibility for the global economic and banking crisis does not lie with the media, Robert Peston, BBC business editor, told an industry gathering last night.

Members of the media should not 'flagellate' themselves over the reporting of the economic crisis, said Peston, via a live link to the University of Central Lancashire's (UCLAN) Journalism Leaders Forum.

"There's no doubt at all that highly paid specialists just got it wrong over years and years. They didn't see risks," he added.

"Primary responsibility for the mess does lie elsewhere. It would be wrong to somehow assume that even if the media had shouted more loudly it would have somehow been okay, because those people who are paid systematically to avoid this crisis inexplicably got it wrong."

But the media must question whether its reporting of the build-up to the current recession was affected by vested interest in the economy and a lack of financial reporting skills, Peston said.

Media organisations need to consider their role in creating 'a widespread national mood' of economic optimism, for example that house prices could only rise, he added.

Peston today gave evidence on the media's role in the UK banking crisis to the House of Commons Treasury Committee.

His use of a blog and the way he broke the story of a meeting between the UK chancellor and banking bosses have been criticised by some media commentators for adding to the crisis.

Peston described his blog as 'absolutely central to journalism' by allowing him to go into the detail behind news bulletins and said it had created a community of commenters, who helped spark ideas for posts and reports.

The impact of new technology and forms of communication, such as blogging, on the recession is of interest to the business community, he added.

"There are a lot of senior business people who think that the speed with which info is communicated has accelerated the downturn, but may also help get us out of this mess," said Peston.

"Once green shoots are there we will know about them fast and that could lead to business people and consumers feeling a lot more confident, a lot more quickly."

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