Last week I was told that Reuters has lost its ethical bearings. You’ve sacrificed the sacred tenet of accuracy by rushing to publish information without checking if it is true. Your credibility has suffered, the value of your brand will wither and the service you offer to clients has been devalued, I heard.

It was a meaty accusation, especially as it came in the midst of a debate on ethics in journalism held at the London home of ThomsonReuters, the parent of the Reuters news organisation. The charge came from former Reuters journalists and a senior member of the trustees body that monitors Reuters compliance with its core ethical principles.

So what specifically were we being accused of and what defence did I offer?

On the 8th anniversary of the Sept 11th attacks, a day of more than normal sensitivity to security matters, CNN in the United States reported that the U.S. Coast Guard had fired on a boat in the Potomac River in Washington D.C. President Obama was visiting the nearby Pentagon at the time. Reuters rushed out a story on the reports of gunfire, citing CNN as the source for the information, while urgently checking with law enforcement officials. It transpired that CNN had been monitoring radio traffic on an unencrypted Marine frequency and had overheard a training exercise in which crew members shouted ‘bang bang’. Quickly we put out an update to our story making clear it was a false alarm.

I had played a part in crafting our policy on handling such stories and from my place on the debate panel I offered another example for the audience to chew on.  On Oct. 21 Britain’s Sky News reported that the Lockerbie bomber Abdel Basset al-Megrahi had died in Libya. We put out a story, sourced to Sky News and repeating how it said it had the information of the death, while checking with officials and al-Megrahi’s legal team in Scotland. We quickly established that Sky had it wrong and updated our story to say so.

It is grating for any journalist to publish information that turns out to be incorrect. Even if we can say that the original error was made elsewhere some of the flak hits those who replicate the mistake. After all, those who republish a libel are as liable for it as its originator. 

So why did we not check first and publish later? 

The answer goes to the heart of how the news business has changed, how the notion of authoritativeness has altered and how Reuters journalists interpret the values they live by.

But first let’s scotch one myth. Embarrassing publicity notwithstanding, it is relatively rare for Reuters to publish what turns out to be an erroneous report by another news organisation. Since we instituted our current policy on ‘pick-ups,’ as they are known in the trade, the level of ’echoed mistakes,’ has neither grown nor fallen.  

To provide a complete service to our customers our policy is to pick up stories of significance that are being carried by normally reliable media that are in a position to know what they are reporting.   Hence the decision to quote CNN, which has a good record on reporting its own home turf, or Sky, which has broken news on the Lockerbie bomber story and follows it closely.  We protect our reputation by carefully acknowledging the source of the information and speedily checking its veracity. And hundreds of times every day Reuters journalists decline to go with a story running on local media because it ’smells’ wrong, is trivial, or both. Mostly that decision is vindicated. The old school would have it that our policy is a failure of journalism. Yet walking the right line between publishing everything and publishing nothing actually requires a finer exercise of judgment. Better journalism, in other words. 

The counter-argument is that we should only publish when we have 100 percent certainty from our own sources.  That may be possible for a news organisation with a longer publishing timescale, such as a newspaper, or a periodical magazine. Yet even they, with online arms that are increasingly as ‘real-time’ as Reuters, the Associated Press or Bloomberg, face the same challenges of dealing with fast-breaking stories as the news agencies.  With the advent of the Internet has come a cacophony of online voices that amplify and accelerate information, frequently dropping reference to where it originated or how it first became known. In that environment readers look to news services like Reuters to tell them what is known, and how it is known, with clarity and speed, regardless of whether we originated the story or not. In a complex, fast-moving world, no news organisation, no matter how well-resourced, can be first to report everything. All of us target the news we want to break and rely on others, who are sometimes allies and sometimes competitors, to paint their part of the picture.   

Has our approach destroyed the relationship of trust that our clients and readers have with us?    

The question supposes there was once a golden age of authoritative journalism where sourcing was always rigorous and the pursuit of truth always relentless. History suggests otherwise. Current anxiety over journalistic values is often a proxy for broader worry over the health of the media industry. Declining revenues have driven cost cutting that has threatened, many feel, the standards of journalism. Reuters is stressing speed for fear of losing its audience, critics say, and will do so at the expense of its reputation for accuracy.  

Yet our business has always put a premium on speed, and given that we are one of very few global news organisations that is expanding its staff during the downturn we feel we are doing the right things to maintain our audience.

The nature of authority in the news business has also changed. Real-time readers understand breaking news is contingent, uncertain and provisional. Exclusivity evaporates fast as aggregators, citers and plagiarists disseminate the fruits of others’ reporting toil. Respect is won by breaking news and by operating with clear rules and standards. But it also come from guiding readers carefully to the reports of others, binding the audience in with compelling packages of conversation, illumination and curated content.

When the first plane hit the World Trade Centre on September 11, 2001, Reuters did not put out a story instantly. We were so mesmerised by the unbelievability of the event, and so uncertain over how to handle what we saw on CNN, that we froze. How many readers were lost that day and how many on the day of the Potomac gun battle that never was?

Dean Wright is Global Editor, Ethics, Innovation and News Standards. Any opinions are his own.

Let’s say it up front: Almost all of you will find something in this column to take issue with.

That’s because the subject is the conflict in Gaza and perceptions of bias in reporting on it. News consumers detect media bias on any number of subjects, but there is nothing like the continuing Mideast conflict to bring out the passions of partisans on all sides.

Here’s a small sample of some of the more restrained comments that have come in to the Reuters reader feedback line:

--“It seems like the whole world wants to condemn Israel for the war/actions it's taking. Sorry Reuters but for me, I can see right through your pro Palestinian slant. Why don't you investigate how a U.N. Camp was used as a staging area for Hamas rockets? …”

--“Your pro Israel reporting from Gaza makes one thing perfectly clear. Israel has some control over Reuters. You are in their pocket. Why else would you choose to slant information?”

­­--“Why does Reuters insist on letting someone such as Nidal al-Mughrabi cover the war on Gaza? His reporting is completely biased and filled with inflammatory rhetoric. Doesn't Reuters have a reporter that understands both sides of the issue and that can JUST REPORT THE NEWS!! I consider such reporting on your part as an insult to my intelligence. Why must you participate in antisemitic propaganda?”

--“Your pro-Israel news coverage of Gaza is shockingly evil. Shame on you! I'll get the real news elsewhere.”

All feedback is taken very seriously by the editorial leadership.

"A story as important to so many people globally always is scrutinised and criticised," says Reuters Editor-in-Chief David Schlesinger. "I take all the comments seriously, because getting it right and giving a true picture of the situation is fundamental to our mission and to the kind of news service I want to run."

Reuters is not alone in catching flak on coverage. And we’re not alone in examining that coverage. The BBC and The New York Times have both looked at their coverage, concluding that, generally, it has been fair. But both organizations noted the difficulties of covering the conflict in Gaza, as does Reuters Jerusalem bureau chief Alastair Macdonald.

For the past two years, he says, it has been virtually impossible for Reuters staff in Gaza to leave the territory for training, rest or recuperation, as they are routinely denied exit permits by the Israeli army. The army has also prevented Reuters from sending Arabic-speaking staff based in Jerusalem or the West Bank to Gaza and more recently has banned foreign journalists from Gaza entirely. This means Reuters has been unable to send reinforcements or replacements to the Gaza bureau since the Israeli offensive began on Dec. 27. On Thursday, Reuters and other media were forced to evacuate their offices after an apparent Israeli rocket strike on the Gaza building that houses the bureau.

“Unlike many media organizations who complain that ‘there are no journalists in Gaza,’” says Macdonald, “we are very fortunate to have a team of up to 20 people working for us, led by professional journalists of long standing. Their resources, however, are greatly stretched and, aside from persistent fears for the safety of our colleagues and their families, we work in permanent anxiety that overworked equipment will fail and we will be unable to replace it.”

Within Gaza, says Macdonald, senior Hamas officials have generally accepted Reuters’ right to report independently.

“Hamas officials have largely disappeared from view since the offensive began, so they have not been in a position to restrict our reporting, even if they wanted to,” he says. Since Hamas took over, Reuters journalists “have occasionally faced problems with low-level Hamas police and other representatives who try to prevent us filming certain types of event. Such people are particularly reluctant that we should cover events that they see as evidence of challenges to their authority.”

However, Macdonald says: "We have had frank and open meetings with senior Hamas leaders when we have had concerns and are generally satisfied ... We generally feel that (they) respect our independence and give us the freedom to do our jobs. We have reported incidents of official repression, including torture ... and quoted people making serious allegations against the authorities."

The Reuters team on the ground in the region is a mixture of Israelis, Palestinians and other nationalities. Reuters Politics & General News Editor Sean Maguire says most have worked for Reuters for many years. “All of them are well-versed in the need to be scrupulous in our use of language, attentive to our rules on rigorous sourcing and aware of our requirement to produce a balanced news file,” he says.

But in a story with so many different datelines, it’s up to the editing desk to pull the threads together, see though the “fog of war” and ensure that the coverage has balance and appropriate context. This team in London has decades of experience and includes several editors who have worked in the Middle East on assignment or have reinforced the Jerusalem bureau. Maguire and I agree that the editors are acutely aware of both the realities on the ground and the complex history of the region.

Several readers have written to say they see bias in Reuters coverage because they have seen stories, like this one, that don’t tell them directly why Israel launched its offensive on Dec. 27, after Hamas militants ended a six-month truce and started firing more rockets into southern Israel. A search of our stories on the Gaza conflict shows that, while there have been stories that have lacked that context, most have included it or similar explanations of the roots of the conflict.

“We are a real-time news service so we are continually tweaking and improving the news file, hour by hour,” Maguire says. “Some stories with new developments have to be moved very quickly to ensure our customers have the latest information. To do so they need to be short, so they will not contain all the background. However, such stories are quickly updated and lengthened to include the appropriate context.”

Other readers have suggested that stories focusing on the conditions in Gaza reflect a bias against Israel and call for more coverage of the hardships Israelis are suffering in the face of continuing rocket attacks. The focus of the coverage has certainly been within Gaza, because that’s where the story—and the bulk of casualties and destruction—has been.

Still, Reuters has made strong efforts to document the situation in Israel. Macdonald wrote movinglyabout how the shadows of history hang over Yad Mordechai, a kibbutz within sight of the smoke of the Gaza conflict. And Douglas Hamilton reportedon the strong resolve of residents of Sderot, a southern Israeli town that has borne the brunt of Hamas rocket attacks. The townspeople’s advice to the Israeli forces in Gaza: Keep it up. This coverage, in turn, has drawn criticism that it too readily accepts an Israeli view of the history of the region.

Even user-generated content is not immune to charges of bias. Reuters Your View, which solicits photographs from Reuters.com users, was accused of imbalance in publishing pictures of anti-Israel demonstrations, but none from the other side. In the Jan. 2 showcase of Your View pictures there were 10 images of anti-Israel protests from six locations and seven different photographers. No pro-Israel or anti-Hamas pictures were received that week. On Jan. 9, there were images of seven anti-Israel protests from four locations and six photographers. There was one image of a rocket attack on Israel, selected from three pictures that were sent. Again, no pro-Israel demonstration images were received that week, reports Leah Eichler, editor of the online newsroom.

Other readers have suggested that journalist Nidal al-Mughrabi’s first-person accounts from within Gaza, such as this onein which he describes the horrified reactions of his children during an Israeli raid, disqualify him from reporting on the conflict. Some readers have suggested that it’s impossible for a journalist to set aside his feelings and report objectively. However, I think a close reading of the article shows that while al-Mughrabi’s first reaction was to make sure his family was safe, he quickly set about the journalist’s work of filing a complete, accurate report of what was going on. “That is what you would expect from a seasoned and responsible reporter of Nidal’s high caliber,” says Maguire.

“I think first-person accounts bring to life the drama and the horror of this conflict,” says Maguire. “Journalists are human beings as well, and it is honest of our reporter Nidal to acknowledge his concern as a parent and the fear of his children when they found themselves under bombardment.”

Indeed, all journalists are called on almost daily to set aside their personal feelings or politics as we objectively cover wars, elections and other stories. Some partisans will never believe it’s possible for journalists to do that. Thankfully, I see it happen every day.

Editor-in-Chief Schlesinger puts it this way:

"Reuters News has journalists from 80 different nationalities working around the world, sometimes in their homes and often in other places. There are certainly times when events affect them and their families personally. But our professional ethics and our company's Trust Principles mean they try their utmost to put their personal feelings aside in the interest of telling the story truthfully and without bias. As an organisation we have our standards and editing procedures in place to safeguard our report. As editor-in-chief, I take my responsibility for maintaining our standards extremely seriously, and will not tolerate willful breaches. "

So—has Reuters News given people reason to believe we might be biased against Israel? Perhaps, if they believe a journalist can never separate his reporting of what he sees from what he may feel. And, yes, there have been stories—not many, but some—that have lacked context and have seemed imbalanced. We need to be more vigilant in making sure that all our stories carry appropriate context, as we can’t assume that every reader has read every one of our stories and thus can see our overall lack of bias.

And what seems to be pro-Palestinian or pro-Israeli reporting to readers on one continent may not raise any eyebrows on another. It’s also fair to say that articles from different news organizations have differences in tone. That's good. Who would want one big, bland news source for the world? Reuters News is produced for a global audience and there are bound to be different reactions in the United States, Europe and other regions.

But has there been systematic bias against either side? No. I believe Reuters journalists–-the text, photo and video journalists on the ground and the editors who pull it all together-- have, by and large, produced journalism that is fair and as complete as possible under the most difficult circumstances. Can we do better? Surely. Will we satisfy the partisans on both sides? Probably not.

Dean Wright is Global Editor, Ethics, Innovation and News Standards. Any opinions are his own.

A little girl in my family got a typewriter for Christmas.

Not a laptop. Nothing with a screen. A typewriter. The old-fashioned manual kind with a smeary ribbon and keys that stick.

Typewriters had pretty much gone the way of dodo birds, car tail fins and cigar-chomping editors who yell “Stop the Presses” quite some years before my granddaughter was born. But it was the typewriter used by the school-age, aspiring journalist in the movie “Kit Kittredge: An American Girl” that captivated her.

Or maybe it was the way the typewriter was used. In the movie, a tween-ish girl, played winningly by Abigail Breslin (”Little Miss Sunshine“), does old-fashioned journalism and writes stories that help right a wrong in Depression-era Cincinnati. Kit may be young, but in a challenging environment she keeps her wits—and a strong sense of ethics—about her.

In today’s rapidly realigning media landscape, typewriters have long since given way to laptops, BlackBerries, camera phones, video phones and Twitter. But here at Thomson Reuters, and in the media as a whole, the need for a strong sense of ethics has never been more necessary.

Not all Hollywood depictions of our profession are that inspiring to would-be journalists — mainly because of the way some on-screen reporters behave.

Take “Ace in the Hole,” Billy Wilder’s 1951 tale of a reporter (Kirk Douglas) who cynically prolongs and manipulates coverage of a man trapped in a cave in the hope of returning to the big time. Douglas’s Chuck Tatum is as cynical as Kit is idealistic.

“I can handle big news and little news,” he tells an editor. “And if there’s no news, I’ll go out and bite a dog.” Later, referring to a sign in the newsroom that reads “Tell the Truth,” Tatum acknowledges some guilt. But, “Not enough to stop me. I’m on my way back to the top, and if it takes a deal with a crooked sheriff, that’s alright with me! And if I have to fancy it up with an Indian curse and a broken hearted wife for Leo, then that’s alright too!”

In both movies, the journalists use typewriters. It’s what they do with them that makes the difference. And today, it’s what we do with our hardware—the journalism we produce—that makes the difference.

At Thomson Reuters, there are five Trust Principles that form the bedrock on which our journalism rests. The principles, adopted by Reuters in 1941 and fully embraced by Thomson when it acquired Reuters in 2008, state that:

• Thomson Reuters shall at no time pass into the hands of any one interest, group or faction;

• Integrity, independence and freedom from bias shall at all times be fully preserved;

• Thomson Reuters shall supply unbiased and reliable news services to newspapers, news agencies, broadcasters and other media subscribers and to businesses, governments, institutions, individuals and others with whom Thomson Reuters has or may have contracts;

• Thomson Reuters shall pay due regard to the many interests which it serves in addition to those of the media; and

• No effort shall be spared to expand, develop and adapt the news and other services and products of Thomson Reuters so as to maintain its leading position in the international news and information business.

To me, at the heart of these principles are the preservation of integrity, independence and freedom from bias and the requirement that we expand, develop and adapt to maintain a leading position in news and information.

It means ethics and standards are compatible with innovation. In fact, they have to go hand in hand.

It means independent and unbiased news reporting. It also means embracing blogging, multimedia storytelling, providing knowledgeable and insightful columnists like James Saft and Bernd Debusmann; engaging with our community of users and taking advantage of the offerings of citizen journalists in You Witness. It means being ready to use technology and storytelling forms we haven’t thought of yet.

There’s a lot of room for innovation here, but there’s no room for a Chuck Tatum, who would do anything to get to the top.

In about 2020, my granddaughter will probably be using technology that hasn’t been developed yet to work on her school “newspaper,” and it almost certainly won’t be produced on paper. She won’t be using her typewriter but she will, I hope, be using what she’s learned from the journalists of this generation. It’s up to us to set the right example.

Dean Wright is Global Editor, Ethics, Innovation and News Standards. Any opinions are his own.

Some years ago, an American reporter who covered religion was at Tel Aviv airport leaving Israel.

As she was subjected to the usual questions from Israeli security, she was asked what she did for a living. “I write about religion,” she replied. “Which one?” the security officer responded. “Well, all of them,” the reporter said.

“How is that possible?” the officer asked. After 20 more minutes of questions, the reporter was allowed to board her plane, but it was clear from the conversation that the security officer could not conceive of a journalist writing about a faith to which she did not subscribe.

It’s an interesting question during this season of religious celebrations: Does a journalist have to be “religious” to cover religion? Is it desirable to have a reporter of one faith covering stories about another? What about atheist or agnostic reporters?

Reuters News Religion Editor Tom Heneghan, who produces the excellent FaithWorld blog, says reporters “need to know enough about the religion they’re covering to get beyond the usual clichés about the faith.” But, importantly, “they have to be ready to put aside the usual ‘either/or’ approach they learned covering politics or business. Religion often doesn’t fit into those categories, but into a ‘both/and’ perspective.”

For example, “Pope John Paul II was both liberal in some political issues such as defense of the poor or opposition to the Iraq War, and conservative in Catholic theology. Islam has radicals who commit violence in the name of God and moderates who say Islam is a religion of peace.”

Among Reuters journalists who cover religion are believers, agnostics and atheists, Heneghan says. His view, which I share, is that in principle all our journalists should be able to cover any religion because they are supposed to approach them objectively and that it’s hard to detect any differences in the reports they write.

“The real dividing line,” he says, “is probably between those with a religious background and those without one. Reporters who cover their own faith often have a big advantage over those who are not familiar with that faith — although they may also get too close to the story. Reporters who are believers or are from a religious background sometimes have a better feel for the complexities of a religion story, no matter which faith they are covering.”

No matter who does the reporting, Heneghan says, a good religion story is one that is clear and simple, without being simplistic.

FROM RELIGION TO FINANCE

This season of religious celebrations has also become a season of financial turmoil, alleged $50 billion Wall Street Ponzi schemes and wrenching business and government policy decisions that are putting many out of work. Against such a backdrop, it’s fair to ask how reporting on religion and ethics issues is relevant and how such reporting can help a professional audience make decisions.

The Bernard Madoff case has brought the intersection of ethics and finance into the spotlight, but even before that news broke Pope Benedict weighed in on the world economic crisis and the ethics of the financial community, branding the global financial system as “self-centered, short-sighted and lacking in concern for the poor.”

“Objectively, the most important function of finance is to sustain the possibility of long-term investment and hence of development,” he wrote in the message for the Catholic Church’s World Day of Peace, celebrated on Jan. 1. “Today this appears extremely fragile: it is experiencing the negative repercussions of a system of financial dealings — both national and global — based upon very short-term thinking, which aims at increasing the value of financial operations and concentrates on the technical management of various forms of risk,” he said.

“The recent crisis demonstrates how financial activity can at times be completely turned in on itself, lacking any long-term consideration of the common good,” he said.

Stories like that one plainly illustrate the connections between “religion news” and “financial news.”

INTERPLAY NOT DOCTRINE

At Reuters News, “Our role is to cover the interplay of religious issues with society, politics and global affairs and to ensure that we are both expert and accurate in everything we write,” says Sean Maguire, our global editor for politics and general news.

“Sometimes,” he says, “that is about understanding how the differences between Sunni and Shi’ite Islam impact the Middle East. Other times it is about how different religious beliefs impact national approaches to the difficult ethical choices in health care provision.”

What you’re not going to see are reports on arcane doctrinal differences. What you will see is coverage of the religious issues that form a backdrop to our time, such as Benedict’s criticism of the global financial system.

Such issues “are at the core of disputes and conflicts that pit ethnic and sectarian groups against each other and tip countries into war,” says Maguire. “They inform the decisions that governments take, are a big influence on electoral behavior and they form the cultural matrix within which individuals make their daily decisions.

“So we don’t cover religion in isolation, but to better understand the actions, reactions and behaviors of groups, individuals and states. That aids us in our editorial goal of helping customers make informed professional decisions.”

Unfortunately, the financial problems of the media industry have been rough on religion and ethics reporting. In the 1980s, a number of U.S. news outlets, including such papers as the San Jose Mercury News and The Dallas Morning News, made big investments in religion and ethics reporting. Now, as the industry has contracted, so has the religion beat, as Boston Globe religion reporter Michael Paulson blogged from a Religion Newswriters Association conference this past fall.

This is bad timing. We live in a world in which investors and consumers are increasingly confused about whom they can trust. There’s never been a more important time for reporting on the intersection of religion, ethics, finance and policy.

What do you think? Are the media covering religion and ethics issues in a smart way? Are we making the connections between religion and ethics issues and politics, finance and other areas? What are the stories that need to be covered in 2009?

I recently visited one of the most frightening sites on the Web—the place where I look at my shrinking retirement account.

As I calculated the investment loss since the steep decline in the markets began, and particularly since the collapse of Lehman Brothers in mid-September, some questions arose (in addition to: Will I ever be able to retire?).

–Did we in the media do our job in reporting on the run-up to the crisis?

–Now that an “official” recession has been declared in the U.S. and the depth of the crisis is becoming clearer around the world, are we in the media keeping things in perspective? Should we even be using words like “crisis” or “meltdown?”

On the first question, I can’t help thinking of Claude Rains’ “Casablanca” character Captain Renault, who was “shocked, shocked to find that gambling is going on” in Rick’s club. In hindsight, given the current state of the financial markets, wasn’t it obvious a problem was brewing?

Not necessarily. And it probably wouldn’t have been obvious to anyone reading online or print coverage or watching television news in the United States.

A look at a study by the Pew Center’s Project for Excellence in Journalism indicates that, in the United States, coverage of the economy was pretty much drowned out by coverage of the presidential election—at least until the two stories converged in mid-September. Indeed, as the Pew material shows, in the month preceding the week of Sept. 15, which saw the Lehman bankruptcy, the Merrill Lynch sale, the AIG bailout and large drops in share prices, the proportion of the news hole devoted to the economy reached a low for the year, filling only 4.8 percent of the time on television and radio and space in the print and online media. Since then, that focus has shifted, as the presidential campaign narrative became, again, “it’s the economy, stupid,” and as the presidential transition has focused on U.S. economic problems.

Reuters News Editor-in-Chief David Schlesinger is skeptical that financial journalists could have done much more to predict the depth of the crisis.

“Journalists do best when reporting what’s happening and giving the news context and analysis,” he said. “We also do well when we look backwards and discuss past events from the perspective of the present. We do least well when we prognosticate. While our reporting and commentary did discuss potential weak points in the economy, we did not — and nor frankly could we — accurately predict the calamitous events of this year.”

Schlesinger worries, though, that there was a certain inevitability to the crisis and that the media played a role.

“I do worry about the narrative lines of reporting that contributed to the crisis,” he said. “To take just one example, much of the crisis was caused by banks taking on excess risks in the pursuit of higher profits. Yet had a major bank president stepped back from that fray and declined to participate, the ‘grammar’ of our results reporting would surely have compared that bank’s results negatively against expectations and against its peers.

“That brave bank president would surely have lost at least his bonus and probably his job. The very fear of that kind of negative comparison helped spur things on — as Citibank’s ex-CEO Charles Prince said (while still in his job), ‘As long as the music is playing, you’ve got to get up and dance.’

“We in the media help play that music, probably exacerbating the highs on the way up and the lows on the way down.”

So did our reporting help change the tune that was being played? Did it raise questions about the factors that contributed to the crisis, including complex financial instruments, subprime mortgage lending and excessive risk?

To fully answer that would require a deeper analysis than we have room for in this space, but there is evidence that questioning notes were sounded.

As early as Aug. 18, 2003, a Reuters story quoted Fed governor Edward Gramlich citing the dangers of “predatory lending” in extending subprime credit. By 2006, the pace had accelerated. A Factiva search of Reuters News found 128 stories that mentioned the phrase “subprime mortgage” that year, including a number in which analysts predicted a deterioration in credit quality. The crescendo came in 2007, when there were more than 10,000 stories that referenced subprime mortgages and when Reuters.com built a special section to house material on the issue. That section developed into the current Crisis in Credit and Housing Market sections.

Still, the overall “music” was loud and infectious and it’s easy to understand why so many couldn’t stay off the dance floor.

Now that the crisis is here, some are accusing the media of deepening the problems. Richard Lambert, director general of the CBI, a U.K. employers group and a former editor of the Financial Times, said “careless headlines or injudicious reporting risk becoming self-fulfilling prophecies of a very serious nature.” He urged journalists to be especially vigilant in their fact-checking and called on the press to avoid such words as “panic,” “fear” and “chaos.”

He also suggested that journalists should cut bankers, regulators and politicians a little slack, since “precious few journalists gave any hint at all of what was about to come.”

The FT’s Lex column (Note: subscription required) accused Lambert of shooting the messenger and lamented that some would “seek to clamp down on the fourth estate…, hoping regulation will recreate a golden age when the business press was a tamer, more deferential beast” that “could be hushed up in times of financial turbulence.”

But those days are gone, as Lex put it. “The digital revolution, by lowering entry barriers and intensifying competition, has put paid to all that. It will not return.”

And good riddance. As a card-carrying lover of the First Amendment and the digital revolution, I’m happy those days are gone. But with our freedom comes a sometimes frightening responsibility, especially in troubled economic waters.

As Schlesinger says, “We have a responsibility to be careful, and most of our reporting has been very careful. But we too have played some discordant notes and we need to learn from that.”

What do you think? Did we in the media do our job in reporting on the financial crisis, both before the market collapse in September and since? Are we being careful enough not to sow panic and make things worse? How can our reporting help you weather the storm?

Please post your comments here.

I’ll be using this space regularly to explore issues arising from Reuters and other media coverage of the world and to have a discussion with you. Among the topics I plan to look at: the dangers and rewards of covering religion; the use of anonymous sources; the debate over shield laws for journalists, and much more. I’ll also be providing lots of space for you to have your say.

In the meantime, I’ll be watching that retirement account.

Dean Wright, Global Editor, Ethics, Innovation and News Standards