Fran O'Sullivan

Fran O'Sullivan

When journalists look back on the Great International Financial Crash of 2008 they will in the words of Charles Dickens see it as the "best of times and the worst of times".

The "best of times" because journalists have a ringside seat at what is one of the most extraordinary epochs in modern times. A period when uninhibited greed spawned the parallel financial universe built on leverage and hype which has now crashed to the ground, bringing with it the fortunes of far too many ordinary people.

A period when the great names of American capitalism walked off with huge payouts stolen from companies, leaving taxpayers to fund the bill.

But a period when journalistic vigour will make a difference by ensuring nakedly selfish commercial villains are brought to account and that our politicians do not simply print excessive amounts of money to stimulate their countries out of recession, leaving the bill to future generations to fund.

The "worst of times" because the international recession has put huge pressure on media industry finances.

The owner of the influential Chicago Tribune has filed for bankruptcy and in Britain the Daily Mail and Independent are cutting costs by sharing digs.

In New Zealand, journalistic retrenchment - as is the norm here in recessionary times - was well under way before September's financial crash.

Journalists who remain passionately wedded to their calling will find conditions tougher. But they still have the ability to make a difference in a manner that counts for a working democracy.

The problem New Zealand faces is too many younger and talented journalists are being seduced away from their craft to work for the new Government.

This was brought home to me when an influential insider asked me if I knew of any more "bright young journalists" who could work for the Beehive.

I didn't respond. But what the request did do was open my eyes to the avalanche of talent that has signed up.

Among them: National Business Review political tyro Ben Thomas - a trained lawyer with the ability to grasp the finer points of complex commercial and Government issues - now working for the Attorney-General. Nick Bryant, whose most recent article in the Independent was a whole page devoted to a champagne tasting with Auckland restaurateur Simon Gault, but has been a capable financial journalist in a previous life and is now reduced to spruiking for the Housing Minister.