Why wasn't the media on top of the sub-prime crisis?

Editor & Publisher columnist Danny Schechter wonders: "Where was the media when the sub-prime disaster unfolded?"
In his column, Schechter says if Wall Street's financial crisis was on the verge of disaster than why was the American news consumer the last to know?

Was the press just not paying attention as hundreds of billions of dollars were swept into exotic structure investment vehicles over years, and then sliced and diced into CDO’s and so-called asset based securities? A New York Times columnist even admitted that experts and advocates first warned them in 2001 that predatory lending practices were devastating poor neighborhoods but the issue was not covered in any depth for five years. This has resulted in nearly three million families facing foreclosure and the rest of us losing share and home values.

To read the entire column click here.