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This paper assesses the reliability and authority of various sources of bank information and communication. First, the paper notes how the sudden devaluation of various stocks and bonds has caused people to question such information sources. Then, it discusses how authority is determined in this field and the dangers of bias. Next, it examines the role of the American Bankers Association and how this organization influences reliability. Additionally, the paper notes that the journal, "The Economist" has made an effort to promote authority and honesty in its reporting. Various other scholarly journals in this field are mentioned as other sources of reliable financial information. Finally, the paper points to electronic databases as resources for locating timely and accurate information about the financial world. The paper concludes with the caveat that an authoritative source does not guarantee true information, and an investigation of several sources is always necessary to ensure reliability.
From the Paper:"Ordinarily, sheer influence is not necessarily or even likely a measure of authority or reliability. In the financial world, however, influence often creates reliability. That is, behaviors tend to reflect perceived realities and thus bring about those realities. As the largest, oldest, and most respected professional organization in the banking world, the influence that the American Bankers Association wields in the industry causes its information and determination to be immensely powerful (Feig & Bruno-Britz 2007). In the most cynical view one could say that ignoring or discounting the determinations and advice of the American Banker's Association was simply foolish because it is the same information and advice that everybody else is listening to--that is, the information and organization are reliable because everyone agrees that they are.
"It might be assumed, then, that the American Banker's Association monthly publication would be the most respected trade publication in the banking industry, but this honor undoubtedly belongs to The Economist. Though the newsmagazine unabashedly practices advocacy journalism tat promotes deregulation and free trade, the fact is they truly perform a service of journalism, investigating and reporting stories more in depth and more critically than many competitors..."
Sample of Sources Used:
- Cato Institute. "Review: Journal of Money, Credit, and Banking." 1996. Cato Institute Official Website. Accessed 24 September 2009. http://www.cato.org/pubs/journal/cj16n3/cj16n3-11.pdf
- Feig, Nancy and Bruno-Britz, Maria. "Shaping the Future: Some Notable Industry Movers and Shakers with Opportunities to Make a Difference in the Banking Technology World." Bank Systems and Technology, 1 December 2007.
- JMUL. "Business Source Complete (EBSCO)." James Madison University Library. Accessed 24 September 2009. http://www.lib.jmu.edu/resources/more.aspx?id=1629&s=1
- Langfit, Frank. "'Economist' Magazine Wins American Readers." National Public Radio: Morning Edition, 8 March 2006. Text version accessed 24 September 2009. http://www.npr.org/templates/story/story.php?storyId=5250996
Cite this Term Paper:
Banking Information Sources (2012, February 29) Retrieved January 25, 2020, from https://www.academon.com/term-paper/banking-information-sources-150525/
"Banking Information Sources" 29 February 2012. Web. 25 January. 2020. <https://www.academon.com/term-paper/banking-information-sources-150525/>