Intel wants to save the economy, why isn't the media taking notice?

Intel CEO Paul Otellini announced Tuesday his company will invest $7 billion in new computer chip factories in the U.S. He explained the decision by referring to the same dire economics that keep other companies from investing so much money in, well, anything. "Taking that leap can be downright scary but it is the only proven path to pull out of bad times," Otellini said. "If we want to see a return to American prosperity, we have no choice than to invest in creating the future."

In the midst of doom and gloom stories about companies scaling back, you would expect that Intel’s bold step would make frontpage headlines. After all, anybody seems hungry for some good news. In fact, President Obama called Otellini Tuesday night to congratulate him on the company’s decision and applauded him for his call for other businesses to follow suit.

However, the New York Times managed to tuck the story away on the eighth page of the Business section. Other media couldn’t resist reminding us, rather naggingly, that less than a month ago, Intel disclosed plans to cut 6,000 jobs—most of them overseas.

It seems journalists don’t appreciate Otellini’s example of courage and vision. In these times of financial crisis, media can —no, should— step up to show what businesses, big and small, are doing to help us out of our woes. After all, they also contributed to getting us into it.

My colleague, who was a chief economics editor at a leading newspaper, tells me how journalists fuel a cycle of fear by focusing on any sign of a looming recession—until so many people have become scared that the recession actually sets in. Intel, struggling with the worst PC markets in years, deserves to be applauded—not only by President Obama, but by the people who report on what is happening in the world.

Next time we open up our laptops, and see the Intel logo, let’s take a deep breath, and see what we can do to reverse the downward spiral we’ve talked ourselves into.