>"The supposed panic was so tiny as to be practically immeasurable on the night of the broadcast. ... Radio had siphoned off advertising revenue from print during the Depression, badly damaging the newspaper industry. So the papers seized the opportunity presented by Welles’ program to discredit radio as a source of news. The newspaper industry sensationalized the panic to prove to advertisers, and regulators, that radio management was irresponsible and not to be trusted."
and
"Welles later embraced the story as part of his personal myth. "Houses were emptying, churches were filling up; from Nashville to Minneapolis there was wailing in the streets and the rending of garments," he told Peter Bogdanovich years later."
"CBS, too, found reports ultimately useful in promoting the strength of its influence. radio management was irresponsible and not to be trusted."