Why US Media Is Soft on Wall Street by Danny Schechter (8-30-10 Consortium News)

[bobthedrummer]

"When you connect the dots in your writing or look for deeper explanations behind the decisions of policymakers, market makers and media-makers, it's easy to be dismissed as a conspiracy nut..."

http://www.consortiumnews.com/2010/083010b.html

[seafan]

1. Critically important information. As long as Big Capital owns our media, we will not hear truth.

Truth is now something to be dug out of bedrock. Thanks for wielding your pickax, bobthedrummer.


Why US Media Is Soft on Wall Street



Danny Schechter writes:


August 30, 2010

.....

I asked the former Chairman of Capital Cities, the first company to acquire ABC and then ABC’s departing leader, if he was “concerned” about what the merger would mean for our democracy.
(Of course, all things are relative. One of Cap Cities’ founders and principals was the nefarious Iran-Contra conspirator William Casey who became Ronald Reagan’s secretive and sneaky CIA Director.)

There was no concern about my concern. My question was ridiculed and dismissed by Chairman Tom Murphy who said, “Am I concerned. No, I am not concerned.”

Murphy had earlier told Charlie Rose that he enjoyed winning. He was asked what that meant to him.
“Making money” was his response. “Whoever makes the most wins. That’s how we keep score.”

In sharp contrast, media historian Robert McChesney was concerned, very concerned, writing later: “A specter now haunts the world; a global commercial media system dominated by a small number of super powerful, mostly U.S. based transnational media corporations.
“It is a system that works to advance the cause of the global market and promote commercial values, while denigrating journalism and culture not conducive to the immediate bottom line or long-run corporate interests.

“It is a disaster for anything but the most superficial notion of democracy – a democracy where, to paraphrase John Jay's maxim, ‘those who own the world ought to govern it.’”

Disney went on to acquire more stations. Their network now includes 200 affiliated stations. And they publish books, magazines, and financial and medical services information. The journalism they offer has noticeably declined as they slashed the number of employees in the News Division.

Just one recent and small example: towards the end of August, ABC News reported on new credit card rules, dryly reciting the new disclosures mandated in the new “reform” law.
The story did not mention that nothing was done to cap interest rates or, as the Wall Street Journal reported the next day, “the banks and credit card companies had jacked up the rates despite the flagging economy and the fact they can borrow money at record low rates.”

Why was that? Could it have anything to do with the interests of those who own Disney, ABC’s parent company?

You tell me. (Disney, by-the-by, offered its own credit card.) It also censored stories on pedophiles at Disneyland.

Media companies always insist no one tells them what to do, with Fox News perhaps the most glaring and candid exception, considering Rupert Murdoch’s ideological leash.
Yet, even as they cover the money in politics that buys laws and rents politicians, they insist no one ever influences their coverage decisions – not investors, not advertisers, and certainly, not viewers.

President Obama, it is said, did Wall Street’s bidding because of all the money they smeared on his campaign. But do the companies that own and control media companies, with billions at stake, have any say in “what does” and “does not” get on the air?

Never!

Big Capital's branding iron is burning America to the ground.