OK, the stock market hit 14,000—climbing the wall of worry. Great.
But please Bancroft Family, do not sell the Wall Street Journal to Rupert Murdoch. Yes you are shareholders and it is within your rights to sell to whoever you want to... but please not Rupert Murdoch.
After years of neglect, finally Wall Street Journal reporters have provided good information about the implosion of financial derivatives related to subprime mortgages.
It is likely that the Wall Street Journal began to report when, in the last year, scores of mortgage companies went out of business. The paper could scarcely ignore the cratering homebuilders.
Still, there is enormous momentum AGAINST reporting news about the hegemony of speculators in the US economy. The subprime sector is the tip of the iceberg.
Rupert Murdoch steps on big pictures that don't fit his own picture: globalization is a rising tide that lifts all ships, and, whatever is good for printing dollars is good for Rupert Murdoch and the consolidation of content and media assets: but neither is necessarily good for the United States.
In the past six months, Wall Street Journal reporters have peeled back the layers of obstruction in financial derivates.
Why am I concerned about Rupert Murdoch and financial derivatives? Because what financial derivates represent is the massive multiplier effect of borrowing vast amounts of debt, often junk-bond status, that deal-makers like Murdoch rely on.
What eyeonmiami has tried to educate readers about, is how financial derivatives in their various forms are the underpinning of suburban sprawl and the game of local control of zoning and planning as practiced by hirelings of the construction and building lobby.
The manufacturing of liquidity is toxic to the public interest, because it introduces unlimited liability to the economy and fosters the resultant effect: lying.
In China, Murdoch media has acquiesced to government “sensitivities” in printing news, and is little more than a state-approved public relations arm of a totalitarian regime.
In the United States Murdoch’s Fox News Channel has also succeeded in programming propaganda as news: the Fox News Channel is a caricature of fact.
If The Wall Street Journal is the only daily financial newspaper that is willing to provide a window into the operations of the US economy, fraudulent or not, under Murdoch leadership that window will close. He and his point of view will be the Chinese premier to the Wall Street Journal board of directors and to its editors.
American consumers and taxpayers are ill-informed about underlying currents in the economy: a Murdoch ownership of the WSJ would be a disaster.
Read Media Matters:
“Fox News' programming features numerous on-air personalities who have furthered conservative misinformation, including Bill O'Reilly on The O'Reilly Factor, who labels himself "a traditionalist"; Sean Hannity, who with Alan Colmes co-hosts Hannity & Colmes; and Brit Hume, host of Special Report, which is largely presented as straight news, though Hume injects his conservative perspective into much of the program's coverage. As a July 2004 Fairness & Accuracy in Reporting study has documented, Special Report regularly features one-on-one interviews with subjects who are conservative far more often than liberal or moderate. The show also includes a discussion panel that often repeats Republican talking points. The morning program Fox & Friends features three hosts with conservative perspectives. Carl Cameron, the network's chief White House correspondent, and congressional correspondent Brian Wilson have both often presented ostensibly straight news programming with a slant that favors conservatives. Fox's other daytime programs (The Big Story with John Gibson, Fox News Live, and Your World with Neil Cavuto) and its marquee weekend news show (Fox News Sunday with Chris Wallace, which also airs on Fox Broadcasting Co. affiliates) also are presented as objective news sources, yet Media Matters for America has compiled substantial research indicating the network's coverage most often favors the conservative viewpoint and often blatantly misinforms viewers.”
3 comments:
I felt the same way and thought the same thoughts, but I was not smart enough to put it in a blog and I am sure not as well as done here. Thank you for expressing a really important thought. I hope the information reaches the family.
Murdoch claims that he is going to include a board of advisors to oversee the editorial devision of the WSJ but he will have the ultimate control. This is what he said righ before he took over the Times of London, and then shortly thereafter disbanded the board and took direct control. Moreover, if you have read the Times lately, you would know that it is absolute crap today.
How does anybody who is such a global capitalist get away with pushing nationalism in each of the countries he owns huge media companies? What an absolute fake.
Murdoch rebranding, watch it spread to this side of the globe as he takes over the WSJ. As with most things in his empire it starts in Australia and as he perfects it moves west. The Australian, rebranding gone is the motto emblazoned on the masthead: "Keeping the Nation Informed". Which most read ironically. This is even more scary as The Australian use to be the New York Times of Australia. Now with the Iraq war in decline, global warming becoming scarry and true, Blair gone and Democrats looking to win the presidency
Murdoch's media, even Fox News must change. The new motto of the right wing global warming denying The Australian is now "intellect and compassion". Wonder how the slogan will read in chinese?
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