Research root of the problem

In a spirit of cooperation - or a spirit of competitiveness - the television news media seems to all be on the same page. Or maybe that should be at the same site. The recent scandal at Penn State University brought out a full force of coverage by all the networks asking the same questions of the same people. And, at times, they were showing the interviews on more than one network.

The same results were displayed after the midweek Republican presidential candidate debates when Governor Perry’s temporary memory lapse brought out every network’s feast of coverage.

Literally, you could see the same interview on more than one network (or cable channel) at the same time. It is obvious that there is a shortage of meaningful news when the major networks are covering something as common as a, “Bella Vista moment,” over and over to fill the available time slot. Luckily, they are not covering me or you would get bored at seeing me try to recall a name or an event multiple times a day. But, or course, I am not a political candidate.

Maybe a candidate for a nursing home, but not the presidency.

My reason for stressing this duplication of coverage is to note the lemming-like coverage designed to keep us from channel surfing lest they lose audience share and see a drop in advertising revenue. You and I pay for the advertising with our purchasing of the goods or services offered on the screen but don’t get a choice in whose commercials we watch.

And, by flooding the networks with the same commercials we get them so close together that at times you cannot tell when one ends and the next one begins.

When I have tried to follow the demonstrations of the Occupy Wall Street group, my primary source has been the newspaper because meaningful information seems to be limited on the subject via television.

Although the coverage on television is available IF they need to fill a brief time slot, nothing seems to be new giving only a brief glimpse into a tent or interviewing an unhappy out-of-work individual, also very briefly.

Apparently (perhaps due to our electronic age) citizens in some of the European countries are also upset with their financial communities. What continues to concern me is the direction of the anger - a general complaint about all financial companies. Someone needs to research what the real problem stems from and direct the picketers (demonstrators) to the headquarters of the banks and other financial institutions who actually control America’s largest corporations. I can’t help wondering how many of the protesters know where one of the largest investment firms named Blackrock invests its resources. According to Caterpillar’s most recent annual report (information available for their June 2011 annual meeting) Blackrock (a New York corporation) controlled over 33 million shares of Caterpillar stock. And, State Street Corporation controlled directly and indirectly almost 76 million shares. They were the two largest holders of Caterpillar’s stock, with each controlling at least 5 percent. Caterpillar’s web site lists 646.6 million shares outstanding today.

If you look at all 30 of the stocks listed in the Dow Jones average you will find that State Street Corporation of Boston, Mass., is an influential holder of stock in all those corporations.

Another company associated with the same 30 Dow companies is the VanGuard Group, a company most widely known for its mutual funds. These investment companies have dramatic influence on the boards of the companies you and I own if we have any mutual funds or hold stock directly. If you research a little information on the members of the boards, you can see the influence of the investment banking communities in selecting the board members and see the ties to both government entities and the financial market place. The protesters should, in my opinion, resort to an information program educating their members and use their energy to influence their unions, pension funds, etc., if they are serious.

◊◊◊

Editor’s note: Leo Lynch, a native of Benton County has deep roots in northwest Arkansas. He is a retired industrial engineer and former Justice of the Peace.

He can be contacted at [email protected].

Opinion, Pages 4 on 11/16/2011