Greed isnt good, especially packaged as
news
By JOHN L. ALLEN JR.
ABC -- the same network that cant seem to get its act
together on when to air Nothing Sacred, or how to promote it -- had
no trouble allotting a coveted 10 p.m. EST slot and creating a big P.R. splash
for what was possibly the most reprobate hour of television news
programming in some time. I refer to John Stossels Feb. 3 celebration of
Greed.
While theres much to be said for an informed public
discussion of the merits of capitalism, this wasnt it. Instead,
Stossels hourlong program -- billed, mind you, as an ABC news special --
was devoted to debunking the notions that owners have a responsibility to
workers and multibillionaires ought to donate to charity. The closest thing to
balance was Stossels ambush of AFL-CIO union chief John
Sweeney by asking if hed ever turned down a raise.
Surprise! He hadnt. And, of course, it follows that the
labor movement is misguided in suggesting that corporate overlords
shouldnt make out like bandits while the wages of front-line workers
stagnate. For those who dont see the connection, I guess you just
arent looking hard enough (it must be obvious, since Stossel didnt
stop to explain it).
From start to finish, Stossels kerygma was that greed is
good -- it creates wealth, produces jobs and makes people happy. The only
dissenting notes came in the form of Stossels own straw man questions to
his chosen experts -- a CEO dubbed Americas toughest
boss and an academic so in love with capitalism that he makes Ayn Rand
look like Leon Trotsky.
The night before, ABCs regular news magazine,
20/20, gave Stossel a segment as a promo for his special. During
it, Stossel presented Fr. Robert Sirico, president of something called the
Acton Institute, as an expert on the moral obligations of
corporations. Sirico told Stossel that its A-OK for companies to jettison
workers in pursuit of profits.
What Stossel didnt say is that the Acton
Institute is Siricos one-man band, and that Stossel himself has
been a speaker at some of Siricos events. That conflict of interest alone
is potentially enough to impeach the integrity of the report; at a bare
minimum, it should have been communicated to viewers.
In the interests of full disclosure, Sirico was speaking in
defense of Briggs and Stratton, an engine manufacturer that filed a $30 million
libel suit against NCR for reporting on the companys decision to
lay off workers.
Among many moments to choose from, my personal nominee for the
journalistic low ebb of Stossels special was his worshipful account of
how his own boss, Disney CEO Michael Eisner, had increased the companys
net worth by billions and billions. As a member of the press myself, I felt
like taking a shower as soon as the credits rolled.
Likewise, my nod for peak moment of absurdity goes to when one of
Stossels guests said without a doubt that junk bond king
Michael Milken had done more for humanity than Mother Teresa. Even setting
aside the economic trauma Milkens leveraged buyout craze caused (as well
as his conviction for securities fraud), members of Stossels
anti-philanthropy crowd need to get their stories straight -- Milken has doled
out gazillions to charitable causes in Los Angeles.
Finally, consider this: Last November, when the Vancouver, British
Columbia, -based Media Foundation tried to buy time on one of the major
networks to promote Buy Nothing Day -- its campaign to encourage
people to opt out of the traditional day after Thanksgiving spending spree --
it got a unanimous cold shoulder. According to Extra! magazine, CBS told
the group that its ad was in opposition to the current economic policies
of the United States. An NBC exec told the Wall Street Journal,
We dont want to take any advertising thats inimical to our
legitimate business interests.
So, while ABC is willing to pony up its own resources for a gee,
whiz! treatment of the socially therapeutic value of greed, none of the major
networks will even sell time for an opposing view.
The next time you hear some network news honcho pontificating
about journalisms sacred trust, remember this moment, and listen for the
sound of cash registers in the background.
John L. Allen Jr. is NCR opinion editor. Reach him at
jallen@natcath.org
National Catholic Reporter, February 20,
1998
|