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Mad Money

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by Ryan Avent
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Apr 23 2009 9:20am EDT

Mad Money

Apparently, GE's latest shareholder meeting turned uncomfortable for Jeff Immelt when some of the shareholders in attendance began complaining about the political content on MSNBC. Matt Yglesias describes the dynamic as "overclass solidarity," writing:

General Electric shareholders complain that MSNBC programming is too liberal. Not that the more liberal programming is bad for MSNBC's profits. Just that it's too liberal.
In fact, the story is weirder than that. Leading the complaints was shareholder Jesse Waters, a producer for Fox News program the O'Reilly Factor who "has built a reputation as an ambush interviewer," and who had cameras waiting outside the meeting. But it wasn't just Waters upset about MSNBC's "liberal tilt." The whole crowd reportedly grumbled whenever the network was mentioned.

The little inter-network rivalry between MSNBC and Fox is amusing, but I think it's also useful to see this as evidence that markets aren't defined by disinterested money relentlessly seeking profits. Those with the ability to do so use the tools available to them to further their interests. You can't understand markets if you don't understand that.

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