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Edward R. Murrow

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This just might do nobody any good. At the end of this discourse a few people may accuse this reporter of fouling his own comfortable nest, and your organization may be accused of having given hospitality to heretical and even dangerous thoughts. But the elaborate structure of networks, advertising agencies and sponsors will not be shaken or altered. It is my desire, if not my duty, to try to talk to you journeymen with some candor about what is happening to radio and television.

 
Edward R. Murrow

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One of the basic troubles with radio and television news is that both instruments have grown up as an incompatible combination of show business, advertising and news. Each of the three is a rather bizarre and demanding profession. And when you get all three under one roof, the dust never settles. The top management of the networks with a few notable exceptions, has been trained in advertising, research, sales or show business. But by the nature of the corporate structure, they also make the final and crucial decisions having to do with news and public affairs. Frequently they have neither the time nor the competence to do this.

 
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What I do is dangerous for sponsors, dangerous for editors. But I'm really a radio kid. I grew up on radio, not TV. Ultimately, I'll probably do radio.

 
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When you talk about the regulators [going after market manipulation], why not the financial news networks? That's the whole point of this. CNBC could be an incredibly powerful tool of illumination for people that believe that there are two markets. One that has been sold to us as long-term: Put your money in 401Ks, put your money in pensions and just leave it there, don't worry about it, it's all doing fine. And then there's this other market, this real market that's occurring in a back room where giant piles of money are going in and out, and people are trading them, and it's transactional, and it's fast but it's dangerous, it's ethically dubious and it's hurting that long-term market. And so what it feels like—and I'm speaking purely as a layman—it feels like we are capitalizing your adventure by our pension, and our hard-earned—and that it is a game that you know, that you know is going on, but that you go on television as a financial network and pretend isn't happening.

 
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I have no feud, either with my employers, any sponsors, or with the professional critics of radio and television. But I am seized with an abiding fear regarding what these two instruments are doing to our society, our culture and our heritage.

 
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When you're young, you look at television and think, There's a conspiracy. The networks have conspired to dumb us down. But when you get a little older, you realize that's not true. The networks are in business to give people exactly what they want. That's a far more depressing thought. Conspiracy is optimistic! You can shoot the bastards! We can have a revolution! But the networks are really in business to give people what they want. It's the truth.

 
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