Commercializing Katrina

Before I pose the question on my mind here regarding the commercialization of Katrina, I want to reprint something I wrote at Realmoney.com earlier this week:



The devastation in the Southeast is just sickening, and hard to fathom. From the Northeast we see the heartbreaking images on TV and we read about the suffering. But as money managers, our minds immediately and constantly grapple with what the economic and investment implications of all this devastation will be. And we feel guilty for doing so.

But while we all can do what we can to help the victims logistically and financially in the near term, going on with our jobs, working for our investors, creating more value and economic productivity -- these are the things that will help in the long run. It's economic productivity that has created the wealth and health that the majority of Americans have access to every day. In other words, the most important thing we can do right now is to keep on keeping on.



I want to be clear that I don't have a problem per se with the networks and cable channels using interstitial advertisments to create profits for their owners, if that is what they choose to do. Further, I've never bought the argument that the networks have some sort of an ogligation to the public good because they've purchased "a valuable and limited resource" known as our airwaves. I mean, following that same logic, can't we argue that any land owner has an obligation to "the public good".

Now all that said, I'm very confused as to why the networks and cable channels are profiting from their coverage of Hurricane Katrina when they chose not to do so in their coverage of the immediate aftermath of 9/11. Is this a Northeast snobbery issue? Is it that this is a natural disaster whereas 9/11 was a human attack on our country?

I will say that as I watched the saddening opening segment of 60 Minutes on CBS tonight that I was appalled that the segment was immediately followed with a voiceover from the same guy who introduces 60 minutes saying "60 Minutes is brought to you tonight by Cialis....(and I do believe he even read some marketing slogan too)." And then they immediately cut into a commercial pitching this penis impotence drug.

Disgusting and tasteless -- even as it is CBS and that drug company's choice to be so. I do think there is a difference between continuing on with our obligations and creating economic prosperity in the face of and off of the ramifications of Katrina. Perhaps I'm rationalizing my own actions as a fund manager -- but there is a difference between "commercializing Katrina" and "profiting off of Katrina".

I don't know though. Even this discussion makes me feel sad and guilty. My heart goes out to all those affected by Katrina.