Dr. Boyce Money: Fox News, Glenn Beck Lose Advertisers

Glenn Beck of Fox News is under major fire for calling President Barack Obama a racist. As a result of his words, ColorofChange.org did exactly what any intelligent organization should do: they hit Beck in the wallet. Their efforts have worked. Since Beck's attacks against the president, 33 advertisers have run from his show, leading to massive revenue losses for Fox.

When I worked last year to get corporations to stop advertising on The O'Reilly Factor, I was taking notes from the work being done by ColorofChange.org. We did a good job of angering O'Reilly, leading him to spend several days calling for me to be fired from Syracuse University. But the impact of the recent campaign against Beck has really set a prime example of outstanding online activism. Here are the reasons that this attack makes perfect sense. It starts with Finance 101.

Corporations don't like risk. That means that they are not necessarily going to care one way or the other if Beck or Obama are racist. They just don't want to be caught in the middle of someone else's mess. So, the fact that there are millions of Americans who refuse to buy a company's products because they are advertising on a controversial show means that it's always safest to simply find a show that isn't controversial. So, rather than giving their money to Glenn Beck, many companies would rather sponsor a show like "American Idol." (But that's on Fox too, so perhaps it goes into the same pot)

When I worked with Rev. Jesse Jackson and Rev. Al Sharpton to go after Don Imus for his infamous "Nappy Headed Hoes" comment, my entire argument centered around the fact that Imus wasn't a network favorite simply because he is a white man. He was a network favorite because HE-MADE-MONEY. If you take away his ability to make money, then you take away his mojo. So, two days later, when I saw that major advertisers were walking away from Imus, I knew he was going to be off the air in a few days. Corporations don't care about black or white - they only care about green.

By engaging in this form of activism so effectively, ColorofChange.org has opened the door to an entire generation of social and technological empowerment. They were also a huge reason that the Jena 6 case hit the light of day, and have conducted many other online campaigns that have been quite successful. If I were teaching classes on community organizing, I would have my students study the effective manner by which ColorofChange puts together letters and makes them viral. When you see their email, you can't help but to read it, sign it and forward it to your friends. So, not only have they learned to go after the right targets, they've learned to strike with an effectiveness unlike any other. They will always have my respect.

Glenn Beck, Bill O'Reilly and Fox have been taught some valuable lessons. African Americans are learning the game of Financial Activism. We are learning how capitalism works. We are making the decision to become free of persecution and we are using technology to fight for our rights. I am proud to see such progress.

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Dr. Boyce Watkins is a Finance Professor at Syracuse University and author of "Financial Lovemaking 101: Merging Assets with Your Partner in Ways that Feel Good." To have Dr. Boyce commentary sent directly to your email, please click here.

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