"Boards of Directors have to make certain kinds of decisions, and those decisions are pretty narrowly constrained. They have to be committed to increasing profit share and market share. That means they're going to be forced to try to limit wages, to limit quality, to use advertising in a way that sells goods even if the product is lousy. Who tells them to do this? Nobody. But if they stopped doing it, they'd be out of business. Similarly, if an editorial writer for the New York Times were to start, say, telling the truth about the Panama invasion -- which is almost inconceivable, because to become an editorial writer you'd already have gone through a filtering process which would weed out the non-conformists -- well, the first thing that would happen is you'd start getting a lot of angry phone calls from investors, owners, and other sectors of power. That would probably suffice. If it didn't, you'd simply see the stock start falling. And if they continued with it systematically, the New York Times would be replaced by some other organ. After all, what is the New York Times? It's just a corporation. If investors and advertisers don't want to support it, and the government doesn't want to give it the special privileges and advantages that make it a "newspaper of record," it's out of business."