How The Massive Money Manager BlackRock Endangers U.S. Prosperity And National Security By Joe Popularis for The Federalist
GNN Note – If you’re wondering how or why home prices continue to sky rocket, it is directly tied to this satanic operation. /END
The company is contributing to corporate leftism, high gas prices, low-quality airline service, and the housing shortage. BlackRock is also risking our national security with its ties to China.
BlackRock is a big, powerful company that most Americans know little about. It manages almost $10 trillion, and the vast majority of its investing is done “passively,” meaning the money is invested in indexes of stocks and no stock-by-stock selection occurs. BlackRock manages money for large institutions and pensions. Just about everyone reading this has money, or knows someone who has money directly or indirectly in a BlackRock account.
Now is your chance to support Gospel News Network.
We love helping others and believe that’s one of the reasons we are chosen as Ambassadors of the Kingdom, to serve God’s children. We look to the Greatest Commandment as our Powering force.
Despite BlackRock passively investing for most clients, it wields immense power — both over the companies whose shares it holds, and through them over the American economy. This is because, even though BlackRock is not the ultimate owner of the shares it manages, it can vote in regards those shares on behalf of its clients.
That tremendous voting power enables BlackRock to exert extraordinary influence over corporate management and policy. Those corporations are themselves often behemoths like Exxon and Microsoft. Moreover, BlackRock functions in an intensely oligopolistic environment. Only three other asset managers — Fidelity, Vanguard, and State Street — begin to compare with it in size and heft, and it is the biggest of them all.
BlackRock Touches Almost Everyone’s Daily Life
BlackRock is a major cause of corporate leftism in America, using its power to push for left-wing political priorities. In the just-completed third quarter of 2021 alone, BlackRock opposed the reelection of 800 company directors. In just one example, because of BlackRock’s leverage, big American oil company Exxon is considering dropping several drilling projects due to BlackRock removing board members and installing new members — despite the globe objectively being underinvested in energy production. If your gas costs more, think BlackRock.
BlackRock also contributes to the economy’s monopoly problem. Despite the unfortunate consolidation of power within a few large companies, the largest companies in a single industry should still be competing with each other head-to-head on price and quality. Thus, American Airlines, Delta, and United should all be seeking to provide better or less-expensive service to air passengers.
But BlackRock and the other big asset managers have “cross-holdings” in all of the largest players in the industry, a consequence of passive investing. Indeed, BlackRock and the other asset managers are often the biggest shareholders in each of an industry’s largest firms.
