I'm not sure what you took from the excerpt but Frank's overall point is almost identical to yours: That the "counterculture" was very much a creation and tool of the very establishment it pretended to oppose. He traces its roots to advertising strategies concocted at Doyle Dane Bernbach in the late 50s, especially the "illusion of distinction." This would be history except that Frank also documents the continued dominance of this fraudulent 60s counterculture in the internal culture of the media industry to this day. There are some striking examples in the book. One is an ad from about 1971. It has a stereotyped black radical; giant afro, tie-dyed bell-bottoms, dashiki, mirror-shades; punching his fist in the air and declaring, "The man don't control our music no more!" The ad is for CBS Records, "the man" himself by any reasonable standard. There is also a ridiculous outburst of radical rhetoric from a Nike ad executive circa 1990, along the lines of "what is the purpose of these ads if not to incite people to riot?" This was about the time Nike used "beat generation" drug advocate William Burroughs in its ads, an utterly bizarre juxtaposition when we remember that the product is nominally an athletic shoe. My summary of Frank's work: The "left" as we know it today is little more than an advertising gimmick run amok.
I took nothing at all from the excerpt; I found the prose impenetrable.It is patent that nobody but the establishment can possibly get away with the presumption of objectivity. Objectivity is simply a code word for wisdom. Journalists claim that everyone who agreees with them is virtuous and wise, and those whom they criticise - those who provide our necessities of security, food, clothing, shelter, fuel, and so forth (represented more or less faithfully by the Republican Party) are stupid and evil.