Another Bail Out?


If you are at all like most people you’ve spent the past few months wondering who the Government is going to bail out next?” Well, Senator John Kerry (D-MA) has your answer and it is… wait for it – the U.S. Newspaper industry. It seems many of the nation’s most well known newspapers are in serious financial trouble. The New York Times is a reported $133 billion in debt and its subsidiary, the Boston Globe,  is expected to lose $85 million this year. Major daily papers in Seattle and Denver have been shut down completely and the LA Times, Chicago Tribune and many others are seeking bankruptcy protection.

Whether one is in favor or opposed to the financial and automotive bailouts by our Government (and I’ll admit, I go back and forth), there is little doubt that there are complex issues at play and it’s a tough question. Perhaps the experts are correct and a collapse of the financial system was imminent, and potentially catastrophic, had the government not stepped in. Perhaps there is more to be gained than lost by saving the U.S. auto industry, although I doubt it. But newspapers Senator Kerry? Really?

Apparently Mr. Kerry wasn’t listening on April 15th when hundreds of thousands of American citizens took to the streets at 800 tea parties around the country to demand that this government stop throwing money away, money it doesn’t have to begin with. Although the incompetent U.S. media (some of the same ones who apparently now need a bailout) tried to portray these peaceful rallies as anti-tax, the key issue for these concerned citizens was out-of-control spending. Now Senator Kerry wants Congress to consider spending even more.

Consider the political ramifications of such an action. Afterall, journalists although they rarely act like it in these partisan days, were once known as the Fourth Estate for their ability to provide one more check and balance on government. So, I ask the question that is obvious to everyone except John Kerry; how does a newspaper honestly report on a government that is subsidizing their very existence?

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Filed under Financial, Government, Media

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