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Economy
Radio bailout
2009-05-27
House Majority Whip James E. Clyburn, South Carolina Democrat and a former chairman of the Congressional Black Caucus, is leading an effort to petition the Treasury Department to bailout minority-owned broadcasting businesses.

Mr. Clyburn's effort is supported by several of his House Democratic colleagues, such as Financial Services Committee Chairman Barney Frank of Massachusetts, and Ways and Means Committee Chairman Rep. Charles B. Rangel of New York.

"Like so many businesses caught in the maw of the most severe recession and contraction of credit since the Great Depression, minority broadcasters are not failing businesses looking for a free pass," they wrote in a letter to Treasury Secretary Timothy F. Geithner. "They are looking for continued access to capital to continue their otherwise fundamentally sound operations. And while many jobs are at stake, a more important principle - the government's fundamental interest in promoting a diversity of voices, including service to underserved communities - is severely threatened."

The group asked that Treasury create a new lending program for minority broadcasters, like the government did to assist the auto industry and asked Mr. Geithner to respond to the letter by June 5.

Other signers of the letter include Democratic Reps. Bobby L. Rush of Illinois, Edolphus Towns of New York, Maurice D. Hinchey of New York, Carolyn B. Maloney of New York, Maxine Waters of California, Gregory W. Meeks of New York, G.K. Butterfield of North Carolina, Barbara Lee of California, Lynn Woolsey of California and Bennie Thompson of Mississippi.
Posted by:Fred

#12  D *** NG IT, I thought "VIDEO KILLED THE RADIO STAR" [1980's MTV]???

Gut nuthin.
Posted by: JosephMendiola   2009-05-27 18:28  

#11  When does the "HAVE to change the way we do things here" part kick in, EU?
Posted by: Barbara Skolaut   2009-05-27 18:20  

#10  In fact, I think they should spend like never before- to the point where we lose our AAA credit rating and HAVE to change the way we do things here.

That's the way we do it in California.
Posted by: Ebbang Uluque6305   2009-05-27 16:27  

#9  Give em forty acres and a mule...
Posted by: tu3031   2009-05-27 13:07  

#8  I think its a fantastic idea. In fact, I think they should spend like never before- to the point where we lose our AAA credit rating and HAVE to change the way we do things here. It will suck out loud for a while, but that's the only way to disassemble the machine. Otherwise its business as usual, all the way down the crapper.
Posted by: bigjim-ca   2009-05-27 12:33  

#7  Closer to the revolution every day...
Posted by: Hellfish   2009-05-27 12:31  

#6  No, he will use that jerk he appoints to the FCC to "ensure diversity" and manage "localization".

This is slight of hand since they cant do "Fairness doctrine".

It is a big deal and will affect everybody. I do not see why Fox news is not all over this yet.

Closer to the soviets every day.
Posted by: newc   2009-05-27 10:13  

#5  "They are looking for continued access to capital to continue their otherwise fundamentally sound operations."

Other than the fact they make no money, that is...
Posted by: Seafarious   2009-05-27 09:47  

#4  Silly man - don't you know its all about feelings now? The constitution is so yesterday...

Just ask our President.
Posted by: CrazyFool   2009-05-27 01:20  

#3  So now non-minority businesses are going to have to compete with the government bankrolling their competition due to skin color?

Where the hell is that in the Constitution?
Posted by: OldSpook   2009-05-27 01:11  

#2  So in other words they are going to award bailouts according to the color of the owner's skin.

Now what is the definition of Racism again? I forgot.
Posted by: CrazyFool   2009-05-27 01:04  

#1  So, when does the government start dictating content? It has to follow.
Posted by: Richard of Oregon   2009-05-27 00:09  

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