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Getbig Main Boards => Politics and Political Issues Board => Topic started by: Soul Crusher on May 20, 2009, 09:01:47 AM
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Democrats seek financial rescue of minority-owned broadcasters
By Silla Brush
Posted: 05/19/09 06:13 PM [ET]
High-ranking House Democrats are urging the Treasury Department to prop up minority-owned broadcasters suffering from a lack of capital and lost advertising revenue amid the economic slump.
House Majority Whip James Clyburn (D-S.C.) is leading an effort to convince Treasury Secretary Timothy Geithner to take “decisive action” by extending credit to this sector of the broadcasting industry.
Clyburn and other senior members, including House Financial Services Committee Chairman Barney Frank (D-Mass.) and Ways and Means Committee Chairman Charles Rangel (D-N.Y.), argue that minority-owned broadcasters are sound businesses, but that the recession could undermine the government’s efforts to diversify the airwaves.
A number of members from the Congressional Black Caucus signed the letter, too.
“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 members write in a draft of a letter that was scheduled to be sent Tuesday.
The letter comes as some of the biggest recipients of government bailout money, including JPMorgan Chase & Co., Goldman Sachs and Morgan Stanley, jockey to repay government bailout money. As banks seek a way out from the government’s restrictions, other industries struggle and seek government support. Some firms seeking to repay the government argue that the government’s restrictions have burdened their businesses.
The congressmen suggest the Treasury Department could provide access to capital to minority-owned broadcasters, which they say represent less than 7 percent of full-power radio stations and a “negligible” ownership of television stations.
“They are looking for continued access to capital to continue their otherwise fundamentally sound operations,” the members write.
The letter suggests Treasury could set up a credit facility specific to the industry, similar to the government’s efforts to support auto suppliers, or possibly set up a program for bridge financing and government-backed loans until the economy improves.
“In addition to the credit crisis, also weighing heavily on minority broadcasters is a significant decline in advertising revenues, particularly the loss of automobile advertising,” the congressmen write.
The members are asking for a meeting with the Treasury Department and minority-owned broadcast entities and representatives from the National Association of Black Owned Broadcasters.
Other members signing the letter are Democratic Reps. Bobby Rush (Ill.), Edolphus Towns (N.Y.), Maurice Hinchey (N.Y.), Carolyn Maloney (N.Y.), Maxine Waters (Calif.), Gregory Meeks (N.Y.), G.K. Butterfield (N.C.), Barbara Lee (Calif.), Lynn Woolsey (Calif.) and Bennie Thompson (Miss.)
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This is more garbage and nonsense from the RAT party. If these stations had good ratings, they would attract enough ad revenue.
Minority stations cater to a small audience and thus cannot command good ad buys based on their viewership, otherwise, known as the free market.
As bad as the GOP is, and it sucks royally, articles like these remind me why I will never vote democrat.
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Yes, lets support them based ONLY on the color of their skin.
For no other reason... ::)
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Yes, lets support them based ONLY on the color of their skin.
For no other reason... ::)
I love you!
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What I dont understand is how these idiots in congress says these broadcasters have a sound business plan. If they did, they would not need a bailout in the first place.
There are many white owned broadcasters going under too. This is an industry issue, not a minority issue.
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I love you!
You're not really my type.
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You're not really my type.
I still love you!
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Mal - Here is one to make you smile.
Somehow I dont think BDP needed a bailout for this track. This is true Capitalism. BDP made and sold slamming records on a showstring budget. As far as I am concerned, KRS knowsd more about business than any of these fools. his business plan is more sound than the fools in Govt.
Here you go:
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Why does MSNBC put that ugly bitch on there with the whiney face.Id like to stick my foot down her throat.
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Imagine being married to that????
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Why should WE have to pay for minority owned broadcasters?Why cant they make money like FOX news does.They dont need a fucking bailout.Maybe if those libs changed their idiotic programs,they could attract advertisers and actually turn a profit.I never hear Rush asking for a bailout,or Hannity,or Beck.