And so, it has come to pass…

October 23, 2008: “New York Times bonds near junk territory…Anyone smelling a bailout plea coming on?”
November 11, 2008: “The newspaper bailout countdown clock: I think it’s time to start the newspaper bailout countdown clock. A few weeks ago, I joked that it wouldn’t be long until the junky New York Times started crawling to the government for a handout. Now, with the Fed waving its magic wand and redefining American Express as a “bank holding company,” with insurers and Hollywood getting a cut of the Crap Sandwich 2.0, with indebted state governments looking for help, and with China lobbying and with automakers poised to get a bigger piece of the action, my joke isn’t so funny anymore.”
December 1, 2008: “The newspaper bailout countdown clock: It’s here! Back in October, I joked that it wouldn’t be long before the junk-bond New York Times was lining up for a government bailout. Last month, I followed up with the launch of the Newspaper Bailout Countdown Clock in a post about Tribune Media’s financial woes. Well, it has come to pass: Democrats have proposed a newspaper bailout in Connecticut…”
December 3, 2008: New moochers in town: Newspapers.
January 1, 2009: First “See, I told you so” post of 2009! “I launched the Newspaper Bailout Countdown Clock on Nov. 11, reported on Connecticut’s move to prop up ailing dead-tree dailies on Dec. 1, and followed up with a column on the coming government rescues for the MSM on Dec. 3. And now, here comes Reuters, heralding the new year with this: Government aid could save U.S. newspapers, spark debate.”
With many U.S. newspapers struggling to survive, a Democratic senator on Tuesday introduced a bill to help them by allowing newspaper companies to restructure as nonprofits with a variety of tax breaks.
“This may not be the optimal choice for some major newspapers or corporate media chains but it should be an option for many newspapers that are struggling to stay afloat,” said Senator Benjamin Cardin.
A Cardin spokesman said the bill had yet to attract any co-sponsors, but had sparked plenty of interest within the media, which has seen plunging revenues and many journalist layoffs.
Cardin’s Newspaper Revitalization Act would allow newspapers to operate as nonprofits for educational purposes under the U.S. tax code, giving them a similar status to public broadcasting companies.
Under this arrangement, newspapers would still be free to report on all issues, including political campaigns. But they would be prohibited from making political endorsements.
Advertising and subscription revenue would be tax exempt, and contributions to support news coverage or operations could be tax deductible.
Voila: The Fishwrap Rescue and Recovery Act of 2009.
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Trackbacks
- Obama, when is it too much? « Riggword Weblog
- Now they want to bailout the failing liberal newspapers…. « Sharp Right Turn
- Government seeks to make newspapers non-profit, ban political endorsements | Liberty Confidential
- Obama Throws In The Towel « Peace and Freedom Global Future
- And so, it has come to pass… | The 2008 Elections
- BizzyBlog » Hundreds of NPRs: Dem Senator Introduces ‘Newspaper Revitalization Act’
- The Newest Government Plan - Allowing Newspapers To Be Tax Cheats « Beltway Snark
- Now Government is in the Business of Bailing Out Failed Newspapers … The Cardin Newspaper Revitalization Act | Scared Monkeys
- Student Loan Forgiveness as Stimulus? « Retake Education
- Hot Air » Blog Archive » The Government Co-Option of Newspapers Bill hits Congress
- Newspaper bailout?
- UrbanGrounds » Blog Archive » How Could the Newspaper Industry Get Any Worse? Put the Government in Charge of It
- Next In Line In The Bailout Aisle: Newspapers!? « Jane Q. Republican
- Newspaper Bailouts? | The Great Illuminator
- Rhymes With Right
- Michelle Malkin » Where in the world
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Yes they are. From above:
Non sequitur. If they had to pay they wouldn’t read it. Nothing magic, simple supply and demand. NYT offers a product no one wants to pay for. Next.
After what I read about Obama’s tax plans for charitable giving (as he is reported to have stated them last night), I doubt there’ll be many non/not-for-profits left to worry with in the near future.
Retfireman-
This comic link is just for you, so enjoy your “It’s Bucky Time!”
Now pardon me as I have to produce a research paper for my sociology class.
GSP
“This is Sparta!”
So they’ll be less biased than they are now?
So newspapers will become the official propaganda arm of the liberal democrats as opposed to being the unoffical propaganda wing they are now. So the government will be giving them permission on what to write and when. So much for 1st amendment freedom of the press.
I canceled my local newspaper subscription back in November and I was never even asked why. They keep trying to get me back by leaving the rag in my paper box, but it just goes into the recycle bin unread.
Wouldn’t they essentially become a stealth 527 with a printing press reporting on political ~news~ like cpusa.
No matter how you look at it you cannot deny that affording them ANY sort of government protections, ESPECIALLY those that require the government to ~determine~ what activities they may or may not engage in, is… TOTALLY INCONSISTENT WITH THE 1ST AMENDMENT.
(Is somebody out there making a list of all the CRAP that has to be quickly repealed when conservatives take over Congress and the White House?)
But not before a lot of taxpayer money is thrown into that sink hole.
Gold Hat:
BadgesConstitution? We ain’t got nobadgesConstitution. We don’t need nobadgesConstitution. I don’t have to show you any stinkingbadgesConstitution.With apologies to Alfonso Bedoya.
Hmmm… this reminds me of the time last week when lgm defined Ad Hominem and then proceeded to claim the individual to which he was responding was on LSD in a lame joke.
I notice a similarity here.
lgm, you really don’t need to preface your comments with what you’re about to do. We get it.
Newspapers are already demanding welfare…from Google
http://adage.com/mediaworks/article?article_id=135433
This is all about making Soros’ contributions to the liberal rags tax deductible. “Ultrarich” patrons will throw their money at the newspapers instead of giving to the Government.
Chap is right about ads in and subscriptions to non-profit publications not being tax deductible. There are many non-profit publications–such as National Geographic–and the cost of the magazine itself is not tax deductible and neither are the cost of ads. Usually you don’t “subscribe” to a non-profit publication…you pay to become a member of their organization and the publication is provided to you as a benefit of membership. At the most basic membership level, the “benefits” you receive equal the amount paid and you get no tax deduction. As you move into the higher membership categories the value of the benefits you receive goes up, but some portion of the membership price is deductible.
If newspapers DO end up being treated as non-profits (horrible idea!!!), you will start getting some very, very funny junk mail–newspapers asking you to please subscribe at higher levels to help support their educational mission!!! LOL
Thanks jangar. It’s always nice to know someone read your post.
…as if they couldn’t already count-the-reasons to worship The One…
– MuscleDaddy
State-run newspapers? How is this news? They are already the propaganda mouthpiece for the Obama administration, so this really won’t be much of a change. The only difference is that it’ll be compelled rather than voluntary; quite frankly, I think the voluntary is worse since they can still claim (though falsely) that they’re objective. At least once they’re officially state-run, they’ll lose that argument.
Non-profit does not equal state-run.