From the Editors
Media: Newspaper Bailout, Twitter Book Club
Democratic senator Benjamin Cardin released a bill yesterday, the "Newspaper Revitalization Act," that would help newspapers survive by allowing them to restructure as nonprofits and receive various tax breaks, reports Reuters. Blog reaction has been overwhelmingly negative. Techdirt points out some of the problems: "To qualify for the program, a paper would no longer be allowed publish editorial endorsements....Second, to be successful, the papers would be heavily dependent on donations, which could raise questions about objectivity. But the biggest problem with this approach is that it simply props up a failing business model, rather than forcing the newspapers to adjust to the new realities of the marketplace." True North describing the bill as "nanny state protections" and The Corner says "a press that depends on a special designation from the government for its economic livelihood isn't really a 'free' press any more, now is it?" "A lot of people rely on daily newspapers for their endorsements, particularly in down-ticket races," says Slog, "and banning them from daily newspapers will just further empower the political blogs that are eating them alive."
Continue Reading Story »Geithner Turns Toxic Avenger
Question: Do we want Geithner's head or not? Answer: What day is it today? After many calls for his resignation, and questions about how far in advance he knew about the AIG bonuses, Treasury Secretary Timothy Geithner yesterday unveiled the White House plan to clean out toxic assets from banks' balance sheets, and investors gave it the equivalent of a standing ovation, says Slate. The Dow rose by nearly 500 points. Are we happy now? "The president and his team can't be happy about the fact that their moves are being judged in real time by that most fickle of tracking polls, the one that flickers with green or red arrows in the corners of cable TV screens." blogs Rick Klein at The Note. But what -are we supposed to do--understand the fine print? "For a day, at least, the rollout worked--just maybe providing a way to handle toxic assets (that would cover both loans and personnel)," Klein writes. Bad Idea helps decode some of the fine print, calling Geithner's toxic waste plan "a big chocolate-covered carrot" for investors who take crap loans off banks' books.
Continue Reading Story »Guest Top Ten List
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