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From Michelle Malkin. Click on the map for more information, or go to Tax day Tea Party.

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Newspaper Bailout

Up next, the Rotary Phone Bailout.

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. Source.

Guess who gets to decide what's political. Are we really ready for a government run news media?

"We are losing our newspaper industry," Cardin said. "The economy has caused an immediate problem, but the business model for newspapers, based on circulation and advertising revenue, is broken, and that is a real tragedy for communities across the nation and for our democracy.

Newspaper subscriptions and advertising have shrunk dramatically in the past few years as Americans have turned more and more to the Internet or television for information.

Turning to the internet, what a tragedy!

Obama Wants to Seize Businesses

That's right, Obama wants to start nationalizing companies. First wreck the economy with massive spending and taxation, and then nationalize the victims of Obama's own economic planning. It seems unbelievable until you consider his background.

"True, there are cases in which nationalization is bad, but there are, likewise, quite a few benefits to be derived from it. " ~ Barak Obama Sr.

WaPo-The Obama administration is considering asking Congress to give the Treasury secretary unprecedented powers to initiate the seizure of non-bank financial companies, such as large insurers, investment firms and hedge funds, whose collapse would damage the broader economy, according to an administration document.

...giving tax cheat Tim Geithner of all people the power to confiscate privately owned businesses.

The government at present has the authority to seize only banks.

Giving the Treasury secretary authority over a broader range of companies would mark a significant shift from the existing model of financial regulation, which relies on independent agencies that are shielded from the political process. The Treasury secretary, a member of the president's Cabinet, would exercise the new powers in consultation with the White House, the Federal Reserve and other regulators, according to the document.

The administration plans to send legislation to Capitol Hill this week. Sources cautioned that the details, including the Treasury's role, are still in flux.

Treasury Secretary Timothy F. Geithner is set to argue for the new powers at a hearing today on Capitol Hill about the furor over bonuses paid to executives at American Investment Group which the government has propped up with about $180 billion in federal aid. Administration officials have said that the proposed authority would have allowed them to seize AIG last fall and wind down its operations at less cost to taxpayers.

The administration's proposal contains two pieces. First, it would empower a government agency to take on the new role of systemic risk regulator with broad oversight of any and all financial firms whose failure could disrupt the broader economy. The Federal Reserve is widely considered to be the leading candidate for this assignment. But some critics warn that this could conflict with the Fed's other responsibilities, particularly its control over monetary policy.

The government also would assume the authority to seize such firms if they totter toward failure.

Besides seizing a company outright, the document states, the Treasury Secretary could use a range of tools to prevent its collapse, such as guaranteeing losses, buying assets or taking a partial ownership stake. Such authority also would allow the government to break contracts, such as the agreements to pay $165 million in bonuses to employees of AIG's most troubled unit.

The Treasury secretary could act only after consulting with the president and getting a recommendation from two-thirds of the Federal Reserve Board, according to the plan.

Geithner plans to lay out the administration's broader strategy for overhauling financial regulation at another hearing on Thursday.

The authority to seize non-bank financial firms has emerged as a priority for the administration after the failure of investment house Lehman Brothers, which was not a traditional bank, and the troubled rescue of AIG.

"We're very late in doing this, but we've got to move quickly to try and do this because, again, it's a necessary thing for any government to have a broader range of tools for dealing with these kinds of things, so you can protect the economy from the kind of risks posed by institutions that get to the point where they're systemic," Geithner said last night at a forum held by the Wall Street Journal.

The powers would parallel the government's existing authority over banks, which are exercised by banking regulatory agencies in conjunction with the Federal Deposit Insurance Corp. Geithner has cited that structure as the model for the government's plans.

Let's review, Ex1, Ex2, Ex3.

Doh!

Caption contest, have at it.

Source.

President Barack Obama waves and learns the door on Marine One is much shorter than he is, and bumps his head slightly, after denying claims that the stimulus bill contains a $3.7B earmark for protective headgear.

McCain Blasts Obama

About six months too late, but he's putting up a good fight now.

Sen. John McCain took his most direct shot at President Barack Obama since the presidential campaign on Friday morning, using a Senate floor speech to criticize the president for mocking the Republican concerns over the massive economic stimulus package.

In a fiery speech Thursday night before House Democrats, Obama rejected the GOP’s characterization that the stimulus package was merely another spending bill.

“What do you think a stimulus is? That’s the whole point. No, seriously, that’s the point,” Obama said at the retreat in Williamsburg, Va.

Stimulus means, Spending got us in this mess, more spending will get us out.

On Friday morning, McCain fought back.

“The whole point, Mr. President, is to enact tax cuts and spending measures that truly stimulate the economy,” McCain said. “There are billions and tens of billions of dollars in this bill which will have no effect within three, four, five or more years, or ever. Or ever.”

Here's the video.

Here's another video featuring Tom Coburn (R-OK), Joe Leiberman and John McCain making their points on the Senate floor.

Sen James Inhofe (R-OK) issued this statement.

"While I appreciate the efforts of my colleagues to bring down the price tag of this bill, the fact is we still face a trillion dollar spending bill. Making it worse, the bill is 93% spending and only 7% stimulation. Over the past few days I have fought to include more in the way of real stimulus through higher percentage of infrastructure and defense spending, while working to cut much of the typical government waste often found in a bill of this size. Yet Democrats have blocked these efforts.

"The good news tonight is that the American people are catching on to the fact that this is the largest spending bill in history and are becoming more and more vocal in their opposition. My offices in Oklahoma and Washington DC have been flooded with emails, phone calls and faxes overwhelmingly opposed to this trillion dollar legislation. They can rest assured that my vote remains an unwavering ‘no.'"

Let's see, 93% of 780B? That's a 725.4 billion pork barrel.

The Earned Income Tax Credit: Obama's Stimulus Welfare Scam?

Obama promises to triple the earned income tax credit.

The Newspaper Bailout

Bailout mania is starting to spread like a wildfire started by a drunken sailor.

Connecticut lawmaker Frank Nicastro sees saving the local newspaper as his duty. But others think he and his colleagues are setting a worrisome precedent for government involvement in the U.S. press.

Nicastro represents Connecticut's 79th assembly district, which includes Bristol, a city of about 61,000 people outside Hartford, the state capital. Its paper, The Bristol Press, may fold within days, along with The Herald in nearby New Britain.

That is because publisher Journal Register, in danger of being crushed under hundreds of millions of dollars of debt, says it cannot afford to keep them open anymore.

Nicastro and fellow legislators want the papers to survive, and petitioned the state government to do something about it. "The media is a vitally important part of America," he said, particularly local papers that cover news ignored by big papers and television and radio stations.

To some experts, that sounds like a bailout, a word that resurfaced this year after the U.S. government agreed to give hundreds of billions of dollars to the automobile and financial sectors.

Relying on government help raises ethical questions for the press, whose traditional role has been to operate free from government influence as it tries to hold politicians accountable to the people who elected them. Even some publishers desperate for help are wary of this route.

Providing government support can muddy that mission, said Paul Janensch, a journalism professor at Quinnipiac University in Connecticut, and a former reporter and editor.

Here's the money quote.

"You can't expect a watchdog to bite the hand that feeds it," he said.

Cancel that expose' on our golden egg laying goose. Handing out free money can make one very popular. Can you say puff piece?

But newspapers are being replaced by the internet media anyway, so why kill the trees? Why not bailout the struggling cast iron stove industry if that's truly the role of government?

(...)

Many media experts predict that 2009 will be the year that newspapers of all sizes will falter and die, a threat long predicted but rarely taken seriously until the credit crunch blossomed into a full-fledged financial meltdown.

Some papers no longer print daily, and some not at all.

Yeah, just google "newspapers struggling" if you need to. All the government bailouts in the world are not going to make people subscribe to newspapers, we're getting our news for free online.

Related: What Do You Expect from Your Newspaper?

Auto Bailout Slogan

Thanks to Edge.

Poster child.

Fred Thompson on the Economy

Spending got us in this mess, more spending will get us out.

Hat tip, Nanc.

The Cost of Change

Hope you can afford it.

Stocks tumble, lose 10 percent in 2-day rout

Wall Street extends decline as Cisco comments, retailers' sales add to recession worries

Wall Street plunged for a second day, triggered by computer gear maker Cisco Systems warning of slumping demand and retailers reporting weak sales for October. Concerns about widespread economic weakness sent the major stock indexes down more than 4 percent Thursday, including the Dow Jones industrial average, which tumbled more than 440 points.

Major indexes have lost about 10 percent since Barack Obama was elected president -- a vote preceded by a steep rally -- and the losses represent the Dow's worst two-day percentage decline since the October 1987 crash.

Paper losses during that time in U.S. stocks came to $1.2 trillion, according to the Dow Jones Wilshire 5000 Composite Index, which represents nearly all stocks traded in America.

Wealth Redistribution = Less Wealth ($/R = W - 1.2 trillion)

Oh well, the kids aren't down with all that capitalism jazz anyway.