The New York Times Bailout

Well, we have already had an MSNBC Bailout, so it makes sense that a bailout for the New York Times and the rest is just around the corner.

Don’t you just love this suggestion for an Independent Journalism Tax

In order to preserve independent journalism in the age of the Internet, a national Fund for Local News should be created with money the FCC now collects from or could impose on telecom users, television and radio broadcast licensees, or Internet service providers.

The central reality of our economy is that friends of the administration are never allowed to lose money. Unlike countries with relatively free economies — China, France, and so on — in America, profit and loss have nothing to do with whether large companies stay in business: connectiosn to the White House and the Treasury Department determine what large companies stay in business.

Of course, I may be wrong. If I am wrong, then President Obama will swiftly denounce any calls to use public monies to subsidize newspapers. Shortly thereafter, he will withdraw the MSNBC Bailout, and demand that GE return not just all public monies, but all profit that GE made with your money.

Of course, I am not wrong. Obama won’t do any of those things. MSNBC continues to exist, because its parent company was bailed out. And the next question is whether the New York Times should be bailed out, too.