MINORITY BROADCASTING COMPANIES WANT GOVERNMENT BAILOUT DUE TO LOSS OF ADVERTISING FROM CAR DEALERS, CAUSED BY MANDATED CLOSURES BY GOVERNMENT!

They have to do some better coordination with the White House, those minority owned broadcasting businesses. IT SEEMS THAT THE MAJOR PART OF THEIR ADVERTISING REVENUES CAME FROM (you will never believe it) CAR DEALERS AND CAR COMPANIES.



Now that the White House is forcing the closures of car dealerships, and car plants, the minority broadcasters want to be bailed out since their major source of revenues has dried up with all the closings of dealers and car plants.

They do not want to close, they want OUR TAX MONEY TOO!

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. Hey what about us, bloggies, we need money too!

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. remember these are the same guys that argued the housing giants FREDDIE and FANNIE were sound too!

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 sent.

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 too small to fail, will be the outcry!

“They are looking for continued access to capital to continue their otherwise fundamentally sound operations,” the members write. What do you mean otherwise sound except for losing money and having no listeners?

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. And what about the repayment plan? Did the government forget that again?

“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. WOW, surprise there!

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.

Members signing the letter include those well known financial geniuses Reps. Bobby Rush (Ill.), and Maxine Waters (Calif.). By the way these two financial mavens are from runaway spending states that have the biggest budget deficits this year.