It’s begun … government guarantees a newspaper loan

Even as I read this article, I sat here stunned. But as I calmed myself, I realized, I should not be surprised. Banks, investment houses, automobile companies, and now … newspapers.

The state of New Hampshire last week agreed to guarantee 75 percent of a $250,000 loan from an Upper Valley bank to the new owner of the Eagle Times, an unusual deal because it involves a daily newspaper and the government it covers.

The Executive Council on Wednesday unanimously approved without debate the “working capital loan guarantee,” which would be administered by the New Hampshire Business Finance Authority.

Ok, the previous yard stick was being too big to fail, now it’s saving a “free press”?

Gov. John Lynch, who presided over the Executive Council meeting, said in an interview after an appearance at Dartmouth College on Friday evening that he had no problems with the loan guarantee.

“It’s really more of a job development, economic development type of issue,” said Lynch who said he has not met Sample and was not involved in putting the deal together. “I think it was the right thing to do, and it came up through the appropriate channels.”

But as bad as this is … the AP says, it’s just begun:

At least two other states have explored similar deals as newspapers across the country face an unprecedented decline in advertising revenue, but no other state has gone through with it yet, news industry analysts said this week.

It used to be you would succeed or fail on your own, that was until we began to find excuses for everything from grade school through college. It used to be newspapers jealously guarded their independence, but that was until people stopped reading their drivel.

7 replies
  1. SoundOffSister
    SoundOffSister says:

    Pardon my stupidity, but how do we maintain "freedom of the press" when the press is being funded by the government?  Did I miss something?

    • Dimsdale
      Dimsdale says:

      Remember the book Hugo Chavez passed to Obama at the Meeting of the Americas?  It was a "how to" manual (or maybe the infamous "To Serve Man" manual……).

  2. Dimsdale
    Dimsdale says:

    So we "guarantee" everything eventually, making everything risk free.  We also remove the necessity and positive result of eliminating something lousy (like many papers) from failing and being culled from the herd, so to speak.  Could Obama be guilty of interfering with media Darwinism?  😉

     

    I guess all those kids in the government schools, where there is "feel good" grading, with happy, purple colors and no scoring in sports, will be well prepared for the "brave new world" of the Obamanation, where Obamanomics rules, nobody fails, and mediocrity is the rule of the day.  Too bad for them the rest of the world doesn't practice this mushy crap with their kids.

  3. Anne-EH
    Anne-EH says:

    Jim, this does not suprise me at all. I knew this was coming, it was only just a matter of when. It is another effort for the Obama White House to have more control over the American press and also a sign that the new alternate media is becoming a powerhouse. :)=^..^=

  4. Jeff S
    Jeff S says:

    Closer and closer to, as Rush says, "State run media".  When you can't trust the media, it is truly over.

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