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Press Release

January 7, 2010

GMAC DEAL vs. MEDIA/BROADCASTERS

The Obama Administration has refused to consider the requests of small local media and broadcasters for Federal assistance in these times where internet news and large media conglomerates are putting local newspapers and broadcasters out of business.  Local news sources are suffering large revenue losses while the large consolidated media and news services flood us with false and misleading big business propaganda.

Those of us who support honest local newspapers and broadcasters find it hard to accept that the Treasury Secretary gives GMAC another $3 billion dollars of taxpayer money after already having given them  $12.5 billion dollars.  Just more bonuses for rich executives and generations of debt for our children and grandchildren that will not do one bit of good for the people or the economy.  We seem to be headed back down the same track as CTI Corp. followed.  Getting millions of dollars, paying bonuses, not accounting for the money, asking for additional funds and then filing bankruptcy.

The failure to audit and properly supervise the use of trillions of dollars of money that our families will be paying for the next 100 years  for the benefit of  these banks sends shock waves through the minds of Americans and your elected Congressmen and Senators couldn’t care less.

I believe the treasury secretary should step down a once.  We can no longer take care of his friends in the banking industries.  Geithner is surrounded by his friends in the banking industry at expense of all struggling Americans.

I must agree with my great friend and radio colleague Lou Dobbs.  When will this open door to banks and friends of the treasury secretary end?

Our country is about to face the second round of mortgage failures that is just over the horizon.

Mr. President we the people can no longer support the treasury secretary’s behavior and decisions to fund falling banks.  I agree with the few courageous and honest members of Congress.  We must support our honest local media outlets.  This is their time of need.