2009-11-12 / Letters

Don’t believe what you see on cable news networks

For months I’ve listened to the talking heads and shaken my head in disbelief. Some of the cable news organizations are well paid and should be expert on the basics. It doesn’t matter if they’re liberal or conservative, as both are showing their ability to excel in ineptness and bias.

Thom Hartmann is a progressive or possibly socialist democrat who continuously rants about the bank bailouts. Yet he fails to report that for the seven banks who repaid TARP funds our government earned a 15 percent return on the funds lent to these institutions.

That amounted to $4 billion on $26.6 billion in loans. Also, the U.S. Treasury stands to gain further from its holding of bank warrants. In the case of JPMorgan Chase, the warrants were at a price below $20 when they were issued to Uncle Sam. They’re now worth $47.

If the bank buys them back, all of us taxpayers will make another big profit.

Second, Maria Bartiromo of CNBC News badgered New York Congressman Wiener on why he didn’t have Medicare if he thought it was so good.

Well, the Congressman is only 45 and ineligible for Medicare until he reaches 65.

Finally, in March, Fox News commentator Neil Cavuto blamed Obama for the stock market decline, even though the new president was in office less than two months.

When the market rebounded in August, Cavuto said it was the result of the Bush recovery.

Fact: The stock market began to decline in January 2008, 13 months before the new president took office.

Finally, the media hammers away at our national debt. It’s not just an Obama phenomenon.

From September 2000 to September 2008 our national debt increased from $5.7 trillion to $10 trillion, a 75 percent increase.

No blame for eight years.

If you’re sitting on your couch listening to TV news babble, in most cases you’re being deceived. Robert Pisapia Westlake Village

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