The New York Times is spinning into bankruptcy and good riddance

The New York Times is headed to an almost inevitable bankruptcy. The owe more than $1 billion. They lost another $75 million in the first quarter of this year and cash is running low($34 million.) In recent years, They have lost both readers and advertisers. Many people claim their left wing bias has cost them severely. They attacked President Bush unrelentingly. Now, they have become what amounts to little more than a propaganda outlet for Barack Obama and progressive democrats. Market forces should be allowed to rule and this dinosaur of the left should die. This is sad. Once, the New York Times was the most highly respected newspaper in the U.S. Editorial by Bill O’Reilly via Boston Herald.

The nation’s largest left-wing newspaper and the bible for network news producers and bookers may be going under. This past week, The New York Times [NYT] announced more staggering losses: nearly $75 million in the first quarter alone. The New York Post is reporting that the Times Company owes more than $1 billion and has just $34 million in the bank. A few months ago, the company borrowed $250 million from Mexican billionaire Carlos Slim at a reported 14 percent interest rate. With things going south fast (pardon the pun), Slim might want to put in a call to Times publisher Arthur Sulzberger Jr.

The spin from Sulzberger is that the Internet is strangling the newspaper industry, and there is some truth to that. Why read an ideologically crazed paper when you can acquire a variety of information on your computer? But other papers are not suffering nearly as much as the Times, so there must be more to it.

There is no question that the Times has journalistic talent. This week the paper won five Pulitzers. It’s true that the Pulitzer people favor left-wing operations (the past eight Pulitzer Prizes for commentary have gone to liberal writers), but New York Times journalists often do good reporting.

The problem is that under Sulzberger and executive editor Bill Keller, the Times has gone crazy left, attacking those with whom the paper disagrees and demonstrating a hatred for conservatives (particularly President Bush) that is almost pathological. The Times features liberal columnists in every section of the paper, and they hit low, often using personal invective to smear perceived opponents.