February 06, 2010 06:33 AM UTC

Beware Financial Bill Lies in TV Ads

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• by: Progressive Promoter

( – promoted by Colorado Pols)

Disclosure: I am working with Coloradans for Financial Reform, a coalition seeking to rein in reckless and abusive Wall Street in investment, credit card and mortgage practices that are hurting everyday Coloradans.

KUSA, KCNC and KMGH (probably Fox 31, too, but haven’t been able to confirm) is airing a horrifyingly misleading ad about financial reform from a sketchy outfit called (ironically enough) the Committee for Truth in Politics. Denver isn’t alone–it’s supposedly running in 35 markets around the country–and it’s a BIG buy here through February 11.

Copying the now-infamous Frank Luntz memo, the ad asserts that the bill designed to PREVENT another bailout situation would instead cause more bailouts.  It advocates for LESS regulation of the financial services industry, even though it’s widely understood that a lack of oversight was the key contributor to the economic meltdown.

Anyway, the ad has been debunked a number of places, including Media Matters, Politico.com, FactCheck.org and “Reality Check” segment on a local TV station in Madison, WI.

Viewers depend on the TV stations to ferret out the truth. Am hoping they allow reporters to investigate and clear up the record quickly to minimize the damage to the truth.