We watch TV. We love TV. We need to get out of the house. So today FishbowlLA is here live blogging from the Television Academy Foundation and Variety’s 2012 TV Summit at the Renaissance Hotel in Hollywood.

So far the highlight of the event was watching Twentieth Century Fox Television chairman Dana Walden tell NBC: “Shitty TV is not must see.”

Can’t disagree with that.

Walden’s co-exec Gary Newman, when asked about Arrested Development’s impending return, via Netflix, was quite candid: “That seems to be our business model: cancel things and then bring them back. It worked with Family Guy. It worked with Futurama. I’m hoping when I’m eventually fired they bring me back too.”

Laughs all around. This could be fun. We’ll keep you posted.