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Depression Lust
IBD Editorials ^ | December 10, 2008

Posted on 12/10/2008 5:59:11 PM PST by Kaslin

Media: Some journalists out there seem to be actually rooting for a new economic depression — the very thing that will hurt them more than it will hurt many others.


Newspapers across the country are in trouble. On Monday, the owner of the Los Angeles Times and Chicago Tribune filed for bankruptcy. The same day, the New York Times said it "plans to borrow up to $225 million against its mid-Manhattan headquarters building, to ease a potential cash flow squeeze as the company grapples with tighter credit and shrinking profits."

Both the Miami Herald and Rocky Mountain News are reportedly for sale, and it's possible they won't find any buyers. In Minneapolis, the Star-Tribune is apparently in financial trouble and has asked its unions to concede to $20 million in salary and wage cuts.

With the survival of network news also in question, the future of the legacy media is bleak. Yet there seems to be no shortage of reporters writing and talking in almost gleeful terms about the possibility of economic ruin. They're careful not to overtly welcome a depression, but in much of the reporting the tone gives it away.

Steven Pearlstein, then a Washington Post business reporter and now a Post columnist, wrote in February that "the best thing that could happen to our economy is for a dozen high-profile hedge funds to collapse; for investment banking to enter a long, deep freeze; for a major bank to fail; and for the price of a typical Park Avenue duplex to fall by 30%."

(Excerpt) Read more at ibdeditorials.com ...


TOPICS: Culture/Society; Editorial
KEYWORDS:

1 posted on 12/10/2008 5:59:11 PM PST by Kaslin
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To: Kaslin

They’ve been itching for any bad economic news since, hmm... Late 2000 I’d say.

Before then it was sometime in 1991 I think.


2 posted on 12/10/2008 6:00:41 PM PST by MartinStyles
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To: Kaslin

They’ve been itching for any bad economic news since, hmm... Late 2000 I’d say.

Before then it was sometime in 1991 I think.


3 posted on 12/10/2008 6:00:41 PM PST by MartinStyles
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To: Kaslin
Steven Pearlstein, then a Washington Post business reporter and now a Post columnist, wrote in February that "the best thing that could happen to our economy is for a dozen high-profile hedge funds to collapse; for investment banking to enter a long, deep freeze; for a major bank to fail; and for the price of a typical Park Avenue duplex to fall by 30%."

And do we really think it was a coincidence that something quite like this is coming pass? Or was the bozo just reading the script of the fifth column in the US financial industry?

4 posted on 12/10/2008 6:01:04 PM PST by the invisib1e hand (appeasment is collaboration.)
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To: Kaslin

They want a bad economy because they think it is cute. They haven’t had, as of yet, to experience missed meals, St. Vinnies hand-me-downs. They are the information class. They have been educated to ‘make a difference.’ Little do they know that they will be the difference.


5 posted on 12/10/2008 6:03:04 PM PST by Parmy
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To: Kaslin

New York Times said it “plans to borrow up to $225 million against its mid-Manhattan headquarters building....


I wouldn’t loan them $100 no matter what that building may be worth.

How much longer until the big papers start asking for bailouts? Watch them make some claim about a “free press” being required by the US Constitution.


6 posted on 12/10/2008 6:05:21 PM PST by mad puppy (Never have I felt so politically radical and I swear I didn't move an inch.)
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To: MartinStyles; Kaslin
What complete ingrates the crony-capitalism-shills at IBD are!

It was the overly optimistic hype from the MSM that helped inflate the bubble.

Do the shills at IBD remember all the shows like "Flip This House"? Or all of the magazine articles hyping all of the new ways to purchase homes with no money down?

Do they forget all the advertising that the MSM drowned us in for years begging and pleading with us to get HELOC's so we could purchase the jet skis and Disneyworld vacations we so justly deserved?

The MSM was there for you on the runup IBD. Don't be fair weather friends and dump them on the way down.

Maybe all of the brain trust at IBD could gather their monies together, purchase one or two of these papers, and make a successful go at it.

Maybe they could do an even better job next time and keep the bubble inflating even longer before everyone realizes what happened.

7 posted on 12/10/2008 6:13:32 PM PST by who_would_fardels_bear (The cosmos is about the smallest hole a man can stick his head in. - Chesterton)
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To: mad puppy
Watch them make some claim about a “free press” being required by the US Constitution.

Don't say that too loud...

Sometimes Limbaugh would make a ridiculous suggestion for the Democrats and they would actually do it.

8 posted on 12/10/2008 6:20:10 PM PST by Sir Francis Dashwood (Arjuna, why have you have dropped your bow???)
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To: who_would_fardels_bear
Interesting rant.....

I happen to think that IBD is one of the best papers out there. Of course they aren't a "regular" paper.

They are very dedicated to their niche........

9 posted on 12/10/2008 6:20:19 PM PST by Osage Orange (Congress would steal the nickels off a dead man's eye's...............)
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To: Kaslin

Forget the lust...I just want to know when I can be bailed out like all the insiders and big dollar folks?

Where is my bailout??


10 posted on 12/10/2008 6:22:36 PM PST by dragnet2
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To: the invisib1e hand

“or was the bozo just reading the script of the fifth column in the US financial industry?”

bingo. but a correction, as follows, is in order:

“or was the obnoxious,scu*bag bozo just reading the script of the fifth column in the US financial industry?”

IMHO


11 posted on 12/10/2008 6:22:44 PM PST by ripley
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To: the invisib1e hand

“or was the bozo just reading the script of the fifth column in the US financial industry?”

bingo. but a correction, as follows, is in order:

“or was the obnoxious,scu*bag bozo just reading the script of the fifth column in the US financial industry?”

IMHO


12 posted on 12/10/2008 6:25:00 PM PST by ripley
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To: Parmy

“St. Vinnies hand-me-downs”

....that really took me back....I was divorced and busted in 1977....the first suit of clothes that I bought was from St Vincent de Paul’s thrift store....cost me $7.00 then another $3.00 to get it dry cleaned and pressed....it was a Hart, Schnaffer & Marx and wore like iron...even after I got back on my feet I kept that old suit to remind me of where I came from....and...where I could go back to again if need be.


13 posted on 12/10/2008 6:26:05 PM PST by STONEWALLS
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To: Kaslin

When are the little people going to be bailed out?

I’ve always felt my credit card company was corrupt and crooked..When do the interest slaves get bailed out?


14 posted on 12/10/2008 6:26:38 PM PST by dragnet2
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To: Kaslin
Some journalists out there seem to be actually rooting for a new economic depression

And I'm helping them get to the breadlines, by not watching them and cancelling all print subscriptions!

15 posted on 12/10/2008 7:03:12 PM PST by Bommer ( Republican Party - RIP!)
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To: STONEWALLS
....it was a Hart, Schnaffer & Marx and wore like iron...even after I got back on my feet I kept that old suit to remind me of where I came from....and...where I could go back to again if need be.

Amen.

I think this is an interesting rant and justified. The frustrating irony is that journalism and free-enterprise commerce can easily be natural beneficiaries of each other. Journalists never pay attention to ad reps, the lowly ad reps, as sources for great insight, interest and local news stories and trends. Lots of uplifting, right, instructive stories of real businesses, real people, real accomplishments.

Journalists are purposefully and sometimes proudly/cynically removed from that element, I think, and so it heavily tints their view of the world. Their view becomes America's view of the world and the world's view of America.

I think most journalists with the aptly named "Depression lust" are genuinely unaware and ignorant of how the system works -- businesses, advertisers, are what supply their paychecks, and their employees are the public that reads their stories.

A lot of them don't get that.

16 posted on 12/10/2008 7:25:17 PM PST by Finny ("Raise hell. Vote smart." -- Ted Nugent.)
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To: MartinStyles
They’ve been itching for any bad economic news

They won't have to wait for long. I just saw the unemployment numbers for Oregon for last week. Weekly claims increased from 77,859 to 96,037 in one week.

http://www.employment.oregon.gov/EMPLOY/BUDGET/UI/current/102.pdf

17 posted on 12/10/2008 7:27:42 PM PST by aimhigh
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To: who_would_fardels_bear

Shhh....you’re making too much sense. I’d say overall the media is still far too optimistic—especially when it comes to stock values.


18 posted on 12/10/2008 7:38:10 PM PST by rb22982
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To: Kaslin

Well, Depression Lust is a catchy title, but it gave me entirely the wrong idea about this thread. *sigh* Guess I’ll go back to my vodka tonic and pictures of Keanu.


19 posted on 12/10/2008 7:39:17 PM PST by A_perfect_lady (History repeats itself because human nature is static.)
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To: MartinStyles

I was watching Tommy Friedman calling for taxes to get us back up to $4 per gallon gas.

Hard to imagine a worse idea to crush the economy.


20 posted on 12/10/2008 7:42:38 PM PST by Wiseghy ("You want to break this army? Then break your word to it.")
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To: STONEWALLS

I have a pair of boy’s rain boots that I bought from a thrift store when I was broke, returning to my country with two toddlers, two suitcases and $200. My small son wanted boots and I was grateful to be able to make his wish come true.
I, too, keep them as a reminder.


21 posted on 12/10/2008 9:05:24 PM PST by happygrl (BORG: Barack 0bama Resistance Group: we will not be assimilated)
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To: Cacique

bump


22 posted on 12/10/2008 10:27:30 PM PST by Cacique (quos Deus vult perdere, prius dementat ( Islamia Delenda Est ))
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To: happygrl
PBS just did a story about thrift store sales increasing 8-35% as other store sales decline by about the same %.

I like the Goodwill stores, lot's of fun, nice people, uber cheap prices and everyday some of the already low prices are half off.

23 posted on 12/11/2008 8:55:44 AM PST by norraad ("What light!">Blues Brothers)
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