Wednesday, July 1, 2009

Okay, Posner... so conversely then

that would mean that newspapers would have to stop quoting wire servivces?

Yes, I know they pay to use them, but... sure seems like the same thing... So Posner wants to ban links? Yeah, that will work. here is the whole screed.

Sez Mr. Posner

Warren Buffett, who is a wit as well as a multibillionaire, said with reference to the fact that Bernard Madoff's long-running Ponzi scheme came to light during the financial collapse of last fall that until the tide goes out, you don't know who's swimming naked. A year ago Becker and I blogged about the decline of the newspaper industry. A year later the decline has accelerated. The economic crisis has hurt the newspaper industry as it has so many industries. The question is whether it will recover (or at least rejoin its slower downward path of last year) when the economy as a whole recovers; or has the economic crisis merely revealed the terminal status of the industry.

I am pessimistic about a recovery by the newspapers. One reason is the current economic situation. A serious, protracted economic crisis can result in changes in consumer behavior that persist after the end of the crisis. A change in consumption, even in some sense involuntary, can be a learning experience. People make what they think will be merely temporary adjustments in their consumption behavior to reduce financial distress but may discover that they like elements of their new consumption pattern; and businesses too, which have reduced their newspaper (and other print-media) ad expenditures drastically. They may never go back.

Never mind that since he is a blogger, and many of the facts he cites are from newspapers. I guess that makes him a hypocrite, and, dare I say it? A moron.

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