Hank Paulson comes to his senses about buying mortgage securities.
John Whitehead thinks this is worse than the Great Depression.
Nick Denton, my friend and former colleague, has posted a gloomy forecast about how online advertising is about to fall substantially. As proprietor of Gawker, the blog publishing group that relies entirely on advertising for its revenues, he has reason to be worried.
Nick does have a habit of being publicly pessimistic about online advertising, as he concedes. While he is a smart and independent thinker, he is also prone to dramatic overstatement. However, in this case, I think he will prove more wrong than right.
He is acting on his own advice by cutting back expenses at Gawker, and he is not the only one. Conde Nast has trimmed its online operations, including the internet side of Portfolio, its business magazine. Peter Kafka has some more figures on the online advertising slowdown.
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