Stephen Pate, NJN Network, Charlottetown, Prince Edward Island, Canada, July 20, 2009 with story from mediabistro.com
Deflation of prices hits Canada in June
Stephen Pate, NJN Network, Charlottetown, Prince Edward Island, Canada, July 18, 2009 with story from Statistics Canada
Canada’s normal inflation turned into a deflation in June according to Statistics Canada. The amount is only 2/10ths of 1% but the trend in the chart is clear. We are headed into deflation which is the precursor to a possible depression.
It doesn’t take a rocket scientist to see deflation in US housing. There is a joke that you can buy nice houses in good American neighborhoods on your credit card. Once expensive homes are selling for less than $100,000 and some below $50,000.
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Oh Canada, a great place but not easy street any longer
Stephen Pate, NJN Network, Charlottetown, Prince Edward Island, Canada, July 3, 2009 with story from Canadian Press in the Guardian
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The continuing loss of news readers to the Internet, dropping advertising revenues and the recession are taking a punishing toll on the death of newspapers as we know them. Most of the bigger chains are heavily in dept and unable to weather the storm. Blood pours on the tracks, layoffs and cutbacks are a daily occurrence.
The New York Times acquired the Boston Globe in a highly leveraged deal before the recession. Now they want to either trim the Globe or cut it lose. Newspaper Death watch reports the Globe is worth $1 in its current money losing state. The Guild rejected wage cuts and the NYT is threatening a 23% across the board cut, which still will not make the Globe profitable. Continue reading
NJN Network, Charlottetown, Prince Edward Island, Canada, June 23, 2009
Dear Friend,
Last week, I announced United We Serve – a nationwide call to service challenging you and all Americans to volunteer this summer and be part of building a new foundation for America.
Stephen Pate, NJN Network, Charlottetown, Prince Edward Island, Canada, June 8, 2009
10,095 more people were out of work in the news business in the United States so far this year. As 2nd quarter results are published, declines in advertising revenues are expected to be in the range of 10% over the 2009 1st quarter dismal results. The GM bankruptcy will impact both the 2nd and 3rd quarters which are usually strong for auto advertising.
More layoffs in the news business are expected as financial results come in.
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Michigan is headed towards 20% unemployment
By David L. Littman, Mackinac Center for Public Policy
With the end-game in sight, many more Michigan layoffs and dealership and plant closings are imminent. These adjustments will consign Michigan’s economy to at least two years of further decline. This could mean an unemployment rate of 17 to 20 percent by year’s end.
BBC Troubled US carmaker General Motors has announced a loss of $6bn (£3.98bn) for the first three months of this year as a massive slump in sales hit revenues. Continue reading
New York Times, Huffington Post
NEW YORK–(BUSINESS WIRE)–April 21, 2009–The New York Times Company announced today a first-quarter 2009 operating loss of $61.6 million compared with operating profit of $6.2 million in the first quarter of 2008. Excluding depreciation, amortization, severance and special items (noted below in this release), first-quarter 2009 operating profit was $16.5 million compared with $77.7 million in the first quarter of 2008. SEC The New York Times Company Reports 2009 First-Quarter Results
No wonder they want to stop the bleeding at the Boston Globe one of their “investments”. There is only so much money in the kitty to allow those loses. They had $34 million in cash and total debts of $1.3 billion. Expect more layoffs in New York and even the closure of the Boston paper as they announced intention to slash $300,000,000 (yes millions again) from expenses.
When you need your Huggies and the money is all gone, you steal them
Jody Lawrence-Turner, The Spokesman-Review Spokane, Washington, USA April 20, 2009
A couple shoplifting $18 worth of diapers from a Spokane Safeway this weekend is what experts say is a sign of desperation crime caused by the current recession. Continue reading