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Finance capitalism at work

September 10, 2012 - Harry Eagar
What follows is a little bit inside baseball. I am an ex-newspaperman, so interested in how newspapers are mismanaged. (They are not mismanaged any worse than other businesses, which isn't saying much.) As a pensioner, I am particularly interested in management that wants to "restructure pensions."

You should be, too, you should live so long, because the rightwing agenda is to transfer your pension money to Wall Street.

Anyway, I agree with this analysis by the Guardians' Michael Wolff of the double bankruptcy of the Journal Register companies, except for one thing. Even good management (where it existed) didn't help newspapers, because the digital revolution involved -- and continues to involve -- stealing their product. It's hard to make a profit when somebody steals all your merchandise.

A separate report out from the Newspaper Association of America says that for every $1 in new digital revenue papers are receiving, they are losing $25. So that's the scale of the robbery.

But read the whole things.

Commenter "translated" has a thought that expands the point beyond newspaper publishing to all businesses: "there's not a business in the world that can survive the attention of Bain Capital-type 'investors' seeking to extract value."

I entirely agree, and among the reasons I think American business managers are stupid is that they are (to a great degree) supporting Romney, Like workers who supported Reagan, if they get what they want, they will regret it.


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