Rupert Murdoch: The Economy Is Going To Take “Years and Years” To Recover
Rupert Murdoch CEO of News Corp, which owns Fox television and myspace.com, just to name a few media outlets, issued a very gloomy outlook for the economy.
Murdoch said today at the Allen & Co, Sun Valley Media and Technology Conference, one of the biggest gatherings of television, movie and Internet media executives:
“The mood of the conference is very bearish, very bearish”
“I’m shocked at the business mood, which is talking about either that we’re at the bottom or going lower, but that it’s going to take years and years, like five years at least, before we see any real growth coming out of this”.
Jeffrey Zucker, chief executive of NBC Universal, told CNBC there were mixed signals on consumer confidence and that it was tough for businesses to get capital, making mergers and acquisitions more difficult.
“Buyers are looking for bargains, sellers are looking to get what they think they were worth a year ago. I think that makes it difficult to get anything done in this climate. I think you’ll probably see nothing in the media space for the rest of this year”.
Murdock went on to say that News Corp had no interest in buying Twitter and actually cautioned any other suitors considering buying it, saying:
“It’s not a smart investment because it has not proven it can create a sustainable revenue stream”.
Neither of course has Myspace which just laid off 30% of its work force but Murdock said MySpace.com was not for sale.
Back here in good old South Florida, the Foreclosure’s are expected to hit 100,ooo units by the end of the year, but right now ONLY 1 in every 148 homes are in foreclosure.
According to Peter Zalewski, a principal with the Bal Harbour-based real estate consultancy, “if the pace continues through the second half of the year, South Florida will experience its greatest number of foreclosure actions in a generation,”
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I think South Florida has more to work out before turning the proverbial corner. I honestly believe it will re-emerge.
By contrast, Las Vegas residential real estate is coming back. Commercial real estate around the country though is about to hit hard times and has been building toward a big fall for quite some time.
Hard to see any sort of turnaround while unemployment continues to rise.
That’s really the bottom line for me. Once this stops then we can start talking about a turnaround, in the mean time it’s all speculation.
Years and years……I agree.
first of all Chaney and Bush will be held accountable for what they did Britain started an Iraq investigation and leon poinetta told congress that the cia lied to congress. why?
Second we are not interested in what this Murdoch states.
1. Murdoch stated when the gov issues a stimulus package the markets will be back to normal within a week.
2. Murdoch has a failing entity on his hands myspace and has no clue how to innovate this diaster.
We do not need a numbers guy murdoch that has lost 50% of his value telling us he will not buy twitter.
twitter has real time search and does not need murdoch or a failure of a john malone.when we need a bean counter we will consider one of these failed institutions.
the old advertising model is history and so are these to dinosaurs of a realic….
Ed & Johnny
Agree & Agree
It’s not Chaney and Bush that we need to hold accountables for what is happenning today, it’s the likes of Barney Frank and the House of Representatives! They are just giving away TRILLIONS of Dollars of our money. Everyone in Congress who voted for any of these should be voted OUT!!! R and D, all out!!
Congress, Bush, Cheney, Republicans and Democrats, you and I are all to blame……all the involved parties made dumb moves and it is well documented. We all let this happen as a country.
If we elect stupid people that make stupid decisions then that makes us stupid for having elected them and for leaving them in power.
Random question: I know you are using wordpress for this blog, but have you tried any other platforms. I am trying to decide for my blog? and I ask because I like yours.
Rod
Sorry only have used WP