Wikinvest Wire

Scenes from the recession

Tuesday, March 24, 2009

In case you missed it, the Boston Globe ran this item last week with a series of 35 pictures about the global recession. People are still leaving comments, now 500+. (Is there anything online these days where you can't leave a comment?) Here's my favorite:
IMAGE This reminds me of Southern California in the mid-1990s, though there are surely many more abandoned construction sites now than then.

Back then, things picked back up again a few years later, but it's hard to imagine that happening anytime soon this time around with all the unsold housing inventory, bank owned homes, and the employment situation as it is today.

A photo of a job fair line in the U.S.
IMAGE And a job fair line in China.
IMAGE There are 32 more photos - housing, unemployment, business closings - all quite somber.

It must have been kind of weird for the Boston Globe to run photos of an empty Rocky Mountain News office (now out of business) and unused newspaper racks for the San Francisco Chronicle (perhaps headed in that direction).

According to this report, apparently the Globe's prospects are dimming as well:

The Boston Globe is, based on several accounts, losing $1 million a week. One investment bank recently said that the paper is only worth $20 million. The paper is the flagship of what the Globe’s parent, The New York Times, calls the New England Media Group. NYT has substantial financial problems of its own. Last year, ad revenue for the New England properties was down 18%. That is likely to continue or get worse this year. Supporting larger losses at the Globe will become nearly impossible., the online site that includes the digital aspects of the Globe, will probably be all that will be left of the operation.


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