Sunshine and rainbows
"This is a financial crisis for the industry of mammoth proportions. It's worsening by the day. And the vultures are circling."
A reference to Fannie Mae? General Motors?
Actually, its from a cheery piece on the newspaper industry by Mark Potts, who blogs at Recovering Journalist. Skyrocketing debt, falling stock - it sounds like the woes plaguing the mortgage and banking industry. Except the government won't rush in to bail out this industry.
I don't think it will be as bad as Potts forecasts. A few big companies could go upside down because of their massive debt loads, but I don't think the newspaper industry as a whole is on the verge of becoming vulture food.
Still, to balance things out, here is some good news. Or maybe it's bad news, depending on what you think Web traffic is doing to newsrooms.