"The News Business Is Already In A Depression"

Certainly in terms of their collective mental health, we know that to be true from the yin and yang of the Michael Malone and Mary Mapes posts we linked to yesterday, but the Professor also spots, as he calls it, more media retrenchment:

“The Star-Ledger of Newark, N.J., will reduce its newsroom staff by nearly half through voluntary buyouts as New Jersey’s largest newspaper seeks to return to profitability.” Whatever happens to the rest of the world, the news business is already in a depression.

And just as it did with the economic slowdowns in the early 1990s and the period surrounding 9/11, there’s little doubt the media’s own woes are coloring how they report the business news outside of their industry.