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If history is any indicator at all, impacts will likely be felt in the form of resource reductions at some companies that rely on advertising supplied by publicly traded firms. But, for the lucky ones, this can also be an incredible opportunity for growth and investment.
I don't necessarily see it as a glass half full or empty, just a cyclical, scary reality that happens every decade or so. We aren't yet where we were in mid-2002. Let's hope we can start to slide to a bottom soon and slowly begin to work our way back up. We need some leadership.
To have this crisis hit right when a lame duck president was throttling down his tenure couldn't have been worst timing. Then again, the administration really has nothing to lose at this point except their long-held ideologies.
In terms of predictions, I think 2009 very well could be the year already anemic US print newspapers begin to fold at an accelerated rate.