Tag Archives: financial crisis

Media World Dumber in 2010

Seriously, someone’s been munching on a shitload of paste. In Q2 2010, 44 more magazines launched than in 2010. This means two things (1) people have more money than they did last year and (2) they have no clue what the fuck to do with it. The former makes sense, given that in Q2 2009, we were still reeling from the September 2008 financial crisis. So, it would make sense that, as we turn the corner, there’s more money floating around … and it’s looking for a home.

And the latter? Yeah, fools and their money and such.

I don’t know what would possess someone to launch a dead-tree edition in this (or any) market. Look for the giant flushing sound in a few quarters. It will be those new magazines getting pushed through the plumbing.

via FishbowlNY

Obama tells banks to lend, clearly doesn’t understand risk management

Bankers need to put their money to work, President Obama says. On Sunday, he said that the “fat cat bankers,” a safe expression to use when appealing to Middle America, “still don’t get it.” So, he’s pushing them to make more loans and accept the fact that regulation is coming.

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Goldman says sorry, ponies up $500 million for small businesses

For its role in the global financial crisis, which had an impact of several trillion dollars, Goldman Sachs feels just awful. The incredibly prestigious bank, one of the few to come through the market mayhem looking pretty damned good, wants you to know that it’s sorry. CEO Lloyd Blankfein said at a conference in New York, “We participated in things that were clearly wrong and have reason to regret.” And then, he pulled the trigger on the big one: “We apologize.”

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The Best Take on Ayn Rand Yet

lens1521675_resizejohngaltI tip my hat to Timothy McSweeney. This blogger can take a VERY tired concept — such as Ayn Rand’s Atlas Shrugged — and make it very funny … and very appropriate today. On his site, he has updated a snippet of Rand’s famous rant to reflect the financial crisis that is shaking capital markets around the world.

I’ve lifted a bit of the “new” version for you to read after the jump.

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Art Market Dropping, as I Predicted

Sophia Lynn, by Julio Aguilera

Sophia Lynn, by Julio Aguilera

The latest from top art market publication ArtPrice suggests that the global art market is tanking. Every corner of the market has been affected, from the really high-end stuff to the emerging artists fetching less than EUR10,000 a canvas.

In the words of ArtPrice:

Whereas the top-end of the market (4.1% of transactions) has shown relative price inertia, on the more dynamic segment of works offered for less than 100,000 euros, reactions have been more spontaneous: price adjustments are already underway. In this segment, the price index calculated using the repeated sales method has dropped 18% compared with October 2007!

The art market is in decline, as I predicted back in September 2007, in a short article for Trader Monthly. Prices, I felt, were topping out, and ArtPrice retrospectively calls the peak in late 2007/early 2008.

Read “Bubble Watch” in Trader Monthly >>

Check out some charts from ArtPrice after the jump.

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Gray’s Papaya, Part II

dsc03722The price increase at Gray’s Papaya does bug the shit out of me, even though it doesn’t price me out of the market. C’mon, $1.50 per hot dog is not a big deal. Nothing at all. But, it irritates me that they didn’t announce the price increase, as they have in the past.

I would have had my story up earlier, but a pretty big magazine expressed some interest and then bailed. So, after the jump, you’ll get the backstory, a cool hot dog price chart and links to other interesting articles on the price increase.

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Fire Your Clients

bull-collage-half-sizeAs financial markets tighten, most business owners are looking for revenue anywhere they can find it. Unfortunately, there is such a thing as a bad client, and the mistakes you make now can have an immediate effect … and not a positive one. So, as you navigate the ongoing financial crisis, choose wisely. Don’t overpay for your revenue.

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Gawker published my layoff story!


No names, but this rock looks alarmingly familiar

I got the boot from a major consulting firm during the first dotcom meltdown. I won’t name the company, but I went on to work there a total of three times, and it has a green dot in its logo (hint, hint).

Gawker was looking for tales of layoff woe, and mine was brutal, particularly for me. So, check out the horror stories on Gawker and try to figure out which one was mine (yet another hint, moron). I don’t think it was the worst they’ve published, but I definitely wouldn’t want to revisit the situation.

To all of you out there looking, best of luck. To all of you working, I hope I don’t see you on Gawker any time soon (at least not for this reason).

Read the sob stories >>

Hot Dogs Make Financial Crisis Real

dsc02032When I moved to Manhattan in 2004, hot dogs were only $0.85 each at Gray’s Papaya. A year later, the price jumped to $1.25. One could hardly blame the poor guys. They hadn’t increased their prices in a while, and New York’s an expensive place. They even posted an apology on the wall. In September, the price went up again, this time with no apology and no warning.

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