On Wedneday I wrote about France's idiotic bailout of the auto industry. But wait! There's more!
Now the French President Nicolas Sarkozy has announced what amounts to a bailout of the country's newspaper industry as well. Here's how it works: The French government is going to help buy every 18-year old a newspaper subscription as a birthday gift. The newspapers will be given away by the publishers while the state "pays for the deliveries." According to the Associated Press, "Sarkozy also announced a ninefold rise in the state's support for newspaper deliveries and a doubling of its annual print advertising outlay amid a swelling industry crisis."
The problem with this whole measure is that vast majority of teens don't want to read a newspaper. They get their news for free on this newfangled device called the internet. Having publishers and the government shell out cash to send them newspapers is a complete waste of time and it diverts resources from what the traditional media really needs to do: adapt to a changing market.
I understand that Sarkozy wants to help the industry buy time. Fine: Why not just cut them a check to invest in moderinzation? Why bog it down with a gimmick like giving newspaper subscriptions to people who don't really want them?
Closing Bell: Stock bulls and dollar death (DDRX,GMCR, PEET, SBUX, EBAY, CI, TECD)
So long peak oil, here comes peak uranium
Black Friday expected to be strong, no promises for Christmas
Reader Comments (Page 1 of 1)
1-25-2009 @ 1:33PM
Tom B said...
Makes you wish that the U.S. was faced with declining beer sales.