Media Navel Gaze: August 15, 2011
The Week Unpeeled
Wild swings. London riots. French-bank rumors. Straw polls. Supercommittees. All make the downgrade seem like so long ago. But volatility ruled last week and no sign of clear direction is emerging for the week ahead, with the Dow down about 12 percent from its highs this year and analysts not yet really saying that stocks are cheap. Some also are saying that worldwide stock value losses for the first week of August was approximately $2.5 trillion (about what S&P lost in its downgrade calculations, btw), as referenced in The Wall Street Journal (Carl Bialik) over the weekend. Elsewhere:
- US appeals court ruled last week that a mandate that all Americans carry health insurance was unconstitutional (ouch for Obama and the uninsured);
- The Fed said it would keep interest rates low, a rare statement for sure, until at least mid-2013, suggesting that growth is expected to be very sluggish;
- Randall Lane returned to Forbes, magazine, and was named its editor, after leaving the title for a while and was most recently editor at large at Newsweek and The Daily Beast.
- For the record, the Dow ended the week about 1.5 percent at 11,269.
Good Diversion for Last Week and Fun While It Lasted
We loved its short life but some people can’t take a joke, it seems (or some feared some could not take a joke). The @CondeElevator Twitter feed was shut down last week, stopping for now the tweets that followed conversations in Conde Nast’s headquarters elevators. Cattiness ruled, natch, but interesting also that the Twitter feed was gaining more followers than those for the publisher’s more popular titles. So what’s next?