Alan Mutter is a genuine expert on newspaper economics, which is one reason why his bizarre blog entry today on the economics of non-profit newspapers is so puzzling. This has to be one of the most innumerate things he’s ever written:
With trading in Citi accounting for 25% of the volume on the NYSE, there’s only one game in town for stock traders — even if the price of the stock ended the day within 13 cents of where it started it. Zero Hedge puts it pungently, noting that trade is being increasingly concentrated in Citi, BofA, and the QQQQ Nasdaq index fund:
This is how the blogosphere glosses the news: first the WSJ runs a slightly overheated article about the most recent Treasury auctions, talking in the headline about “Debt Fears” in the market for US government bonds. It’s one of those spectacularly meaningless headlines onto which all manner of rank speculation can be piled: a market went down, so you can talk about “fear” (although for some reason when a market goes up you get many fewer headlines about “greed”), and yes, it’s a debt market, so you can talk about “debt fear”.
At this point, even I’m bored of the Salmon vs Blodget wars. But Henry has decided to grossly misrepresent my views, so it’s worth explaining in a bit more detail what I actually think about blog content and how it can and should be turned into money.
I’m very happy that the Lower East Side People’s Federal Credit Union made it into the photomontage the NYT used to illustrate an article on switching bank accounts — even if there was no mention of credit unions in the article itself. I’m on the board of LESPFCU, and we’ll take all the publicity we can get.