Murdoch: ‘Very Bearish’ on Economy


News Corp. Chief Executive Officer Rupert Murdoch said
he is "very bearish” on the economy as food and energy prices rise for

Murdoch said he anticipates "another 12 months of hard slogging”
during a television interview from the Allen & Co. media conference
in Sun Valley, Idaho. He said the entertainment industry is "doing just
fine” so far.

"Every country in the world has serious food inflation and then of
course you’ve got the same thing with energy,” he said. "It’s really

click for video:

Media stocks have been overly penalized, Murdoch said. News Corp., based in New York, had dropped 30 percent this year before today on investor concern about a slowdown in advertising and the company’s MySpace social-networking Web site. Time Warner Inc., the biggest U.S. media company, had lost 16 percent, and No. 2 Walt Disney Co. is down 8.5 percent.

News Corp. Chief Says He’s `Very Bearish’ on Economy
Greg Miles and Gillian Wee
Bloomberg, July 10 2008

What's been said:

Discussions found on the web:
  1. engineer al commented on Jul 11

    Murdoch/February 2003.

    “Who knows what the future holds? I have a pretty optimistic medium and long-term view but things are going to be pretty sticky until we get Iraq behind us. But once it’s behind us, the whole world will benefit from cheaper oil which will be a bigger stimulus than anything else.”

    $20 oil? Missed it by “THAT” much.

  2. John Peter commented on Jul 11

    “Media stocks have been overly penalized”

    More and more people are sick and tired of Murdoch’s propaganda imperium. Faux News is just too much of evil, bad journalism and I’ll boycott any Murdoch product for the rest of my life.

    I also put a needle in my Newscorp voodoo doll. So be warned – Newscorp will go to zero. 🙂

  3. VennData commented on Jul 11

    Recession? What does this guy know? It’s just a mental recession; I believe Phil Gramm, the guy who’s wife was on the Enron’s Board of Directors, not this Murdock guy who probably doesn’t even read the Wall Street Journal.

  4. Greg0658 commented on Jul 11

    “Media stocks have been overly penalized,” Murdoch said

    no worse than many other idustries tanked by the computer

    like photography and printing

  5. me commented on Jul 11

    “Every country in the world has serious food inflation”

    Uh, not the US, we exclude food and energy or hasn’t he heard.

    And speaking of Himself, is it just me or does the WSJ really look and read like a tabloid in the last couple weeks. I mean worse than before? It is hard to find business news on the front page, just politics. It’s like reading Faux Nuze.

  6. VoiceFromTheWilderness commented on Jul 11

    Now that’s a contrary indicator, or a really, really bad one.

    If Rupert Murdoch says it, it must be wrong. Unless it’s incredibly right.

    When Nouriel Roubini and Rupert Murdoch agree, it’s best to not be at sea! 🙂

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