March 26th, 2008

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Funding for Clear Channel Deal Collapses

Still parking links, but this is damn alarming for the financial markets.

If banks are pulling out of these kinds of deals, where the properties are fairly secure and with a proven record for profit, it is very bad news.
http://money.cnn.com/2008/03/26/news/companies/clear_channel/index.htm?section=money_topstories

Most people think this is about the subprime collapse. It's not. The subprime collapse was simply the final straw in a rotten foundation. This is why every time economists (primarily of the free market variety) keep trying to persuade people we've hit bottom (Robert Samuelson was at it in Washpo today), something new breaks. Because it isn't just subprimes, or quant funds, or the falling dollar, or the fact that our economic infrastructure has become stagnant and that the supposed gains since the last recession were illusory products of cheap money. It's all these things and more.

Getting mad at borrowers, or even borrowers and lenders, is like blaming the symptom for the disease.

Meanwhile, Bell Canada is apparently screwing the independent ISPs that resell its capacity. So scratch Canada off the list of countries that could compete with us.
http://stevenmansour.com/en/links/2008/march/26/bell_canada_throttling_other_dsl_reseller_traffic
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Google and Sprint to Team With Comcast Over WiMax?

Or "Don't be evil, date evil."

He was warned against her, that is why he looked
She was warned against him, that is why she took
Wouldn't see no reason, went and done it blind
We know all about 'em thay've got all to find

And it's cheer for the spectrum wedding
Give 'em one cheer more
Comcast and Sprint are getting married
And Google turns out to be a whore

(Actually, I am not surprised that Google would at some point ally with the forces of darkness. It's a profit maximizing firm. But they should learn from AOL how well that works.)