osewalrus (osewalrus) wrote,

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.

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.

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