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Today's Journal, in its Money & Investing section, carries a story about how JP Morgan Chase has become the owner of a variety of distressed businesses, like Bally's, Reader's Digest, the Journal Register Co. and soon, Freedom Communications.

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While listening to an NPR interview with former Sunday Times of London editor Harold Evans, I was reminded again about the real danger that's affecting this nation in the event newspapers can't emerge from the current economic downturn.