Well, the economy does appear to be improving, Graph Expo and Ifra Expo did indicate that the newspaper industry still has a pulse, and here comes Moody's Investor's Service to snuff out that nascent dose of optimism.
The ratings organization, which by the way did such an awesome job rating securities involved with 2008's financial meltdown, today downgraded the U.S. newspaper segment, changing its outlook from stable to negative.
Why? The same old story. Ad revenues are dropping, circulation is dropping and consumers are getting all the news they need from the Internet.
Haven't we heard this all before?
Here's the truth: Without newspapers, there wouldn't be any news on the Internet. Without newspapers, there wouldn't be any insightful coverage of government, industry and local civic affairs.
Oh. One more thing: Without newspapers, there wouldn't be any of that irksome coverage of government panels investigating why agencies like Moody's completely dropped the ball in the months leading up to The Great Recession.