If the Seattle Times is so good at psychically predicting the future, um, why’d they leverage their paper to the edge of bankruptcy by spending nearly a quarter billion dollars they didn’t have, to purchase a struggling Maine newspaper chain just as the industry was about to collapse? Shortly after the purchase in late 1998, the Times boasted:
“With the Maine purchase, we increased the financial strength of The Seattle Times Company and expanded our opportunities for continued growth in asset base and cash flow.”
A decade of red ink later, and under pressure from creditors, the Times sold it’s Maine papers at a near total loss.
Now the Times predicts that a high earners income tax will eventually be extended to the middle class; in fact, its editorial page writes, “We are sure of it.” But if they can so disastrously misread the near-term future of their own industry, why should anybody take their prognostications the least bit seriously, especially on economic issues?
I’m just askin’.