workblues

So we’re in a recession, and I’m sure we’re all WELL aware of ‘the times’; but today I got wind of the tribune company, yes THE tribune company, filing for bankruptcy. And as hard a blow as that was to take initially, I soon after realized that it could’ve possibly been avoided, if not for some unsaavy dealings and ideals of Samuel Zell; who decided to take the company private a year ago and nearly triple its debt! Now for Zell, making such a bold move – after acquiring the Tribune on clearance prices – may have started out as adventurous, exciting and risky. However today, it looks dismal and like one big headache with the Tribune’s name on bankruptcy papers, and possibly its employees in the unemployment line. (Way to flaunt that business saavy Sam Zell!)

I mention this because besides it being news; it’s a clear example of how this recession is pulling back the covers on everyone’s finances; and how we’ve started believing our own hype and buying into our own bullshit. I mean really? Think about it….a billionaire outbid OTHER billionaires to acquire a conglomerate as massive as the effin’ Tribune company (which by all accounts was doing fairly well – and could’ve possibly ridden this recession out for the most part, unscathed); only to later have his skirt pulled up to show he’s borrowing from peter to pay paul! and now bondholders, JP Morgan Chase and Merrill Lynch are calling in their markers respectively. I.E., ‘they need their money now!’ That is the epitome of the foundational reasoning behind this downward spiraling of the economy. GREED. smdh! :12/8