The Week Unpeeled
The end of August ended with a bang on all fronts except the jobs front as the month turned out to be one of the “newsworthiest” in a long time, from the earthquake and hurricane on the East Coast to Murdoch to Jobs to Syria to London riots to S&P downgrades to the debt-ceiling debate to BachmanPerryRomney to wild market rides. Get the pic. More recently and elsewhere:
- Bad Labor Day News: The jobs picture dimmed considerably with zero new jobs created in August, the first time in a year when no jobs were added to the economy;
- Focus now is on President Obama’s speech on jobs, scheduled for Thursday (after PR nightmare scheduling fights with the GOP);
- Obama appointed Princeton economist Alan Krueger to be head of his Council of Economic Advisor, someone familiar to CJP when he worked with us on developing a proposed index for one-time client Adecco;
- The US sued to block the $39-billion AT&T/T-Mobile merger (which is being argued about whether it will help or hurt the jobs picture);
- The US also sued 17 mortgage institutions that sold loans that turned bad to Fannie Mae and Freddie Mac;
- WikiLeaks cables were leaked; and
- For the month, the Dow declined 529 points to end at 11,240 (September is usually the worst week for stocks, so stay tuned).
Tech Blogger to Become Investor
Interesting businesss/journalism/gray area story last week when Michael Arrington of TechCrunch fame announced plans to start a venture-capital fund to invest in Silicon Valley start ups, even ones he and staff may cover as bloggers. The $20-million fund raises obvious questions about conficts of interest. TechCrunch’s somewhat new owner, AOL, said Arrington will take a new role at the site, hire a new managing editor and continue to report to Arrianna Huffington (maybe not to ruin the perfect mashup of reporting lines and names).