John Ellis, The American Interest
Long recessions are great for rich companies; everything's cheaper and there's a lot for sale. Long recessions are hell on weak companies; they become sellers in a buyer's market and liquidity "issues" require that they sell their best assets first.Combine a massively disruptive technology (the Internet), a weakened company (The New York Times Co.), and a brutal recession, and what you get is a kind of slow-motion fire-sale.