Central Banks Announce Coordinated Rate CutThe central banks of England, China, Sweden, Switzerland, and the United States all cut interest rates this morning in an effort to stave off a further global financial crisis.
Tuesdays Are Always Better Than MondaysYour Saturday-night hangover is finally cleared, and the anticipated response to the credit crisis on behalf of European banks is like an Alka-Seltzer Morning Relief for the economy.
John Koblin of the ‘Observer’ Is Probably Just JealousBlogger Emily Gould’s ‘Times Magazine’ cover continues to ruffle feathers, Scarlett Johansson relocates to a totally boring neighborhood, and Baker & McKenzie partner Martin Weisberg is indicted — again. All that and more in our daily roundup of media, real-estate, law and finance news!
Bernanke Says That a Recession Is ‘Possible’As both the economy and the media seem to be contracting, Jared Kushner solidiers on, throwing himself into a new project after his breakup with Ivanka. All this and more in our roundup of finance, media, law, and real-estate news.
New York Newspapers Tanking More Slowly Than Papers ElsewhereMEDIA
• Of the top twenty American newspapers, the circulation of New York ones suffered less than others over the past few years. [Mixed Media/Portfolio]
• We hear … that gossip Website Jossip.com is up for sale. [NYP]
• And that ESPN The Magazine is beefing up its fashion coverage. [WWD]
in other news
Print Organizations Band Together, But Who Will Remain on the Island?MEDIA
• Print organizations make like Survivor: The New York Times, Hearst, Tribune, and Gannet form an alliance to back a new online company called quadrantONE. [USAT]
• Star magazine makes no apologies for paying sources for scoops. In fact, “right underneath [Candace] Trunzo’s editor’s note in the current issue is an unbridled pitch with dollar signs around the edges.” [NYP]
• Bad blood is brewing between Barron’s and CNBC after the publication ran a critical story about Mad Money’s Jim Cramer. [CJR]
the sports section
Can Eli Manning Save the Stock Market?It’s another bum Monday on Wall Street, and market watchers are glumly certain that when the Fed meets on Wednesday, they’ll bow to pressure and offer another rate cut, which could have some nasty long-term effects on the economy. So maybe they should hold off until after the Super Bowl? After all, according to Super Bowl Stock Theory by legendary Times sports writer Leonard Koppett, the market is likely to surge if the Giants beat the Patriots. Koppett’s theory holds that if the January Super Bowl winner was in the NFL before it merged with the AFL in 1970, the market will rise. The Giants have been a part of the NFL since 1925; the Patriots joined the AFL in 1960. If the Patriots win, the theory holds, the market will drop. We have no idea why this is, but according to Business Week, the Super Bowl hypothesis has had a 75 percent success rate. Which means that if they win, the Giants will not only be saving New York’s sports record; they might save America, and by extension, the global economy, from a terrible recession! But, you know, no pressure or anything.
The Super Bowl Stock Indicator [Business Week]
What the Fed is considering at its meeting. [Reuters]
Related: Underdog [NYM]
Hillary Clinton Is Going to Get So Busted by Anna WintourMEDIA
• Hillary Clinton pulled out of a Vogue shoot this past fall because she was afraid of looking too feminine, and editor Anna Wintour subsequently wrote an editor’s letter about how disappointed she was. Now, Hillary’s in Bazaar’s February issue, wearing a miniskirt and platform heels! (That bears repeating: A miniskirt and platform heels.)* Anna’s going to be pissed. [WWD]
• Sam Zell has ordered that the Tribune’s Internet content filters be removed. “I do not see how a member of the Fourth Estate, dedicated to protecting the First Amendment, can censor what its own employees and partners can see,” he writes. “You are now exposed to the dangers of YouTube and Facebook. Please use your best judgment.” Also, apparently if said judgment compels you to send internal communications to Romenesko, so be it. [Romenesko]
• The WGA took two big demands off the table — unionization for animated movies and reality TV — and negotiations may now finally focus on paying writers for digital content. [LAT]
Hillary Clinton Dismays Anna WintourMEDIA
• Anna Wintour took Hillary Clinton to task for backing out of her Vogue photo shoot because she feared looking “too feminine.” Wintour: “The notion that a contemporary woman must look mannish in order to be taken seriously as a seeker of power is frankly dismaying.” Ouch. [WWD]
• The Directors Guild showed up the writers in striking, heh, fashion: After just one week of negotiations, the directors struck a deal with the studios that includes the all-important online-video money. The writers are cautious, though, since the last time they followed the directors’ lead they got screwed on the home-video market. [WP]
• Wal-Mart, responsible for 20 percent of all “newsstand” magazine sales, announced it would dump more than 1,000 titles from its shelves. Shocking twist: The New Yorker stays, but Boar Hunter Magazine is out! [NYP]