MORE FINANCIAL PROBLEMS FOR BIG MEDIA: Tribune Hires Advisers to Help Stave Off Bankruptcy.

UPDATE: Virginia Postrel comments:

If anyone should fear a Depression, it should be journalists, who are already the equivalent of 1980s steelworkers. But instead, they seem positively giddy with anticipation at the prospect of a return to ’30s-style hardship–without, of course, the real hardship of the 1930s. . . . Oh the thrill of imagining a Great Depression. It’s an opportunity for Great Design and Really Cool Government.

And in 1914, a lot of the same sorts of people were giddy with anticipation for the war, because they expected a transformative and purifying experience. It was transformative.

ANOTHER UPDATE: What’s Wrong With This Picture?

MORE: Related thoughts from Dan Riehl. And some worrisome China news that you may have missed.