Realtors or Newspapers?
Well, now we know why the MSM were such active cheerleaders of the housing bubble at the time - look no further than their REIC-driven and desperately needed ad revenues which have now gone kaput.
A steep but cyclical decline in real estate advertising has forced The Bakersfield Californian to eliminate 40 positions, 10 of them through layoffs, company President and CEO Richard Beene announced Tuesday.
Between 2004 and 2006, The Californian enjoyed strong profits largely because of an "exploding real estate market," Beene said. But recently, real estate agents, home builders and others in the industry have scaled back their advertising, he said.