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President Obama's news conference on July 22 is meant to be a foot on the accelerator of health-care reform, but all signs suggest that Capitol Hill is putting on the brakes. In the House, the Energy and Commerce Committee had expected to be finishing up its bill tonight; instead, the only one of the three health-related House committees that hasn't yet produced a bill has suspended its drafting sessions, while committee chairman Henry Waxman tries to work out his differences with a rebellious group of fiscally conservative Democrats known as the Blue Dogs...
Current Fed chairman Ben Bernanke has had to explain himself on Capitol Hill a lot more often than that. As Bernanke waited to give his semiannual Humphrey-Hawkins testimony before the House Financial Services Committee on the morning of July 21, Alabama Republican Spencer Bachus thanked him for his "willingness to make yourself available on countless numbers of occasions." Since February, the Fed chairman has been called to testify about Bank of America's takeover of Merrill Lynch, the government's bailout of AIG, the federal budget deficit, the Fed's various new lending programs and the economic outlook...
...McGraw-Hill has confirmed that it is "exploring strategic options" for the magazine, which is another way of saying the company does not think it can make money off the magazine - ever. It may not be wrong. Less than a decade ago, Business Week ran nearly 6,000 ad pages in a year. This week, a banker valued the magazine at a dollar. "The rapid speed of the switch from print to digital, combined with the extreme severity of the economic downturn, has made it very tough for all weekly magazines," says Stephen Shepard, former editor in chief of Business...
...pages than it did in the first half of last year, according to the Publishers Information Bureau. Fortune, published by Time Inc. (owner of TIME.com), sold 38% fewer pages, and Forbes was down 30% (a number possibly skewed by the inclusion of ForbesLife). But as a weekly, the McGraw-Hill publication has higher editorial and production costs than the other two. And they all have much bigger expenses than the legion of websites that offer business journalism exclusively online - daily, even hourly. Industry experts estimate Business Week could lose $20 million in 2009. (See the best and worst TIME magazine...
...Moreover, it's highly likely that McGraw-Hill, unlike Forbes or Time Inc., does not see running a consumer magazine as a core business. What McGraw-Hill does best is provide specialized information: trade magazines, financial-services data, textbooks. The news business is not in its DNA, just as business journalism wasn't in Conde Nast's. Business Week was a stepchild tolerated only as it more or less paid its own way and offered prestige. Once it became a burden, it needed to be hustled off the estate...