BC Beat

Great binge is over, says Murdoch

1/29/2009 11:47:09 AM

By Claire Atkinson
News Corp. Chairman and CEO, Rupert Murdoch, sure has a way with words. Opening the World Economic Forum in Switzerland Wednesday, the News Corp. chief gave a brief overview of the state of the markets today, predicting the downturn might be here for the long haul and that the U.S. stimulus plan was unlikely to work, at least in the short term.
“The world financial markets are in great state of disarray…Stimulus plan did not work in The Great Depression for sure…We never saw anything until there was a war ten years later. Err. I’m not suggesting we should have one.” Oddly the Wall Street Journal’s video of the boss ends there.
News Corp.’s other newspapers picked up the rest: “The crisis is getting worse. It’s going to take drastic action to turn it around, if it can be turned around quickly. Personally, I believe it will take some time,” reported the Times of London.
“We’ve been living in the Western world way above our means. We’ve been on a great binge and it’s come to an end and we have to live though the correction.”
This former Oxford graduate, who once kept a bust of Lenin in his room, went on to reassure the audience however, that capitalism works. “Don’t let’s lose sight of what creates wealth in this world: it is open markets, it is capitalism, and we have proved this again and again in the last century,” he said.

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