News Corp. chairman and CEO Rupert Murdoch fielded questions about
the global economy, social mores in the wake of the economic crisis and
how much he's paying in taxes on his summer home in the Hamptons from
Fox News anchor - and Murdoch employee - Neil Cavuto to kick off
Thursday's late general session at Cable Show '09 here.
Despite the recent rally in the stock market -- the Dow rose 200 points on Thursday -- Murdoch, who has watched News Corp. stock decline by 55% in 2008 said that he didn't expect the markets to return to pre-recession levels anytime soon.
"I'm not a market expert, Murdoch said, "but we're not going back to
the old levels in any hurry at all." Asked how long the market malaise
could last, Murdoch said he believes it could last two or three years.
The economy, he added, could recover by the end of next year.