Mort Rains on PR Parade with Predictions of Doom and Gloom

With an oracular air, the editor-in-chief of U.S. News & World Report and chairman/co-publisher of the New York Daily News, predicted that both would get worse before getting better. “We’re not at the bottom of this,” he said, barely attempting to dissipate the cloud of doom rising from the podium. “We’re in a time that’s unique. This has not happened since the Great Depression. We have not had a single year in 70 years in which housing prices have gone down. We’ve had two bubbles—the residential market and financial. Our profligate ways of spending has affected the value of the dollar, which has gone down.”

As the crowd of stylishly dressed public relations professionals shifted in their seats, listening uncomfortably to such emanations, they did brighten up considerably when Zuckerman finally took a breather from his morbid prognostications to compliment the government (even if it’s the current maligned presidential administration) for responding so quickly to the subprime mortgage crisis and the recent collapse of Bear Stearns. They also smiled wanly when Zuckerman soberly praised New York City for its power of resilience, calling it a “global economy” that attracted “50 million visitors last year —far more than Paris, the most visited city in Europe.”