"From conglomerates to internet ventures, executives should be planning now on a decline of up to 40% in advertising spending during this cycle. Instead they're sleepwalking into economic extinction--even those lean online ventures which were supposed to take up the mantle and preserve New York's position as a media capital."

--The ever-direct Nick Denton of Gawker Media in an extended post about the economic downturn (when do we start calling it a depression?), onlne media and ad revenue. Nick's cautious here in his projections--but his calling out the moanin' is right on.