Media mogul Rupert Murdoch addressed the cable industry’s largest annual gathering in Washington, D.C. on Thursday, with a gloomy outlook for the economy.
Murdoch said he doesn’t see the global economic crisis easing yet, and he fears financial markets may not recover for two or three years.
“I think the long-term situation is still very negative,” said Murdoch. “I’m slightly more pessimistic because I think every family – rich and poor – is poorer than they were a year ago and they’re being thriftier.”
“We need to get a [Securities and Exchange Commission] that’s awake, and maybe a few more regulations, but not many,” said Murdoch. “As unemployment rises, how do you stop this congress from being protectionist?” [via Dow Jones]