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Big Media Gripes at Obama

According to the Daily Beast, media moguls at the Sun Valley conference are turning away from President Obama, worried about the deficit and that he’s putting the blame for too much of the nation’s ills on business.

Peter Chernin, a stalwart Democrat, said,  “I do think the administration will blame business for things too
quickly. I don’t think they are
anti-business, it’s more nuanced than that, but they appear that way
because they jump too quickly on the bandwagon.”

The Daily Beast’s Peter Lauria adds a caveat: “Despite a 12 percentage point swing in top line growth over the last six
months—from negative six percent in last year’s fourth quarter to
positive six percent in the first quarter of this year—none of the
moguls we spoke with believe the economy is headed for a full recovery.
Indeed, the administration’s response to the global economic crisis cast
a pall over what should have been a more upbeat conference than in
recent years when the credit market collapse, advertising recession, and
continued disintermediation of their businesses from technology caused
media company stock prices and deal activity to fall to unprecedented
lows. Heading into the conference, stock prices were up about a third
from where they were a year ago, after all. (It’s also worth noting that
the titans were griping while enjoying an all-expense paid
retreat—complete with luxury suites, catered meals, free booze, golf and
white water rafting, and private security detail—easily running Allen
& Co. a few million dollars.)”

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