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Arts and Culture

Magic Kingdom Slightly Less Magical

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Posted on Nov 6, 2008
Magic Kingdom
Flickr/Américo Nunes

All the magic in the Magic Kingdom couldn’t keep the Walt Disney Co. from taking a hit as a result of the global economic downturn, as evidenced by Disney’s latest quarterly report.


The New York Times:

Even as the weakening economy was hammering rival media conglomerates over the last year, the Walt Disney Company reported surprisingly robust results across its theme parks, consumer products and television networks. Disney shares have fallen about 33 percent since May — a sharp drop, but one that looks almost respectable considering that shares in companies like CBS have plummeted more like 70 percent.

But Disney on Thursday reported a 13 percent decline in quarterly earnings on weakness in nearly every part of its empire. Movie earnings in the company’s fiscal fourth quarter, ended Sept. 27, plunged 42 percent because movies like “Swing Vote” and “Miracle at St. Anna” were virtually ignored at the box office. Advertising declines hurt two Disney properties, ABC and ESPN, leading to a 4 percent drop in income at the media networks unit.

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By cyrena, November 9, 2008 at 2:15 am Link to this comment

Nrobi..

Great comments. I whole heartedly and passionately agree. I also believe that Obama will indeed put some balance (for survival of the whole) to the economic system that has enslaved so many of the working poor.

It might be too late for me to realize much of an improvement, but at least others will eventually have some response to their hopes, because this IS ‘doable’. Obama hasn’t promised anything that cannot be accomplished. How and how long it takes depends on how well he works it, which includes who helps him, and what ideas are made available. That’s the good thing. He DOES know how to take advantage of information and knowledge, because he’s open to hearing all things out.

I’ve just read the piece that Al Gore wrote for the NYT, and that too, was very encouraging. (at least I thought so). I’m impressed with the logistics/operational aspects of actually putting ideas to work the way we hope that they will. Big Al’s got a plan. It sounds pretty good to an amateur. wink

So, those are the types of things that I believe Obama will pay attention to. It’s a plan that addresses many needs, including the working poor of America. I’d say the workers of America are happy enough to work. We just obviously need to be paid for it appropriately. Again, that’s doable.

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By nrobi, November 7, 2008 at 5:11 pm Link to this comment

I do feel sorry for the workers of the Disney Corp. but on the other hand those executives who make millions in sweet deals and with golden parachutes deserve to feel the economic pinch as much as the workers.
It is beyond me that in this day and age, a company like the conglomerate Disney, can feel the economic pinch of having to do with less and work harder for their part of the economic pie. Yet the worker is the person who will do with less and work harder than ever for their meager salaries.
Should their ever be an equality based economic system in this country then we the workers and wage slaves would receive our fair share of the economic pie and do with more than we are right now.
Under the shrub’s administration, the workers of America have taken hit after hit, have struggled to make ends meet and have tightened their economic belts so much that their stomachs are now touching their backbones. We the people have had enough of the inequality of the neo-conservative system of economic rewards, there have been none to speak of since the first election was given to Duhhhhhhbya.
We must now work for and receive fair wages and compensation for our labours. I fear, that if we do not, then eventually there will be a peoples revolution and the people will do away with the so-called ruling class and work for themselves to better their own stand in life.
Must we the people endure another administration of cheating and lying to the people? I sincerely hope that President-elect Barack Obama will spread the wealth around and give the wage-slave and working poor of America a chance at a better life.

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