Title: TWIB: Bostons Business Beat

" Welcome back to the business -- within ASEAN business reporter Peter how each week we focus on some of the more interesting Vista stories making news Peter are you doing. Did this even if -- this storm OK I know the storm the week what year as far as the economy goes one of the things we know that that we heard. From this past week was the Tribune Co. make that we'll get to that the second the Bank of America. Everybody said from -- yes thank you America you know is this -- they said that they were going to eliminate up to 35000. Jobs. That will affect New England it reflects the weak economy but it's also part of -- the Merrill Lynch by -- The layoffs will affect workers at both companies so what do you think should we be concerned about this -- especially."

" Yeah I know it can't helped -- hit at the money management operations in Boston you know these are two huge companies with a lot of overlap. In some of the you know the retail brokerage operations 35000 jobs over three years. And I hate to say you know we IA insured you are going to see a wave of these cutbacks in the financial sector you know -- financial services industry that just get so overblown you know 2006 is going to be may have urban site. 40% of all corporate profits in all of America came from the financial sector and that's just you know unsustainable that was a whole industry that just got cubic."

" But the physicists dating right now has affected your best -- all right another thing households a cut back on their debt. For the first time on record I thought this was interesting according to the Federal Reserve it happened is people were hit by declining home values and stock market. --"

" That is only stirred stuck having in 1952. And is the first time they've ever seen this. I sort of like on this old fashioned guy who fired you know how want can be -- living in a country where people borrow money that they shouldn't borrow and spend it on. Stuff that they maybe don't need to buy and really can't afford to write you know we're -- retrenchment it is going to it sexson went out of the sales of the economy is we have -- built on. Consumer spending but potentially you know we're -- to a real. Epic shift we're going to be. Back to serve our parents or grandparents generation actually saving money and buying things from we have the money to."

" What a concept can all right we mention the Tribune company's earlier they filed for chapter eleven bankruptcy protection. This week and under the terms of their reorganization the company has approval to make payments to employees vendors and others. The company owns the Hartford current the only time Chicago Tribune Baltimore sun other newspapers as well. We're talking about advertising revenue down they also got. -- fully involved in the hole where are Rod Blagojevich stated it but as far as this goes in and it's just another big company is hurting."

" Yeah this kind of advertisers. Sam Zell eight billion dollars in debt huge leveraged buyout probably exactly the right time to pile up huge amount of debt. Going into the newspaper this is that you know all across the media it's you know as bad as -- at NPR we're seeing it at Newsweek they're talking about layoffs. I don't think there's any you know corner of the media that is going to be hit by this retrenchment in advertising. It just the whole economic slowdown but Tribune you know it will be. Vigorously to see if they poll out this deal to sell the Chicago Cubs that's kind of their crown jewel and that could keep these very good newspapers the Chicago Tribune LA times. A -- for awhile longer."

" of course it got sucked into the Illinois governor thing where they wanted money to borrow from the state to make this deal happen. And the governor's insurer is long as we can get rid of your editorial staff picks at the ready to start saying nice things about -- we can't hope the governor of Illinois verbatim on TV we get probably wouldn't have trouble -- after. All right speaking of that NBC has taken a big hit in the ratings this past season network is hoping that Jay Leno will be a big hit in prime time next fall. Leno show will run every night at ten and this too is an economic story to some degree is NBC hopes to cut 500 million dollars from its budget next year. So I guess in part it's talk and things like the Jay Leno show their lot cheaper to put on the air as opposed to a drama -- yeah they're really good stuff."

" If you put us on at 10 o'clock on Thursday to the Mike McCann that I've -- that. The what I think this is as you know other sport police out of four networks -- really have nothing to lose. I also think you're just pushing generational thing you know let it was very talented people kind of fifty an -- And -- get to that age I don't really when asked him until 1130 at mobile watch good comedy show at 10 o'clock. It may turn out to be a brilliant deal you know the they don't get quite the numbers it's from the other shows do. But the cost is right and they make more money at 10 o'clock and some other competitors we'll see how it does in if it doesn't work you and I are ready and waiting in the wings -- comment all right. That is it for this week in business I'm liking you this part doesn't we'll be back next week -- year and special. Thanks for joining us and have a great."