Sung Woo - Blodget,Picard

I was glad to see the sinking Titanic in Blodget's blog. It gave me ideas about what I should say about his plan. All three recommendations of Blodget are very much correct, it seems to me. Problem is, are they the right recommendations for a sinking ship?
1)Cut the cost 40% by 2010(!) In the corporate history, how many firms have succeeded reducing that much cost in a year without resorting to radical measures such as filing for bankrupcy? The agony of media management leadership is not that they don't know what to do. It is about how to do it. It is like asking the Titanic, "Hey, captain! Fill up that hole underneath, and you will be safe."
2)I don't think raising print prices will save NYT either. It is true that many newspapers are doing this. Suddenly, we are applying the law of demand to the suppliers in the market. Price should go up as quantity decreases? I doubt Adam Smith will agree to that prescription. Moreover, increased revenue will soon be offset by decreased subscription. Again, it is like asking the Titanic to scoop the water out of the ship with buckets.
3)Charging online subscription fee is something I can consent to. A way to fix NYT may be to find a business model as digital media and transform itself. We know that is a way to save the Titanic, we just do not know how. WSJ' hybrid system may be part of the answer, but not all.

As for Picard, I think his arguments are based on wrong assumptions. First, I would not say that majority of journalists claim that their work has sacred values, at least, not any more. More importantly, he did not give any empirical evaluation about the present pay of journalist in the market. Is the value of journlist's labour overpriced right now? Is it sustained by non-market forces such as journalist's claim as guardian of democracy? Without answering basic questions, Picard argues that low pay will save media business. I found the essay very lengthy but not scientific.