News Corporation CEO Rupert Murdoch told the Australian Broadcasting Corporation he sees no alternative to the proposed government bailout of the US mortgage mess. Even so, he told the TV network “we’re in for a hard time.”
The Australian network interviewed Murdoch in New York as he was heading to a meeting with the Prime Minister of Australia, the country of his birth and early career. On principle, the media tycoon said he doesn’t like the idea of a government bailout, but he sees no alternative, so “I think it has to happen.”
Murdoch was asked how much trouble the US economy is in. “We’ll see. If they can get this thing through this week and hurry up about it, I think we’ll be OK. But we’re in for a hard time,” he said.