Blockbuster Inc., once the dominant movie rental company in the U.S., filed for Chapter 11 bankruptcy protection on Thursday, reeling from mounting losses, rising debt and competitors that have better catered to Americans’ changed media habits.
What? I thought companies told people how to consume? I thought we were powerless to choose? What is this nonsense that companies should cater to what people want? VHS is good for you god-damnit! Oh wait, that’s Uncle Sam I was describing.
By the way, where are all the folks crying about this? Should we bail them out during this tough time? But the above is how things are supposed to work. I do not revel in their problems, but I am very glad to see that some semblance of a profit and loss system still exists. It just doesn’t exist in any industry deemed “important.”
OK, so does it have to be the case that one bankruptcy destroys that thesis? No. But I urge readers to look at how well the dominant firms of decades past have fared, and think about today’s dominant firms and see how dominant (or existent) they were in the past. I will post some research on this later this term.