The document summarizes Jordan Rohan's thoughts on recent macroeconomic trends and the digital media industry: 1) The global economic recession is having widespread negative impacts, including falling public market valuations, tight credit, real estate price declines, and rising unemployment. 2) Within digital media, portals are declining while social media grows, but monetization remains a challenge. Ad networks have proliferated but face issues around oversupply and consolidation may be needed. 3) Predictions for 2009 include Google continuing to gain share, potential acquisition targets, and an upturn in stock prices after the first quarter.