Rupert Murdoch is predicting more economic turmoil. And because of this he has also decided to stop writing checks for business entities, meaning his media empire is no longer in expansion mode. Could that be a sign of an impending recession?

Murdoch also says he’d be happy if the Dow Jones drops to 11,000 as long as it holds and doesn’t dip any lower. For him to make that kind of comment he’d have to have some kind of insight into what is to be expected for the near economic future. If he’d be “happy” to see the Dow Jones lower to 11,000 and hold then it must be because the market has the potential to dip lower. With Bernanke at the Fed’s helm, that’s understandable.