"Investors who are shocked today by Best Buy’s miserable performance in the quarter that ended in August should take a fresh look at Bernstein Research analyst Craig Moffett’s important studies of what he refers to as the media industry’s “looming affordability crisis.” A report out today, synthesizing some of his recent research, notes that once the poorest 40% of the population pays for food, shelter, transportation, and health care “there is nothing left for clothing…for debt service…for cable…or for phone.” If the government cuts entitlement programs then it would “have a profound impact on spending patterns,” Moffett says, that would lead the media industry into “uncharted waters."