Why, why, oh, why did I not sell that damned Time-Warner stock years ago? I’ve thrown out my knee kicking myself in the ass for that lazy stupidity.

Now Dick Parsons is saying that AOL is Time Warner’s best hope.

That isn’t a compliment to AOL. It’s an indication of just how screwed up AOL remains — as in, surely, it can only go up from here.

But it’s really an indication of just how bad Time Warner’s — and big media’s — prospects really are. It’s hard to see growth in magazines (and certainly not in newspapers). Cable is just biding its time until it loses control of our connectivity. Networks face nothing but new competition. The only good news is that they found a sucker for their music business.

I had some hope for salvation with the rumors that MSN and AOL would merge — except that I own Microsoft stock, too. I can only pray that Google is dumb enough to buy AOL…. or all of Time Warner. But I doubt it.