What to buy today?

Om Malik broke a story this past weekend that TechCrunch has hired a CEO. And the blogging community is having a field day with it, debating what it means for TechCrunch and the blogging community itself.

Here’s the thing. Michael Arrington went shopping for an executive who used to do the shopping for Fox Interactive Media. The question on everyone’s mind is what Ms. Harde and Mr. Arrington will shop for together. While Henry Blodget and Om Malik aren’t entirely what out there is worth shopping for – and let’s enjoy the irony of Blodget tossing wet blankets for just a moment – the really smart folks know you’re best buying into a down market. Arrington’s timing may seem like the most irrational of exuberance. Or, he might be setting the stage for a post-burst shopping spree. As I proposed late last year, microdeals and the marriage of old and new media look like the latest thing. Of course, everyone assumes an M&A specialist came aboard to help him find things to buy. Maybe Arrington’s long-term strategy revolves around finding someone to buy him.