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What happens when a publisher stops buying manuscripts?

So the economy is bad. How bad is it? Publisher's Weekly reports that Houghton Mifflin Harcourt has placed a "temporary" halt on acquisitions. That means it's not buying books to publish. HMH bigwigs are saying the halt is just temporary, but it sure can't be a good sign.

Josef Blumenfeld, vp for communications, says, "In this case, it’s a symbol of doing things smarter; it’s not an indicator of the end of literature." Maybe not. But it makes you wonder...

Read more here.

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