I think his main point is that for now, in the immediate present, nothing has really changed in terms of moderation, so the advertisers shouldn't be pulling out

I think his main point is that for now, in the immediate present, nothing has really changed in terms of moderation, so the advertisers shouldn't be pulling out. But this probably ignores the fact that it is a crunch time in the economy and advertising needs hardly any reason to cause it to contract.