We and others reported on Blockbuster’s (NYSE: BBI) rather disastrous Q3 earnings last week, and the complete implosion on its online DVD rentals plans. The accompanying earnings call transcript, here, is a fascinating read, if only because the length the company goes to explain away its decay, and well, plain simple stupidity. Here’s how they’re positioning their dial-back on the online subscription program: We tried to do something good for the customers, for a change, not screwing them over with late fees etc, but the customers took undue advantage of it. Now, we’ll be back to our old ways, but we’ll use nicer language this time.

You’ll hear a lot more in its analyst day on Nov 8th in NYC this week.