Wednesday, September 22, 2010

WalMart happenings........

Here is a stunning admission by none other than the CEO of Walmart on what modern day bread lines look like.

Profits And Baby Formula – Bloomberg picked up an eye-opening statement made by the Wal-Mart CEO last week.

"I don't need to tell you that our customer remains challenged…You need not go farther than one of our stores on midnight at the end of the month. And it's real interesting to watch, about 11 p.m. customers start to come in and shop, fill their grocery basket with basic items – baby formula, milk, bread, eggs – and continue to shop and mill about the store until midnight when government electronic benefits cards get activated, and then the checkout starts and occurs. And our sales for those first few hours on the first of the month are substantially and significantly higher."

Talk about shopping only for necessities. The mid-night trip for baby formula says it all.

Luckily the NBER said the recession ended. Hurray:

So The Recession Ended 15 Months Ago – A Bloomberg report on lagging jobs got superseded by the FOMC statement. Here’s the opening line from the Bloomberg report:

Payrolls dropped in 36 U.S. states in August, led by Michigan, indicating the labor market will take time to rebound from the worst recession since the 1930s.

A little later in the article, it was noted how broad the job weakness was:

Texas lost 34,200 jobs, and California eliminated 33,600, the Labor Department said. The number of states where payrolls dropped was the highest this year.

More job losses in more states. Thank the gods that the recession’s over.

The country is collapsing everywhere and all the leaders can do is lie to their electorate that things are great. Images of the Titanic come to mind.

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