Run On Banks In LA Amid Crisis

[Nomad559]

http://rawstory.com/news/2007/Across_country_red_flags_could_signal_0817.html

Wal-Mart CEO says customers are 'running out of money'

Wal-Mart CEO H. Lee Scott Jr. says customers are "running out of money."

Earlier this week, consumer juggernauts Home Depot and Wal-Mart reported softer than expected earnings.

Penned the New York Times, "the sober forecasts reverberated across Wall Street, sending the Dow Jones industrial average and the Standard & Poor’s 500-stock index down by nearly 2 percent, with the Dow dropping more than 200 points. Shares of both Wal-Mart and Home Depot fell around 5 percent.

"Economists said the sluggish performance of the chains — Wal-Mart missed its profit forecast and Home Depot’s earnings dropped — could signal broader troubles in the economy."

Buried in the article was a sobering remark indeed: “Many customers are running out of money at the end of the month,” said H. Lee Scott Jr., the chief executive of Wal-Mart.

[hobbit709]

1. I run out of money by the middle of the month

Anybody that runs out at the end of the month is better off than me.

[snappyturtle]

2. Not great here either....I'm waiting for the other shoe to fall.....

IF we get out of our troubles it will be by the skin of our teeth...we have a plan and have made it over a few hurdles...one more big one but........We're either working until we're exhausted or sitting numb...like now....a bit more rain and we'll be locked down for a bit. If we go out a work today we could be put in a position that we won't be able to get back to our house. The river is rising. We don't need to be spending our money on hotels/motels.

[havocmom]

3. Wayward Daughter enraged over article she read blaming consumers for slumping economy

Roughly translated: If CONSUMERS would just buy more stuff, things would be fine!

She is shaking mad. How do people keep buying stuff when their REAL wages are shrinking? WHY would they keep buying stuff when they are unemployed, underemployed, facing the likelihood of being unemployed, working 3 jobs to keep a roof over their heads and losing ground every damned month? EIGHT HUNDRED workers in her industry, in her town were shown the door at their (former) place of employment JUST YESTERDAY. How do they keep $$ in circulation so the job slash doesn't spill over into the businesses those people used to support in the community?

Why is outsourced jobs and shrinking US payroll the fault of working people/consumers? Unions and other advocates for sanity have been screaming that we can't keep loosing jobs and enduring shrinking wages AND maintain the economy/lifestyle the CEOs have become accustomed (addicted) to.

The corporations are doing badly because of the workers and costs associated with the workers (so the corporations say to rationalize outsourcing). Now, those same workers are being blamed for the economy sinking.

Yeah, NOTHING is the fault of the fat cats in the Executive Suites and Boardrooms. Nothing is the fault of the pirates in the Executive Branch of government, setting policies and making laws by decree which give more power and perks to the fat cats.

It's all those silly workers who run out of money each month. How long ago was it that cheney complained the banking industry was slumping BECAUSE PEOPLE WEREN'T SAVING ENOUGH MONEY?

It's all our fault they have to work so hard to avoid facing the consequences of their greed-inspired policy decisions.

It's all our fault.

And it's about time to eat the (ultra) rich.

[blondie58]

4. great rant within a rant, havocmom

this deserves to be posted on its own- it is so true.

[ayeshahaqqiqa]

5. That explains

the crowd at the thrift store last Saturday. Folks can only afford to buy used clothing.

[sarcasmo]

6. The Local Sunday flea market is very crowded.