Run on banks in LA amid crisis; Wal-Mart CEO says customers are 'running out of money'

[babsbunny]

Actually, Nobody Is Shopping At Walmart! I Shop My Ass Off Everywhere Else!

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

John Byrne
Published: Friday August 17, 2007


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."

[AX10]

1. I would never put my money in a bank owned by a mortgage company.

.

[Vincardog]

2. Do you think that has anything to do with all the jobs you sent to China Lee Scott Jr.?

[trashcanistanista]

3. Good news for those of us who hate Walmart & HD.

Economic Karma.

[no_hypocrisy]

4. Talk about karma coming back to bite Walmart in the ass.

[Rydz777]

5. Customers are running out of money!" Now, how did that happen?

Does the fact that Wal-Mart has systematically shipped manufacturing jobs to China have anything to do with it? Maybe it will dawn on CEO Scott that if the manufacturing paychecks are going to Chinese instead of to Americans, the Americans could conceivably run out of money.

[Deja Q]

6. Does that include or exclude their own employees?

:evilgrin:

[Vincardog]

7. Well the majority of their "Shrinkage" (Read theft) is due to employees.