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Wednesday, November 12, 2008

Three Headlines of Mismanagement
Posted by Jill | 5:30 AM
Like many bloggers, one of the first sites I visit in the morning is the New York Times. If positioning stories is a kind of sign language, the first three headlines at today's front page at the site says it all about the current state of the Economy:

Democrats Seek Help for Automakers

Buying Binge Slams to a Halt

Lobbyists Swarm the Treasury for a Helping of the Bailout Pie

For all that I hate the U.S. automakers for foisting SUVs on the American Public™ as some kind of Fortress Against the Marauding Swarthy Hordes (select your own darker-than-Cheney swarthy horde), ignoring the warning signs of a coming oil crunch and allowing Americans to terrorize other drivers, I'm more kindly inclined towards bailing out the automakers than I am about bailing out the likes of AIG and banks. Perhaps it's because automaker management is about simple incompetence and shortsightedness, rather than simple incompetence, shortsightedness and greed. Perhaps it's because most of the people who work in the automobile industry are working-to-middle class people, rather than guys whose bonuses are bigger than their salaries.

I believe that I have the inside track on the Christmas shopping season this year, because I work within spitting distance of a Large New Jersey Shopping Mall. The way I figure it, if it takes me on average less than an hour and a half to make the 35-minute drive home during the month of December, you will know that come January 1, it's batten down the hatches, because we are totally and utterly screwed. The signs so far are not good. Linens 'n' Things has decided it has to mark down its liquidation goods more than 10% in order to get itself out of business before Black Friday. Circuit City will limp, coughing and retching, through Christmas (after puking up 155 stores) before taking its last gasp (still think firing all your knowledgeable employees was a good idea, dudes?). Harold's, a sort-of-upscale chain of sportswear stores, isn't waiting around for the holidays. The Mervyn's department store chain isn't waiting around for Santa Claus either.

And this is just retail companies that aren't deluding themselves that they can salvage themselves through Christmas. Not a week goes by anymore without my beloved J. Jill sending another e-mail offering me 30% off all clearance, or 15% site-wide.

By the time the inauguration comes around, the employer of last resort -- retail -- won't even be that anymore.

I sure hope the Obama transition team is coming up with a way to stop the bleeding. Because for Caribou Barbie, the taxpayer money she's spent to redecorate the Alaska governor's mansion is only a dry run for her plans for the mansion at 1600 Pennsylvania Avenue.

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5 Comments:
Anonymous Anonymous said...
I'm getting those 30% off offers from Coldwater Creek every other day it seems. Unfortunately, I'll be out of my job by January. I'm thinking my last major purchase will a blue suit if my old black ones don't fit. So, no new TV, no new computer, no household items this year...

PurpleGirl
11/12/08, 9:58 AM  
Blogger D. said...
I remember that one of the reasons we (the family) stopped going to Willowbrook (many years ago) was the horrendous traffic on Saturdays. Every Saturday. (The other reason was malls built closer. With better access roads.)

So, yeah, if Paramus, Willowbrook, Livingston, Short Hills, et al, are not creating their own smog layer this December, we are indeed doomed. (You're further south, right? And more malls have been built since I moved away?)
11/12/08, 10:05 AM  
Anonymous Anonymous said...
How do we know GM isn't some class of a closet Fascist supporter, given their likelihood for pleading "essential company" as a patsy for "deserving" Federal assistance which, for all we know, is only covering for their support of Nativist, Racist, Anti-Semitic and Producerist movements in such countries as they operate in?
11/12/08, 1:55 PM  
Blogger Bob said...
What happens when the auto companies blow through their bailouts & are still losing billions? I know it's a "domino" industry, but...what will they do with the dough?

Last year's poor holiday retail season signaled what was coming. Macy's falling stock value graph looks like a joke, it's a such a classic down down down during 2008.

Check out the Best Buy Sunday flyer, pages of expensive wireless gadgets requiring expensive contracts, & giant HD TVs. There are no "sales" on this stuff, nobody underprices anyone else on iphones & digital cameras.
11/12/08, 3:50 PM  
Blogger Rhode Island Rules said...
You won't need to wait until December. We are fucked. This will be a dismal Christmas even with oil and gas down. (I just paid $2.69 for heating oil as opposed to $4.14 in August). The damage is done. Food prices are up, everyone is scared and the credit card companies are knocking down limits daily so even if we wanted to spend they are cutting us off.

I was at my local super Wal-mart last week and I don't think there were even 100 cars in the lot. We're about to see a lot of retailers large and small go under since they depend on Christmas for most of their yearly profit.

Corporate America is now reaping what they have sown for so many years. Hold our wages down, out source all the good jobs and still expect us to buy your stuff? I've said for years that the tipping point would come when our service economy jobs wouldn't be able to keep up. When you do away with your customer's incomes, who is left to pay?

For all of the sins of the 19th century Robber Barons in our history at least they understood that a prosperous middle class helped them prosper as well. While they were building the railroads and the banks and the manufacturing industries, they knew they needed people to travel and invest and buy their goods.

A tipping point can sometimes be a saving grace. Let's hope that this brings some sanity back to this country, not that it has yet as the bonuses are still being given out and the rape of our treasury continues. I think we, the people, have finally sat up and paid attention though and the New Robbers will find a difficult time ahead.
11/12/08, 6:51 PM  
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