Retail Continues in Reverse
The following are reported EVEN THOUGH consumers are paying much lower prices for fuel this year vs. last.
Abercrombie & Fitch July same-store sales down 28%
American Eagle July same-store sales down 11%
Gap July same-store sales down 8%
Dillard's July same-store sales down 12%
Aeropostale July same-store sales up 6%
Limited Brands July same-store sales fall 7%
Urban Outfitters quarterly same-store sales fall 6
Stage Stores July same-store sales fall 11.9%
Costco July comparable-store sales fall 7%
BJ's July same-store sales down 9.1%
Target July same-store sales down 6.5%
Even after the fuel stimulous, sales keep falling. With consumers being the driver of the economy, it is clear government needs to become the reliever. Unfortunatey, government is running out of money too.
But the money keeps flowing into Wall Street.
Wall Street banks and lawyers could collect nearly $1 billion in fees from the New York Fed and AIG to help manage and break apart the troubled insurer, according to a Wall Street Journal analysis.
While flows out of the rest of the country:
Public employees and members of several Detroit labor unions threatened to strike Wednesday in response to Mayor Dave Bing's plans to trim the city's budget through furloughs, layoffs and union concessions.
We are getting to the point where if you aren't getting a check from the Fed or government, many may get desperate for money.
After a string of street robberies on a recent Saturday night left midtown businesses shaken, city and police officials scrambled to attack the issue before it became a public relations nightmare.
Soon you too will realize, unless we restructure debt...our cites, counties, states, school districts, hospitals, families and businesses are in serious trouble....except if you are a friend of Benny the B.