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Stossel - NYTimes Cluelessness Part IX



July 07, 2010 – Comments (3) | RELATED TICKERS: NYT , WMT

Okay, I admit I haven’t counted the exact number of stupid New York Times stories that I’ve blogged about, but it’s roughly nine.

This time they ran a big story about Wal- Mart Inc.’s Sam’s Club

“ introducing a program in which it facilitates loans for shoppers of up to $25,000, backed by the Small Business Administration…”

The NYTimes suggests that such “facilitation” is an exciting new sales promotion:

retailers are taking matters into their own hands, taking bold steps…

What?  What’s bold?  This is just crony capitalism. Sam’s Club uses government to help itself, and compliant government rips you off. 

If Wal-Mart really wanted to loan its customers money to help them buy stuff at Sam’s Club, fine. But why the heck is the SBA involved? 

Full article

3 Comments – Post Your Own

#1) On July 07, 2010 at 2:56 PM, USNHR (29.76) wrote:

Obama'ism at its best. Spend what you don't have and plan on the government to bail you out when you can't make payments.

 The question is: Who is going to bail out the government?

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#2) On July 07, 2010 at 3:24 PM, TDRH (97.15) wrote:

Wal Mart enters banking industry through the back door.

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#3) On July 07, 2010 at 3:26 PM, AltData (32.13) wrote:

This is going to be a very interesting November this year.

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