August 16, 2007


IMPEACH BUSH


IMPEACH CHENEY


WAL-MART SHOOTS ITSELF IN THE FOOT

You could almost hear the wheels spinning from the advocates of globalization Wal-Mart style. It went something like this: big companies like Wal-Mart are so much more efficient than local Mom and Pop stores. Using its tremendous clout Wal-Mart can keep prices and wages low. Even though the Mom and Pop stores go the way of the dinosaur, Wal-Mart is there to replace them and offering those low-price goods from China. Other big businesses see the Wal-Mart model and say "Ah hah!" That's what we'll do too. All of a sudden the middle class jobs in the United States aren't there anymore and no one here has the money to buy anything even at Wal-Mart. This article by Stephen Pizzo is at www.smirkingchimp.com:

Walmart misses, cuts outlook
Economic pressure around the world blamed for poor showing
Reuters: August 14, 2007 -- Wal-Mart Stores Inc. reported a lower-than-expected quarterly profit and cut its full-year earnings forecast on Tuesday, saying its customers remain under economic pressure..."It is no secret that many customers are running out of money toward the end of the month," Scott said on a recorded conference call. (Full)

What? The great American working class, running out of money? How can that be?

Well to begin with they aren't the "American" working class any more. They've become the WalMart working class. Yes, WalMart is a nation. To be precise it's the world's 4th largest economy. Over the last decade or so WalMart has had more impact on the lives of America's working classes - from the working poor to skilled blue collar workers - than Uncle Sam.