Obama: "Economy is improving" -- WalMart: Bullcrap

Obama: "Economy is improving" -- WalMart: Bullcrap!

by Karl Denninger
Posted 2013-02-15 14:34

Largely if not entirely-responsible for the nice little dive we're seeing in the market is likely this:

Wal-Mart Stores Inc. had the worst sales start to a month in seven years as payroll-tax increases hit shoppers already battling a slow economy, according to internal e-mails obtained by Bloomberg News.
“In case you haven’t seen a sales report these days, February MTD sales are a total disaster,” Jerry Murray, Wal- Mart’s vice president of finance and logistics, said in a Feb. 12 e-mail to other executives, referring to month-to-date sales. “The worst start to a month I have seen in my ~7 years with the company.”
http://tinyurl.com/ar5tet9

Disaster?

That wasn't what we were told, remember? The economy was getting better. Consumer spending is rising , supposedly. Things are ok. The Empire index was good this morning. Consumer confidence is ok.

Uh huh. WalMart says otherwise, and they're looking at actual data.

And what that email said is, and I quote:

“Have you ever had one of those weeks where your best- prepared plans weren’t good enough to accomplish everything you set out to do?” Geiger asked in a Feb. 1 e-mail to executives. “Well, we just had one of those weeks here at Walmart U.S. Where are all the customers? And where’s their money?”

That's easy. The customers are not in the stores because they don't have any damned money!

Guess who's responsible? CONGRESS, with its DEFICIT SPENDING.

This results in immediate destruction in purchasing power and that in turn screws the common man blind.

And now you have the results "in your face."

http://market-ticker.org/akcs-www?post=21