But Retail's Fine, Just Read Forbes

So in spite of the original notice that indicated it would stay open, the Radio Shack at 700 South and State here in SLC is closing (i.e. it's worse than they originally announced).  2017 retail bankruptcies already outnumber 2016.  The distressed retailer list is growing rapidly.  But Forbes thinks things are fine.  There are good reasons for this.  First, Paula Rosenblum is the sort of member of my age group that gives my age group a bad name.  The way she poo-poos the effect of on-line shopping is both condescending and absurd.  A nonscientific sampling consisting of my four kids finds a unanimous preference for shopping online, and one of them is in retail.  Nonscientific, but they're also among the least tech-oriented of their peers.  That's Trouble with a capital T, and Forbes gets a capital F for ignoring it.  Then Rosenblum doubles down with all the glorious things retailers are doing to bring shoppers back, including the mall redesigns.  Earth to Paula: First tell me how this fits the financing models for these enterprises (It doesn't.), then tell me how it gets past the fact that it is aimed at a clientele that is dying (It doesn't.).

There is an even bigger reason Forbes is taking this position: Steve Forbes is taking this position.  Why?  Well, he's part of that dying off generation that thinks mall shopping is cool (or in his case that sending a servant to do mall shopping for you is cool).  But also, he can't see any of it.  As fewer people are able to consume, retail becomes increasingly dominated by custom-made products sold in controlled-access locations or even privately.  This is the world Steve Forbes knows, it's working just fine for him, and so no problem.  But if you consider dead real estate and vanishing jobs a problem, then you might have to differ with him.  I do.

The Way We Live Now

I love this book.  It should be required reading.


Do you think federal jobs are a safe bet?  You might want to check with the 9,000 civilian employees the Air Force is showing the door.


Maybe high tech?  Guess again.  AMD, the second-largest microprocessor manufacturer, is shedding 1,400, 12% of its workforce, and its stock is still falling.


George Papandreou made a brilliant move at the G20, threatening to hold a referendum on the Greek bail-out, which would undoubtedly scuttle the proposal (Mish and I actually agree on this, so take special note.).  Papandreou is already back-stroking on this, but the opposition parties may hold him to it.


In spite of 30-year mortgages falling to 4.1%, housing prices continue to sag because no one is buying because no one can.  How can you buy if your job prospects consist of being a part-time greeter at Walmart?  Yet Bloomberg has the temerity to blame the malaise on new regulations.



But then what do you expect from Hizzoner Michael?  He just blamed the mortgage mess entirely on Congress.  Have to protect Wall Street at all costs, eh Mike?  Even Forbes called BS on this.


So what do people consider to be the big answer to this mess?  Gold.  Yes you read that right.  The big, yellow clunker.  I love Paul La Monica's comment about gold having "tangible value".  Really, Paul?  How many fillings and ear studs do you need?  Trust me, children, as I've commented before, if you wake up one day wondering where you're going and what you're doing in that handbasket, you won't need gold, you'll need dirt and lead, i.e. a place to grow your spuds and a loaded weapon to defend them.  Smokes and booze are far more useful for barter than gold can hope to be.


And on top of that, a growing bloc of idiots thinks returning to the gold standard is the way to go.  Yeah, that makes sense.  Everybody is in hock to his highest hair follicles, and the threat of severe deflation grows daily, and we're going to fix it all by hardening the currency.  Reality to geniuses: We tried exactly that in the 1870s and got a quarter-century of rolling recessions.  For most people it was a depression.  Except for the top 1%, who made out like bandits (Ever hear of The Gilded Age?).  Now stop and think about who is really pushing for a gold standard now.  Sheesh, I knew you people were born at night, but I didn't know it was last night.