Stock Market Hits New High. Wal-Mart Sinks To New Low
Despite reports that the economy is slowing, the Dow hit new all time highs the last couple of days. CNBC has been wetting itself in excitement as market alerts flash on the screen every 5 minutes with announcements of new intraday highs and record closings. With oil dipping below the $60 mark for the first time since March and the general commodity market quite bearish, the Dow has roared ahead.
But Oil rebounded today to $60 territory. Why? Because OPEC is carrying through on its threat/promise to cut production if oil dropped below $60/barrel. I wish that I'd saved the old link when some oil minister made that statement. So, get used to $60 oil because OPEC has. It's not going away unless something drastic happens. No, new discoveries won't help. It takes too long for them to come on line to affect the market in the short term.
Wal-Mart, the nation's number one employer in the private sector, announced changes to its employment practices. They want more part-time and less full time workers (to save money on healthcare coverage). They want all workers to be available 24-7 (1900 of Wal-Mart's 4000 stores are open 24-7), which is not family-friendly. Wage caps will be put in place for all jobs. No "glass" ceiling here. It's plainly visible for all to see. Well, I'm sure that the guys at the top won't have the caps.
Emphasis added by me.
She's been working there for 22 years and is only making $11/hour? I suppose in rural parts of the country where the cost of living is low that could be acceptable. But in the Northeast, $11/hour won't get you much.
Wal-Mart's been on my boycott list now for 4 years. I won't shop there unless I have no other choice, which has happened twice (both times on vacation). Before this latest batch of news, my reasons were their poor hiring and employment practices (which are now worse), damage to small town economies, and poor product supply management.
When you're a stay-at-home parent, your shopping trips for needed supplies are constrained within a narrow time window defined by feeding and napping (the kids that is). Typically, you need to get your shopping done all at one place. So it doesn't do you any good if one of the primary items you need, like diaper pail liners, is out of stock. Now you need to go to another store, putting the kids through another round through the car seats and pushing the envelope on infant/toddler meltdown.
Do I think that my boycott will have any effect on Wal-Mart? Absolutely not (Yes, I saw that South Park episode). But I sleep better at night knowing that I'm not making them any richer.
Jerry Webman of Oppenheimer Funds was on CNBC this afternoon to discuss the effects of retiring Boomers on the market and the economy. He stated that, "10% of the population owns 2/3 of the country's assets." Even anchor Bob Pisani was taken aback by this statistic. To put that in Joe 6-pack perspective, say there's a gathering of 10 people with a case of beer to split between them. That means one guy gets 16 beers, leaving the remaining 8 to be split up among the 9 other people. While one can't compare beer to the nation's assets, it does offer some perspective.
\_/
DED
But Oil rebounded today to $60 territory. Why? Because OPEC is carrying through on its threat/promise to cut production if oil dropped below $60/barrel. I wish that I'd saved the old link when some oil minister made that statement. So, get used to $60 oil because OPEC has. It's not going away unless something drastic happens. No, new discoveries won't help. It takes too long for them to come on line to affect the market in the short term.
Wal-Mart, the nation's number one employer in the private sector, announced changes to its employment practices. They want more part-time and less full time workers (to save money on healthcare coverage). They want all workers to be available 24-7 (1900 of Wal-Mart's 4000 stores are open 24-7), which is not family-friendly. Wage caps will be put in place for all jobs. No "glass" ceiling here. It's plainly visible for all to see. Well, I'm sure that the guys at the top won't have the caps.
Sally Wright, 67, an $11-an-hour greeter at the Wal-Mart in Ponca City, Okla., said she quit in August after 22 years with the company when managers pressed her to make herself available to work any time, day or night. She requested staying on the day shift, but her manager reduced her schedule from 32 hours a week to 8 and refused her pleas for more hours, she said.
Emphasis added by me.
She's been working there for 22 years and is only making $11/hour? I suppose in rural parts of the country where the cost of living is low that could be acceptable. But in the Northeast, $11/hour won't get you much.
Wal-Mart's been on my boycott list now for 4 years. I won't shop there unless I have no other choice, which has happened twice (both times on vacation). Before this latest batch of news, my reasons were their poor hiring and employment practices (which are now worse), damage to small town economies, and poor product supply management.
When you're a stay-at-home parent, your shopping trips for needed supplies are constrained within a narrow time window defined by feeding and napping (the kids that is). Typically, you need to get your shopping done all at one place. So it doesn't do you any good if one of the primary items you need, like diaper pail liners, is out of stock. Now you need to go to another store, putting the kids through another round through the car seats and pushing the envelope on infant/toddler meltdown.
Do I think that my boycott will have any effect on Wal-Mart? Absolutely not (Yes, I saw that South Park episode). But I sleep better at night knowing that I'm not making them any richer.
Jerry Webman of Oppenheimer Funds was on CNBC this afternoon to discuss the effects of retiring Boomers on the market and the economy. He stated that, "10% of the population owns 2/3 of the country's assets." Even anchor Bob Pisani was taken aback by this statistic. To put that in Joe 6-pack perspective, say there's a gathering of 10 people with a case of beer to split between them. That means one guy gets 16 beers, leaving the remaining 8 to be split up among the 9 other people. While one can't compare beer to the nation's assets, it does offer some perspective.
\_/
DED
Labels: economy
posted by DED at 4:09 PM
2 Comments:
OPEC is calling a sick, sick, bluff. Wa Mart won't go higher because the manipulators know better than to take on a financial superpower like that. It is easier to run up the price on small margins, no reason to buck against the grade, ie, why tackle reality? Rhetorical question. Hey it's working good for me! Must be the alignment of the planets or something.
Color me unsurprised that the market's reaching all-time highs as Election Day approaches.
I'd love to see what M3's doing, but of course, there's no M3 to check.
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