Monday, December 22, 2003
'Tis the Season to Be Wealthy
Terrible reporting job here from the AP:0 comments
Nation's Retailers Have Glum Weekend
The lede rolls right over the obvious, with only a passing nod:
NEW YORK - The nation's retailers spent a glum weekend before Christmas after a much-hoped for sales bonanza failed to materialize, though business at discounters and luxury stores appeared to be brisk, according to analysts.
... though business at discounters and luxury stores appeared to be brisk ...
This describes the full power of Bush's tax cuts. THAT is the story here.
There is no "recovery" below the Labor Dept./Wall St. level. People are still out of work and broke. Therefore, the shopping delays and the extreme bargain hunting.
Mid-level retailers are becoming extinct.
Meanwhile, the top level of tax cuts have now fully kicked in, and it's flush times again for the market's luxury item sector as the wealthy have more free cash for baubles.
As the man said, we could see this one coming, boys and girls.
The anecdotes have caught up with the theories.
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posted by Gotham 9:38 AM
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