FOR SOME AMERICANS THE ECONOMY IS GREAT
CNBC this morning reported on retail sales for Feb. this morning, Sacks, Nordstroms, the high end retailers in general, had a pretty good month, but not so much for the rest of the pack, in general. As I noted earlier, labor costs, i.e. wages and benefits, were up last quarter, in large part to big bonuses paid to high-income workers.
So you see, the economy is doing great! It's like the ad I heard on KLSD Air America one morning, some financial planner who wants to give back to his community for all of his business successes as a way to say thanks, and to help people out.
How nice, I thought, how progressive even. Then I heard the pitch. It was for a seminar to help the successful wealthy investors make the most out of their high end investments! Way to give back to the community, dude. [Shakes head in wonder and amazement]
In a related area, I also heard the spokesman for the American Bankers Association talking about credit cards, I guess Congress held some hearings on credit card debt yesterday, and he said that a lot of the problem is an educational one, that people need to be better educated about credit and how it works.
True enough I said, but, when you watch the way the credit card companies sell their product, and isn't that what advertising is all about, educating the consumers about your product? But, alas, when you watch the ads, they're selling vacations and golf outings and impressing the boss and buy buy buying more crap for your house. I'm pretty sure that educating the consumer about responsible credit, the impact of just making the minimum payment on your credit card accounts, and a whole plethora of things related to credit and credit cards, is AWOL from their campaigns.
But their spokesmodel said the problem is the consumer being un-educated. No mention of their culpability in it, no sirree bob, it's you, you dear readers, at fault.