Today’s Economy Collapse Post – “Ominous”

Rising gas, food,health care and other prices, falling housing prices and savings rates, stagnant wages and all the rest are taking their toll: Retailers Face an Ominous Holiday Sign – New York Times,

Sales of women’s clothing, a traditional pillar of the holiday shopping season, are unusually weak so far this year, according to a major credit card company, an ominous sign for the retail industry.
From high-end dresses to bargain coats, spending on women’s apparel dropped nearly 6 percent during the first half of the Christmas season, compared with the same period last year, according to MasterCard Advisors, a division of the credit card company.

But all is not yet lost, SOME are doing just fine, thank you,

Spending on luxury items is up 10.8 percent, “which isn’t bad at all,” Mr. McNamara said.

Yes, at the top things are great.
A certain commenter might want to leave a message about heads on pikes, torches and pitchforks right about now…

Inflation, Retail Sales Up

m4s0n501

I have a question. If I go to the store and spend $10, and the next month the same thing costs $11, is that a 10% jump in retail sales?
Wholesale prices, retail sales jump – Yahoo! News,

Wholesale prices and retail sales jumped in November and jobless claims fell last week.
Wholesale prices shot up 3.2 percent, the biggest jump in 34 years, propelled by a record rise in gasoline prices. Meanwhile, consumers put aside worries about the weak economy in November to storm into the shopping malls, pushing up retail sales by the largest amount in six months.

Today’s Housing Bubble Post – Model Refuses Dollars

This is actually a very big story. The world’s richest model (earned $30 million in 6 months this year) is now refusing to take her pay in dollars. She is insisting on Euros. This is huge because it will penetrate past the financial pages and cause people to start understanding what is going on – possibly starting a stampede from the dollar.
gisele-3.jpg
Supermodel ‘rejects dollar pay’:

The world’s richest model has reportedly reacted in her own way to the sliding value of the US dollar – by refusing to be paid in the currency.
Gisele Bündchen is said to be keen to avoid the US currency because of uncertainty over its strength.
The Brazilian, thought to have earned about $30m in the year to June, prefers to be paid in euros, her sister and manager told the Bloomberg news agency.

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Today’s Housing Bubble Post – Who Bails Out The Smart Ones Who Did The Right Thing?

Smrat people got 7% fixed-rate loans because ARMs were obviously trouble. Their defaulting neighbors had 1% “teaser” rates and now get 5% loans as a bailout. The smart ones lose out all the way around.
Homeowners who actually pay their mortgage on time are getting ticked of at talk about bail-outs – AMERICAblog:

Right, because in a free market, capitalist economy it would be wrong for home prices to drop and for me to have to spend less on the condo I’m looking to buy. Since when was it anybody’s job to artificially drive up the prices of homes in my or any other neighborhood? Since when is it wrong for someone else to have their home value decrease because of a market adjustment, but it’s right for me to have my future home cost increase because of an artificial intervention? They lose money, it’s wrong – I lose money, it’s right. Uh huh. I am just increasingly sick and tired of every bail out of the rich and the poor, from the right and the left, coming at the expense of those of us in the middle who never seem to get anything, except an increasingly large bill for helping everyone else at our own expense. I’m not opposed to helping others. I am opposed to never being on the receiving end of such help. The Republicans help one side, the Dems the other, and no one thinks of the middle.

People who did the RIGHT thing is losing out now. On Wall Street people who took depositor and stockholder money, gambled it away, and got rich in the process are getting sweet bailout deals. Fairness should become an issue in this.