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08-17-2007, 02:46 PM #1
Run on banks in LA amid crisis; Wal-Mart CEO says customers
Run on banks in LA amid crisis; Wal-Mart CEO says customers are 'running out of money'
John Byrne
Published: Friday August 17, 2007
Wal-Mart CEO H. Lee Scott Jr. says customers are "running out of money."
Earlier this week, consumer juggernauts Home Depot and Wal-Mart reported softer than expected earnings.
Penned the New York Times, "the sober forecasts reverberated across Wall Street, sending the Dow Jones industrial average and the Standard & Poor’s 500-stock index down by nearly 2 percent, with the Dow dropping more than 200 points. Shares of both Wal-Mart and Home Depot fell around 5 percent.
"Economists said the sluggish performance of the chains — Wal-Mart missed its profit forecast and Home Depot’s earnings dropped — could signal broader troubles in the economy."
Buried in the article was a sobering remark indeed: “Many customers are running out of money at the end of the month,â€I stay current on Americans for Legal Immigration PAC's fight to Secure Our Border and Send Illegals Home via E-mail Alerts (CLICK HERE TO SIGN UP)
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