A very neat interactive graphic from the NYT showing changes in same-store sales for different establishments. (Click on the store name at the left, and tip your hat to Economix).
Keith Hennessey, who used to have Larry Summers’ job in the Bush White House, on the challenges facing the White House in framing discussion of the effectiveness of the existing stimulus package. See Obama’s apparent answer here.
And a hilarious story via Calculated Risk on why Wells Fargo is suing itself.
Given the fraction of the retail sector that Wal-Mart controls should we require them (all publicly held retailers larger than X) by law to report sales data monthly? It seems highly detrimental A)to the shareholding public’s ability to judge their value, B)as an example set for other retailers, C)to policy-makers efforts to gauge the health of the retail sector of the economy in near real-time.
Bank crisis seems to be over, so Lehman effect must disappear fast ( if not CIT).
Keith also responded to Obama’s op ed here – http://keithhennessey.com/2009/07/12/responding-to-the-presidents-op-ed/
These are choice. I was especially surprised, though I should not have been, at how Goldman was so financially successful while many of the other companies had serious losses. Yet how many of these companies received part of the bailout. Not only that it is pretty clear that Goldman’s competition was effectively taken out by the government. And finally remember the outrage that filled the media when AIG paid legally committed bonuses? How much outrage have you heard about the huge bonuses being paid by Goldman Sachs? Can you say crony capitalism?