“Clean coal does not exist,” huffed the former VP in urging people to put their bodies on the line to protest/block construction of coal plants. Great timing on the anti-coal tirade, Al. Many kids are going to find coal in their stockings this year in the aftermath of the Wall Street implosion. At least parents could have passed themselves off as good environmentalists by pitching that coal as being of the clean variety. That angle is now gone since Al spilled the beans. Bah, humbug to Al the Scrooge.
The Wall Street Journal today reports about the miserable Christmas season forecast for Neiman Marcus, Tiffany’s and Saks, which are heavily dependent on the Wall Street trade. Though the super-affluent can continue shelling out for upscale handbags, jewelry coats and shoes at Neiman, CFO James Skinner says there’s now an “emotional impact because of the coverage” of the Wall Street chaos. The old Marie Antoinette philosophy is now passe. Everyone will soon be eating cake. That changed attitude toward out-of-control spending is why Neiman is forecasting “difficult” months ahead. Burt Tansky, Neiman CEO, frets about the flight of “aspirational” or “occasional” shoppers. Hello, Target. Nice to get to know you, Wal-Mart.
In my book, the Economic Times has the best quote regarding the meltdown, It comes from Philomena Ford, a 70-year-old retired nurse. She and her 84-year-old husband, who used to be a fish broker, depend on pension and investment income for their livelihoods. Philomena has been cutting back to the bare-bones and now is in a position to say: “I just hope I am not going to live longer than my money is going to last.”
That same ET piece has input from Marian Salzman, chief marketing officer at Porter Novell. She says the financial mess is like watching a slow-motion car crash where the autos haven’t smacked into each other yet. “Is this the worst week, or are we waiting for the other shoe to drop?” Salzman asks.
Nobody knows for sure, but one got the sense that many shoes are going to drop after listening to President Bush last night. Looking like a deer caught in headlights, the President warned of pending economic crisis if the $700B bailout package is not approved. Bush abandoned his normal "my way or the highway" approach to government by showing flexibility on CEO pay and spending.
That more than anything else demonstrates the seriousness of the crisis.