Retail woes spread across all price points

Because of yesterday’s monumental news the Richmond Fed President Jeffrey Lacker immediately resigned for leaking Fed information before it was released, I did not write on two huge developments in US retailing that point to the troubling economy. Ralph Lauren — the iconic US retailer — is closing its flagship Manhattan store on 5th Avenue […]

Lampert’s retail experiment implodes. Sears down 93% under his leadership

Hedge fund titan and failed retail exec Eddie Lampert finally admitted Wednesday what I have been saying for some time, Sears & Kmart are in trouble and may not make it. Lampert, in an annual filing said,  that “substantial doubt exists” about [Sears] ability to continue as a “going concern.” Meaning a bankruptcy filing could […]

Trump can’t drain swamp because he is mired in it

Happy St. Patrick’s Day to all. While Patrick is said to have driven the snakes out of Ireland, which is metaphor for the Irish conversion to Catholicism, President Trump is not having as much luck draining the swamp to thoroughly mix that metaphor. Look at the Trump administration. The president has told Americans what he […]

Going hiking with Yellen can be dangerous

To no surprise to anyone on the Street, Janet Yellen raised rates Wednesday by 0.25% to a range between 0.75% to 1.0%. I will not address the two or perhaps three more rate hikes for this year that Yellen spoke of since we do not deal with fantasies here. I had been writing that while […]

Bitcoin trading with paper tiger; Fed can’t job a rate rise

The Securities and Exchange Commission is scheduled to announce Friday whether the Winklevoss twins can begin marketing their bitcoin ETF. This is a fund much like GLD or SLV, which are paper contracts to buy or sell gold and silver. It’s a vehicle to get into these commodities without buying the physical metal. In bitcoin, […]

The Fed will not raise and create March madness

At 2pm Wednesday we get the Federal Reserve’s minutes from the last meeting at the end of January. As many Fed governors and presidents have said since, look for more jawboning about raising rates “sooner, rather than later.” Of course this is just that jawboning. The Fed will point to inflation is rising just above […]

Retail is a losing concern

So we see Macy’s and Wal-Mart come out with earnings from the holiday quarter Tuesday morning. And while both did better than the Street expected on the bottom line, sales and revenue were lower than the year prior and lower than projections. The balance sheet machinations to get to a better earnings per share are […]