It's been a while since I've done a Wal-Mart post, but the time is right tonight.Wal-Mart's profits rose 17 percent in the second quarter--although same-store sales were up just 4.5 percent. Not bad, considering some retailers are struggling.
Here's a nugget to chew on this weekend, courtesy of Bloomberg:
Wal-Mart benefits from the slowdown as consumers consolidate shopping trips, said Michael Shinnick, a portfolio manager at First Source Bank in South Bend, Indiana, which owns Wal-Mart shares.
"With higher gas prices, the psychology of the consumer has changed so that they're saying, 'Let's not go to four stores here for our errands, let's go to one or maybe two," Shinnick told Bloomberg Television today. "At Wal-Mart, you can get most anything you need."
Let's backtrack a bit: Beginning in 2006 Barack Obama and, hee-hee, John Edwards, essentially went to war against the world's largest corporation and America's largest employer. Edwards went as far as hiring two top activists working for Wake Up Wal-Mart--a United Food & Commercial Workers Union funded group--Chris Kofinis and Paul Blank.
Which leads us to Obama: In his book, The Audacity of Hope,
the Cult of Change leader makes three disparaging remarks about the retail king.If any other firm got more Obama-demerits in that book, I missed it.
At an AFL-CIO presidential candidates forum 15 months ago, Obama told the labor bosses that when it comes to Wal-Mart, "I won't shop there." Can you imagine George W. Bush saying something like that? Or Bill Clinton?
Here's the irony--thanks for sticking around this long--Barack Obama and his Democratic Party have been at best offering baby-steps in the battle against soaring gasoline prices. John McCain and the Republicans--drill here, drill now!--and their "all of the above" plan to battle high energy costs--know what the American people want.
But a company the Democrats don't like--Wal-Mart--is for now benefiting from $4 a gallon gasoline.
As the first three related posts show, there is still more irony--and hyprocrisy--in regards to the Democratic Party and Wal-Mart.
And yes, I'm aware that Wal-Mart has held some meetings with employees explaining the ramifications of the absurdly named "Employee Free Choice Act." This organized labor backed legislation--supported by the Democrats, would replace secret ballot elections where employees can exercise their franchise, with Soviet Union-style "freedom to peek" tallies.
Mrs. Marathon Pundit left the thankfully-defunct country to get away from that way of doing things.
A rambling post? It sure is. But it's Saturday night!
Related posts:
Michelle Obama quits board of big Wal-Mart supplier
Obama picks Wal-Mart defender as his economic policy director
John Edwards wakes up to Wal-Mart nightmare
Chicago's "food deserts" well known to Obama
The good life of working for the UFCW
Union leaders don't share their members pain
Union president spanks Obama
My book report: The Wal-Mart Revolution: How Big Box Stores Benefit Consumers, Workers, and the Economy
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My concern was that the court ruled that a requirement for English did not violate civli rights but did NOT address that the idea that private schools can make thier own rules.
ReplyDeleteDidn't the wife of the Messiah once serve on the board of WalMart, making big bucks while the bitter half bad mouthed the employer???
ReplyDeleteSomething stinks in Obama country and me thinks it his brain.
Not on Wal-Mart's board, but for TreeHouse foods--whose biggest customer is Wal-Mart. She got a lot of money to go to a few meetings. Once the MSM got around to asking a few questions about the hypocriscy, she quit.
ReplyDeleteCindy McCain stands to make a small fortune (small for her, that is) from the European takeover of Anheuser-Busch while her husband keeps telling Americans he wants to fight for their jobs... Yet you don't complain about that, now do you?
ReplyDeleteMost corporate board members get"a lot of money to go to a few meetings" (relatively); that's why those positions are so sought after. They're not voluntary, they're generally well-paid.
Not sure why conservatives suddenly think corporate board members getting paid for their time is a bad thing in our capitalist society. As long as it's not completely out-of-control like CEO pay people ought to be compensated for their time working for for-profit organizations.
To the topic of the post: I'd venture to guess that sales and membership at Sam's competitor Costco are also up. Our local store is constantly packed full of shoppers and I keep seeing "Kirkland" products popping up at local businesses (ie, offering free water bottles to customers) and at friends' homes.
Has McCain said, "I'll never drink Budweiser?"
ReplyDeleteThere's no point in making a comparison.
Michelle was for TreeHouse--and by default Wal-Mart--when she was sitting on that board.
Target's second quarter results are out tomorrow. Not sure about Costco.
But the Dems are running against Costco or non-union Target?
How's that song go...?
ReplyDelete"It's OK if you're a Republican... la-da-dee, la-dee-da..."