A reader writes:
“I enjoy your ‘Rundown’ commentary but I would like to respond to the following that appeared in the Thursday, Jan 17 issue. The comment follows:
‘I think you are a completely heartless, selfish ass. People living on $30,000 a year can’t save up for disasters. Try it sometime.’
“Well, I and my family have lived on $13,000 per year up to a max of $25,000 per year for 37 years.
“We religiously put aside $400 per month in CDs or personal retirement accounts and now have a net worth approaching $1,000,000, about half of which is in cash or cash equivalents.
“We own our own home, have no debts and have nearly always paid for everything in cash. So it can be done…Social Security seems like a generous gift.”
A second comments on another contributor’s remark last week:
‘The only thing people have to admit is that this is all the Democrats’ fault. They are behaving like two-year old brats. They don’t care about the American people; all they care about is themselves.’
“I refer back to Trump on video OWNING this shutdown and the FACT that he’s changed his story AGAIN proves this is nothing except his EGO.”
Regarding the border wall between the U.S. and Mexico, a reader believes it’s totally worth it, whatever the cost:
“Where do you live? Come to Texas and see for yourself. I don’t care if a wall secures another 50 feet, we need [the border] secured.
“If Trump cannot get funding for $5 billion, how can he do it the way it needs to be done?”
Your Rundown for Monday, January 22, 2018:
Road to Recovery — or Ruin — for Century Retailer?
J.C. Penney is a 117-year old company that’s starting 2019 with a bang. Not in a good way.
The company announced holiday sales in 2018 slumped 3.5% from the previous year.
Which begs the question: will Penney’s go the way of Sears?
The two retailers are easy to compare. They’ve both competed for middle-class consumers for more than a century and they’ve both anchored malls across America.
And now they’re both penny stocks.
Sears was delisted from the NYSE and sells over-the-counter for 58-cents per share this morning. Penney is trading for a $1.32 — a far cry from its heyday in 2007 when it traded for $80 per share.
What’s to blame for the company’s demise? The fact Penney is a mall staple might have something to do with it, considering so many malls have become crumbling witnesses to American mid-century consumerism.
Like Ozymandiases for the 21st century.
But…there might be a silver lining (copper lining?) for J.C. Penney. And it comes at the cost of Sears’ demise: 56% of Sears shoppers also shop at J.C. Penney — the highest overlap of any department stores.
We’ll see if Penney can lure Sears customers to shop exclusively at their 846 store locations.
Market Rundown for Mon. January 22, 2018
S&P 500 futures are down 17.25 points to 2,654.25.
Oil’s down 86 cents per to $52.94 for a barrel of WTI.
The price of gold sits at $1,282 — that’s down 60 cents per ounce.
Bitcoin is up $14.46 to $3,586.38.
Have a good day. We’ll catch up tomorrow.
For the Rundown,