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Obama’s Economic Recovery: Wal-Mart Closes 269 Stores; Dow Drops 300+ Daily
In the video below, Peter Schiff gives a recap of the financial markets’ abysmal performance so far for the start of 2016.
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Already the Dow Jones Industrial Average is well into “correction” territory at -13%, and there are plenty of areas that are down over 20% which officially puts them in bearish territory. Some of those include the transportation index which is down over 27% (with oil as cheap as it is, that really should tell you something), the Russell 2000 Index is down 23%, and then several sectors such as autos, retailers, and financials are also getting pounded.
it seems like the Dow has been dropping 300+ points daily these days, and now we learn Wal-Mart is closing 269 stores? “Hope and Change” is in the air, can you feel it? As former Dallas Federal Reserve President said last week, “[t]here simply can’t be much more accommodation. The Fed is a giant weapon that has no ammunition left.” Michael Snyder talks more about each after Peter Schiff.
After promising the world in exchange for votes, and then printing over $7 TRILLION Dollars out of thin air during his reign of terror, Obama has succeeded in doing nothing but debase and destroy our currency with nothing to show for it. It looks like it might finally dawn on the White House, that 94 MILLION Americans out of work is nothing even close to a recovery! Then again, this is the White House, so maybe not.
Even CNBC Actually Admitted This Week That Peter Schiff Was Right… Again (Video), and that things are NOT ok. Experts like Dr. Jim Willie and Michael Snyder (article below) have suggested the markets could drop by 40-50%, and catapult the U.S. into third world status, because no one is coming to rescue us after the next crash, including the printing press.
As Peter explains, the real travesty here is the dishonesty involved, but that’s come to be par for the course under Barack Obama. The only fact Keynesian dimwits like Obama have been able to hang their hats on has been the stock market, but it was all a hoax, or complete fraud perpetrated on the American people. People will try to blame China, or oil, but both are patent LIES, and they know it! Former Dallas Federal Reserve President Richard Fisher admitted last week,“It is not China,” it is The Fed that is at fault: “What The Fed did, and I was part of it, was front-load an enormous market rally in order to create a wealth effect… and an uncomfortable digestive period is likely now.”
What’s so despicable about the coming implosion, is that all this time, while the market was going up, those who were invested and making money were spending it just as quick, so by the time the crash is over, those same people will be wiped out when they could have been saving. That would have required some honesty from our leaders for a change, and at least under Obama, that is NEVER going to happen.
If only a shred of honesty had come from Washington, instead that buffoon of a President using his State of the Union speech to tell the country how “anyone that says we’re not in a recovery is peddling fiction,” then the artificial inflation of the market would not have been necessary, and people could squirreled money and food away for their loved ones for the tough times coming ahead… now it’s too late. The bottom is about to drop out.
Not to worry though… Obama said, “unarmed truth and love will conquer all…” Just remember that when you’re hungry, and Hillary is promising “free stiff” in exchange for your vote. Anything that is “free.” turns out costing you WAY more in the long run. Americas have GOT to learn, there is no such thing as a free lunch. Period. In the rest of the video, Peter continues to go through various trends he expects to continue, and how much worse he thinks our economy may get… but I’d make sure you’re sitting down…
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Did you know that 15 trillion dollars of global stock market wealth has been wiped out since last June? The worldwide financial crisis that began in the middle of last year is starting to spin wildly out of control. On Friday, the Dow plunged another 390 points, and it is now down a total of 1,437 points since the beginning of this calendar year. Never before in U.S. history have stocks ever started a year this badly. The same thing can be said in Europe, where stocks have now officially entered bear market territory. As I discussed yesterday, the economic slowdown and financial unraveling that we are witnessing are truly global in scope. Banks are failing all over the continent, and I expect major European banks to start making some huge headlines not too long from now. And of course let us not forget about China. On Friday the Shanghai Composite declined another 3.6 percent, and overall it is now down more than 20 percent from its December high. Much of this chaos has been driven by the continuing crash of the price of oil. As I write this article, it has dipped below 30 dollars a barrel, and many of the big banks are projecting that it still has much farther to fall.
The other night, Barack Obama got up in front of the American people and proclaimed that anyone that was saying that the economy was not recovering was peddling fiction. Well, if the U.S. economy is doing so great, then why in the world has Wal-Mart decided to shut down 269 stores?…
Walmart (WMT) will close 269 stores around the world in a strategic move to focus more on its supercenters and e-commerce business, the company said Friday.
The closures include 154 U.S. locations, encompassing Walmart’s entire fleet of 102 ‘Express’ format stores, its smallest stores that have been in pilot testing since 2011. Some supercenters, Sam’s Club locations and Neighborhood Markets will also close, plus 115 stores in Latin American markets. The closures were decided based on financial performance and how well the locations fit with Walmart’s broader strategy, says Greg Hitt, a company spokesman.
We have grown accustomed to other major retailers shutting down stores, but this is Wal-Mart.
Wal-Mart doesn’t retreat. For decades, Wal-Mart has been on a relentless march forward. They have been an unstoppable juggernaut that has expanded extremely aggressively and that has ruthlessly crushed the competition.
I was absolutely stunned when I saw that they were going to close down 269 stores. If you want to know if your local store is in danger, you can view the full list right here.
Overall, 10,000 Wal-Mart employees will be affected. I could understand closing down a few underperforming stores, but if the U.S. economy truly is in great shape then it wouldn’t make any sense at all to shut down hundreds of stores.
What in the name of Sam Walton is going on out there?
The truth, of course, is that the U.S. economy is in great danger. We have now entered the next great crisis, but most communities around the country never even recovered from the last one. In fact, the Wall Street Journal is reporting that a whopping 93 percent of all counties in the United States “have failed to fully recover” from the last recession…
More than six years after the economic expansion began, 93% of counties in the U.S. have failed to fully recover from the blow they suffered during the recession.
Nationwide, 214 counties, or 7% of 3,069, had recovered last year to prerecession levels on four indicators: total employment, the unemployment rate, size of the economy and home values, a study from the National Association of Counties released Tuesday found.
The next few weeks are going to be very interesting to watch. The economic fundamentals continue to deteriorate, and the financial markets are finally starting to catch up with economic reality.
As the collapse on Wall Street accelerates, we are going to increasingly see panic selling and forced liquidations. In the past, it was mostly humans that had their hands on the controls during market crashes, but today the machines are making more of the decisions than ever before. The following comes from CNBC…
The new market age is decidedly different: Rather than that seething cacophony, aggressive corrections like the current ones are directed by a faceless metronome of computer-generated orders, triggering irresistible momentum and trillions in losses.
Amid it all, market veterans are left to ponder when the script will flip and market direction will turn not by newfound optimism among traders in the pits, but rather by algorithms that generate “buy” rather than “sell” signals.
“It feels like sell program after sell program,” said Michael Cohn, chief market strategist at Atlantis Asset Management, a boutique firm in New York. “It seems to happen first thing in the morning, and then however the market transpires during the day is how they close it. If it looks like it’s coming back, they’ll take it at the end. If if looks like it’s heading lower, they’ll slam it at the end of the day.”
Earlier today, an article authored by Michael Pento entitled “A recession worse than 2008 is coming” was posted on CNBC. Here is a short excerpt…
But a recession has occurred in the U.S. about every five years, on average, since the end of WWII; and it has been seven years since the last one — we are overdue.
Most importantly, the average market drop during the peak to trough of the last 6 recessions has been 37 percent. That would take the S&P 500 down to 1,300; if this next recession were to be just of the average variety.
But this one will be worse.
If stocks do drop a total of 37 percent, that would just bring them back to levels that would be considered “normal” or “average” by historical standards. There is certainly the possibility that they could fall much farther than that.
And of course the markets are so incredibly fragile at this point that any sort of a “trigger event” could cause a collapse of epic proportions.
All it is going to take is a major disaster or emergency of some sort.
Do you have a feeling that something really bad is about to happen? This is something that I have been hearing from people that I respect, and I would like to know if it is a phenomenon that is more widespread. If you have been feeling something like this, please feel free to share it with us by posting a comment below…
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FOR MORE GREAT MATERIAL FROM JIM WILLIE:
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Jim Willie, The Fed’s Week of Reckoning, and an Isolated United States
Jim Willie: After Banks Fail, Government Seizes IRA’s, 401k’s, and Pensions
Jim Willie, the Crumbling Global Economy, and the Dollar Crisis
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Jim Willie and 20 Reasons Why Quitting Prepping After September Was Wrong
Jim Willie: The Mid East Carnage Left by the American Wrecking Ball
Jim Willie: The Fractured Bond Market and the Economic Collapse
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CNBC Actually Admits Peter Schiff Was Right… Again (Video)
Peter Schiff: Due to the Feds Antics, the Market is Very Dangerous Now
Peter Schiff: 2015 Was The Worst Year Since 2008 and Stocks Still Dropping
Peter Schiff: Janet Yellen Strayed From Her Own Plan and Went Nuts!
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Peter Schiff and “The 4 Harbingers Of Stock Market Doom”
Peter Schiff and Reagan Advisor: Complete Economic Collapse Immediately Ahead
Peter Schiff: Warning! Economic Storm Clouds Ready to Rain
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Peter Schiff: 11 Trillion In Global Stock Losses and Awful Jobs Report
Peter Schiff: “The Fed Admits Rates Could Stay at Zero Forever”
Peter Schiff with Mr. “I Have No Fear Of an Economic or Stock Market Collapse”
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Walmart closed 269 “Walmart Express” stores that were trying to compete with the Dollar General and Family Dollar stores. Basically they said ‘We are Closing stores within 10 miles of our Supercenters’. Take it for what its worth.
Wal-Mart has well over 4,000 stores so the fact that they are closing this many stores means nothing. They will probably open more than this.
God Bless All Paranoid Schitzophrenics.
It is not the ones closed to date it is the coming ones into 2017 after the wave of job losses during a devaluation currency war which no sensible country wants to win. Either way people are going to be putting their wealth into socks and not banks, this also means groceries and not big spend items. Walmart is going to have an awful lot more stock on its shelves it cannot shift.
Their charts don’t look so hot, this is just the start. democrats always leave depressions for the GOP and then blame it on them. We still haven’t recovered from billy and barry’s sub-prime loans which have already caused 2 financial meltdowns (2001 dot com bust and 2008 billy’s housing bubble).
Not much at Walmart is healthy any way