After subprime and residential real estate massacre, the next blow on the economy comes from sharply contracting retail sector – Macy’s closes nine stores
Joe Weinman
Dec. 30, 2007

The subprime mortgage massacre was the start. The clobbered real estate sector accelerated the process. The final blow on the economy now comes from the retail sector. The $3 gas price and above 10% drop in housing prices is extending the effects into the economy.

Macy's Inc., which has struggled in the Midwest after acquiring May Department Stores Co., said it will close nine stores in six states. Macy's operates more than 850 department stores in 45 states, the District of Columbia, Guam, and Puerto Rico under the names of Macy's and Bloomingdale's. Macy's opened 10 new stores and a furniture gallery in 2007. In 2008, it expects to open five stores. An additional six to eight new locations are planned for 2009, it said. In afternoon trading, Macy's shares were at $25.30, up 26 cents, or 1%.

After subprime and residential real estate massacre, the next blow on the economy comes from sharply contracting retail sector – Macy’s closes nine stores
Joe Weinman
The final blow on the economy now comes from the retail sector. The $3 gas price and above 10% drop in housing prices is extending the effects into the economy.
READ MORE>>

The similarity between year 2000 and 2007 says 2008 may be similar to 2001 fro the stock market
Karen Zuba
The year 2008 may similarly resemble 2001 and officially mark the start of a multi decade recession and/or depression. The Standard & Poor's 500 Index has declined 3.2 percent since the end of September, paring its 2007 advance to 4.2 percent.
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The unemployment rate notched up 0.1 to 4.8. The rising unemployment rate from 4.4 to 4.8 in any business cycle sends a serious warning signal.
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U.S. Holiday Internet Sales Rise point to a deep recession in 2008
Sam Adelton
Online spending from Nov. 1 through Dec. 27 increased 19 percent compared to 26% a year earlier, Reston, Virginia-based ComScore Inc. said.
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World watches Pakistan’s biggest mockery in the name of election – Musharraf’s men already rejoicing the landslide win in rigged election
Sujjat Hussain
Musharraf’s people are confident that the General will deliver a landslide while Sharif and Bhutto fight it out. Sources in Pakistan say Musharraf allowed these two to legitimize the election.
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Fed plans to flood the economy again with liquidity to avoid recession – what about inflation?
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It is analogous to treating a cancer patient with painkillers. More liquidity will help for six months but then pain in the economy will be much severe than now.
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