It has been said that a historian is a prophet in reverse. I do believe we can learn from the past, but we don’t. I also think that the conditions leading up to the 1929 stock market crash have been increasingly prevalent again today. As of today, about 45% of the world’s wealth has been destroyed and now banks from 20 countries are going to meet together to figure out how one world bank might alleviate some of the global banking situation. Our government is looking to spend potentially trillions of dollars it doesn’t have on problems it can’t fix. Why?
This is our morning paper’s headline: Walmart Not Immune. This has been kind of a dark day in northwest Arkansas. Many woke up today with no place to go. They will receive two months of severance pay, but the ripple effect of the layoffs has yet to be determined, and it may simply be a sign of things to come.
Early mid-morning yesterday, reports began trickling in from various sources that Walmart was laying off people from the home office (located here in Bentonville, Arkansas). By day’s end, I think the number was around 850, maybe more. Walmart, McDonald’s, and Dunkin’ Donuts were three of the only companies that I had read about in the last month or two that seemed to be doing well in the midst of the recession.