Today Macy's announced that they are slashing jobs and cutting the dividend. I really don't know why they have to cut the dividend when they could just pull a page out of the Simon Properties playbook of paying the dividend in stock.
All these juicy dividend yields the pundits are crowing about may be just a mirage in the desert for the many who are still listening to them but just remember I believe this is a bear market and hence I have a bearish position on the market.
More crowing about tech as the shills of Wall St. continue to try to keep the game alive. Just like the casino's they need a constant flow of suckers to keep them in the lifestyle they have become accustomed to.
I caught Bill O'Reilly the other evening and even he now is on the 'witch hunt' bandwagon. Better late than never Bill. He wants to go after the Mozillo's, Fuld's and O'Neal's of the world as he is now sufficiently fired up as to what has gone on. I wish him luck because, to quote Sean Connery in Untouchables, Mr. O'Reilly.... "What are you prepared to do ?!" I say this because Mr. O'Reilly had better be prepared for what is behind the door if he opens it and where it will lead?
Is he prepared to find that Fannie, Freddie and Franklin Raines leads back to Dodd, Frank et al. among others?
Is he prepared to find that Lehman and Bear with Fuld and Cayne lead back to Geitner and Paulson and Bernanke?
Is he prepared to find that Citi, Prince and Rubin and their Enronesque off-balance sheet holdings lead back to the SEC and the Treasury?
Is he prepared to find that Madoff leads back to the SEC?
Is he prepared to find that appraisal fraud and mortgage fraud was known and ignored and leads back to the administration and congress?
Is he prepared to find that Mozillo and Countrywide lead back to Dodd and friends back in DC?
Is he prepared to find that AIG's funeral no meeting leads back to Goldman and Blankfein and their 'no material interest'?
Will Mr. O'Reilly be prepared for what will be uncovered as this cess pool is revealed or will he deem the country 'to fragile to handle that kind of bad news'?
A friend sent me a note (link below) regarding an very unflattering critique of the pom pom network's rising new star Erin Burnett, by the Huffington Post.
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