Fed And Markets Excuse Retail Bloodbath – Ep. 248

The Peter Schiff Show Podcast

Summary: The retail sector is in worse shape today than it was in 2008 during and immediately following the financial crisis. Retailing has been responsible for 10% of the jobs gained during this so-called recovery. Clearly part of the problem is the increase in minimum wage. Why are retailers adding so many jobs when their business is declining? A quick little announcement at the beginning of this podcast; I'm going to try to keep the length of these podcasts down to 20 minutes in the future It seems we have quite a bit of audience falloff after about 17 minutes We're also skipping our ads at the end in favor of more informative content about Euro Pacific Capital, SchiffGold, Goldmoney and Euro Pacific Bank. So I am going to do these shorter podcasts more frequently First of all, it's the RetailPocalypse, which I have been talking about on this podcast that, from my perspective - not just my perspective, In reality, the retail sector is in worse shape today than it was in 2008 during and immediately foll0wing the financial crisis We got a lot of bad news from the retailers this week Including JCPenny and Nordstrom's - horrible sales from these companies We had other retailers earlier in the week that came out with bad news Kohl's Department Store, Dillards Kohl's stock is at 36.5 as I record this That stock's high was $75-$80 in the summer of 2015 So it's down 60% or so Dillard's is at a 52-week low today, at just under $47 That was over $120 - more than a 50% decline Macy's was down another 3% today - a new 52-week low Macy's is at $23.60 -it was a $70 stock These are huge markdowns for retail stocks Look at Nordstrom's - down almost 11% today on the bad news $41.20 - Nordstrom's was an $80 stock is one of the best performers JCPenny is going to get the prize for the biggest decline overall This stock's been falling for a long time It closed today at $4.55 A lot of people are very complacent - they say, "Oh, it's no big deal because it's all about e-commerce Everybody is shopping online Look at Amazon - Amazon stock hit a new 52-week high today All time high, not just a 52-week high Jeff Bezos is on the way to being the richest man in the world