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Pier 1 exiting online business

Another indication that the rush to open online stores is failing. Maybe the competition is too fierce or the margins too low. What ever the case Pier 1 Imports with 1,000-plus stores is no slouch in retailing.

Hillary Wasn’t Lying!



Lehman Follow-Up

After Bear Stearns fell, I asked Is Lehman Next? Lehman came out with its earnings report last week that soothed Wall Street’s worries.

However, in a piece The Debt Shuffle by Jesse Eisinger, Eisinger’s concludes:

The picture emerging is that of an investment bank that is dancing as fast as it can

Eisinger points out that:

  • Lehman’s balance sheet isn’t shrinking, as we’d expect. – Other financial institutions are taking down their exposure right now amid the market turmoil to be prudent
  • Lehman got more leveraged, not less. – The investment banks “gross” leverage hit 31.7 times equity, up from the fourth quarter and way up from last year’s 28.1.
  • Lehman includes debt in its calculation of equity. Say what?
  • Lehman reaped substantial earnings gains because investors thought it is more likely to go bankrupt.
  • Lehman’s write-downs seem tiny. – The bank only wrote these assets down by 3 percent. And its Level III assets —the hardest to value portion of these instruments—were written down by only the same percentage.

If Lehman fails, how much will the FED have to spend
this time and will JP Morgan ride again to the rescue?

Sun Recording Captures CME

Universe Today and SpaceWeather.com have news that the sun had a coronal mass ejections (CMEs) yesterday. Each has a recording of the pulse as it passes by Earth and recorded by a radio astronomer in New Mexico, Thomas Ashcraft.

Central Oregon Quakes

UPDATE:

map 1.9 2008/03/29 09:38:55 45.119N 120.917W 15.2 14 km ( 9 mi) ESE of Maupin, OR

map 2.3 2008/03/29 08:28:24 45.124N 120.937W 15.2 13 km ( 8 mi) ESE of Maupin, OR

UPDATE:

map 1.7 2008/03/28 20:25:54 45.112N 120.945W 8.2 13 km ( 8 mi) ESE of Maupin, OR

map 1.7 2008/03/28 18:34:03 45.119N 120.947W 9.6 12 km ( 8 mi) ESE of Maupin, OR

map 1.7 2008/03/28 04:23:22 45.116N 120.945W 10.9 13 km ( 8 mi) ESE of Maupin, OR

map 1.8 2008/03/27 17:13:22 45.126N 120.921W 15.7 14 km ( 9 mi) ESE of Maupin, OR

UPDATE:

map 2.5 2008/03/26 13:40:53 44.473N 122.877W 24.7 1 km ( 1 mi) SSW of Sodaville, OR

map 1.6 2008/03/26 12:52:52 45.122N 120.930W 12.7 13 km ( 8 mi) ESE of Maupin, OR

UPDATE:

map 2.2 2008/03/25 19:33:31 45.126N 120.936W 16.3 13 km ( 8 mi) ESE of Maupin, OR

map 1.5 2008/03/25 15:23:30 45.119N 120.929W 12.7 14 km ( 8 mi) ESE of Maupin, OR

map 2.2 2008/03/25 10:32:28 45.007N 120.950W 19.3 15 km (10 mi) W of Shaniko, OR


map 1.3 2008/03/23 03:07:04 45.133N 120.924W 14.1 13 km ( 8 mi) ESE of Maupin, OR

Maupin Earthquake Mover Mike

Update:


The Tonya Harding Option

Poor Tonya! I thought Britney was the new Tonya Harding, but now Tonya is identified with Hillary Clinton and the philosophy: The End Justifies The Means!

Revisiting Uncle Bill

I had an opportunity to reread a post and my comment at Ask Uncle Bill. I commented on one of Uncle Bill’s posts and it ended with him, Bill Bradle, writing me to say, “Stick with the furniture moving, Mike. You’re out of your league.”

His post ran in March 22, 2006 titled Market Psychology or The Wall Of Worry. In the piece he is bullish about the market and the U.S. economy with these points:

  1. Today, PE’s are down, companies have strong balance sheets, and tons of cash laying around burning a hole in the pockets of management.
  2. Whatever happens in Iran and Iraq is already discounted in the market
  3. A recession? Maybe, maybe not. But probably not this year so a non-starter to the market.
  4. Inverted yield curve which means short term rates are higher than long term rates. I will make it a neutral to the market.
  5. Inflation and/or deflation–when you get one, people worry. When you get the other, people worry. However, even terrorists want to live here.
  6. A new Fed chief? The new boss looks pretty much like the old boss.
  7. GM is a dinosaur waiting to expire. (If they expire)the impact will be significant (especially if you are a UAW member) but not earth shaking.
  8. The perennial weak dollar. Here’s the news. The dollar is up, not down.

I challenged him on the credit worthiness of major companies saying, “As a result of GE’s restatement of its financial information in its amended 2004 Form 10-K dated May 6, 2005, readers should no longer rely on our previously filed financial statements and other financial information for the years and for each of the quarters in the years 2004, 2003, 2002 and 2001. Readers should also no longer rely on our previously announced results for the first quarter of 2005.”

I challenged him on the USD saying, “What you had is a mini rally in a bear market from 80 to 91, after a fall from 120 to 80, Big deal! Now it appears to be rolling over. I won’t even bother to critique the rest of your points”

Looking back on Uncle Bill’s post he was pretty accurate. The DJIA closed March at 11195. (See Chart) It has been over 14000 and even though the first two months have been rough and volatile, it still closed Friday at 12410. (See Chart)

The USD is a different story.

See Chart

In fact, the USD was only in a rally, as I said, and has since fallen to 71!

Now, Uncle Bill is mostly right. One would think, however, that the falling dollar will have consequences for interest rates, inflation and our ability to fund our deficits. That’s what gets played up in the press and that’s why we should continue to read Uncle Bill for the other side. His comment to me however was uncalled for.

FORBES.COM To Launch Business And Finance Blog Network

Maybe, you’ve wondered what the Forbes badge was doing on my sidebar:

Today’s press release explains:

FORBES.COM TO LAUNCH BUSINESS AND FINANCE BLOG NETWORK

Nicholas Ricci Tapped as General Manager, Sales for the
Blog Network & Forbes Audience Network

NEW YORK, NY (March 24, 2008) – Today Forbes.com, home page for the world’s business leaders, announced the creation of a Business and Finance Blog Network, comprised of a community of pre-screened, influential business and financial blogs.


The Blog Network’s content will focus on senior business decision makers and high-net-worth investors. Topics will be relevant to the banking, trading, hedge fund management, affluent investing, and senior business decision-making communities. Participation in the network is by invitation only, and all blogs are vetted by Forbes.com editors for appropriate content, and to ensure that they are in keeping with the Forbes editorial brand. (Emphasis added)

The network will allow advertisers to target a highly engaged, exclusive niche audience of senior business decision makers and affluent investors easily and effectively. Four hundred-plus blogs have already joined the network, with many more expected to sign on before the official launch in the next few weeks.

“There is no denying the growing importance and influence of blogs within the media landscape,” said Forbes.com President and Chief Executive Officer Jim Spanfeller. “Forbes.com can ensure advertisers are reaching a hard-to-find and very desirable audience within safe, well-lit environments by exclusively inviting ‘best of breed’ business and investing bloggers to our new Business and Finance Blog Network.”

Nick Ricci has been appointed General Manager, Sales. He will be responsible for overseeing the sales, marketing and promotion for the Blog Network as well as the Forbes Audience Network (FAN), which launched in November 2007. Nick joins Forbes.com from About.com, where he served as Senior Vice President, Sales and Ad Operations. He has also held senior sales management and marketing positions at Times Mirror Magazines, Cox Interactive Sales, and Hachette Filipacchi Media US. Nick is already in the process of hiring and building a dedicated network sales team.

“I’m thrilled that Nick has joined Forbes.com to oversee the sales efforts for the Blog Network,” added Spanfeller. “He is a seasoned executive with several years of sales and marketing experience who will play a key role in driving the network’s success.”

I feel honored to be chosen by Forbes and look forward to continued writing that appeals to this demographic. I have also been posting since August, 2008 to a blog at Home Accents Today titled The Landfair Retail Focus. I would be like a bird without wings if I couldn’t write.

Musing Minds

Well, as many of you know by now, Mover Mike looked like it was hi-jacked and I had a fear looking at traffic that all my work for a lot of years was out the window. I’m happy to say it is fixed. How, I don’t know. My guess is my blog server, Powerblogs, found a way to fix it. I received a ton of emails and renewed some relationships. One I’d like to mention is Kimsch at Musing Minds.

In the famous Obama speech, he referred to his grandmother, who was white, as a “typical white person”! Now I’m sure if John McCain had referred to Obama as a “typical black person” the wrath from the MSM would have peeled the paint off nearby buildings. No such firestorm has been directed at Obama. Instead, those who support him have said great things about the speech. In fact, the speech sent a shiver up the leg of the star of Hard Ball.

With that background Kimsch is now offering TWP* T-shirts and related accessories:


*Typical White Person

Update:


Blogs For Borders Video Blogburst

In this weeks show:

Election 2008: Is there a candidate for us?

100% Preventable! Americans continue to pay the bloody price for open borders. When will the madness end?

Download the show for your Ipod here


This has been the Blogs For Borders Video Blogburst. The Blogs For Borders Blogroll is dedicated to American sovereignty, border security and a sane immigration policy.

If you’d like to join find out how right here.

Technorati Tags: illegal immigration, deportation, rule of law, invasion, insanity, mexico, execution, murder for hire, el salvador, open borders, border security,

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