Monday, December 6, 2010
Wall Street's the reason why there's no job creation!
Yesterday I decided to do some Christmas shopping so I went to Macy’s Herald Square on 34th Street here in NYC. The place was mobbed as you can imagine. I mean, I could barely get through the front door and once inside just moving around was a feat unto itself. I wanted to buy some clothes for my kids.
After walking around and sifting through piles of clothes unorganized racks (I couldn’t find anyone to help me) I ended up with a few items. When I went to pay I was confronted with a huge checkout line where there was only one person manning the register. There had to be at least six cash registers, but only one person on the job. After standing in line for 25 minutes I got fed up and threw everything down and walked out.
Then I went across the street to Old Navy where I found a bunch of other stuff, similarly selected from chaotic piles and racks and guess what happened when I went to pay? Same thing! This time, however, there were three people working a bank of 10 registers.
Then it dawned on me why we’re having a jobs crisis in this country. Companies are being forced to become miserly when it comes to their work staff so they can keep labor costs down and report bigger and bigger profits every quarter to please Wall Street analysts and fickle investors. If not, the Street will punish their stock and their executives will be out of a job. The result of this maniacal drive for profits is a horrible shopping experience for consumers, many of whom can’t find work, but could be gainfully employed were it not for the fact that we let Wall Street dictate everything we do!