Home Depot to close 15 underperforming US stores

Nearly 7{ months after its chief executive said there were no plans to cut the number of its core retail stores, The Home Depot Inc.

[liner]

Still don't think we're in a recession, huh?

[realist]

"Recession" is a technical term and, according to the definition, we are NOT in a recession.

That said, the American Standard of Living is dropping, and has been dropping steadily since the 1970s as the wealth of our nation gets concentrated into fewer and fewer hands. Real income for Americans continues to fall, and we've been making it up by borrowing off our homes and off credit cards.

If you think it's bad now, you haven't seen anything yet. If the economy continues at its present pace, the next big collapse will be in the credit card business. Debt there is structured much like the subprime mortgages that triggered the last collapse, but you aren't going to get a stimulus package for your credit cards.

Combined with the new bankruptcy laws enacted a couple of years ago (don't tell me the powers that be didn't see this all coming), and most middle class Americans will live out their lives as slaves to the banks.

But it won't be called a "recession."

[Garfield]

Recession definately but I guess if you have a job that pays a half million per year you can't see it. Time to ride your bike to work.

[Old School]

The difference between recession and depression.
Recession is when you don't have a job.
Depression is when I don't have a job.

What ever you like to call it or spin it, it's not good. Home values were inflated and now dropping like rocks, Fuel costs are getting higher and driving up the costs of food and basic necessities, Our foreign trade deficit is growing each year, more American businesses are outsourcing jobs and the so called new jobs being created have little or no benefits such as health care, etc. So if you're lucky enough to get one of these great jobs, try to get two more and you might be able to keep your head above water.
I do agree with you realist. The credit card bill is coming due. I don't think Master Card et al will be interested in foreclosure on our Home theater systems, I Pods, Flat screen TV sets and other toys we bought on credit to entertain ourselves. We won't call it recession, the media morons will find a nicer word to describe "financially screwed." It's a shame they don't teach fiscal responsibility in school, God knows most of the parents today are hardly an example for their kids to live up when it comes to common sense money management.

[realist]

You know, Old School, I'm sure you remember a time when people used to save up for luxuries--maybe put something on layaway and pay cash over time. Then people used to put money away in savings accounts for a "rainy day," money they saved from their manufacturing job (or similar trade). If you bought a home it was only after saving up for years so you could put down a significant down payment, and you took as small a mortgage as you could.

Ah, the good old days.

Now our economy is based on consumerism--if we stop spending, the economy goes into the tank. Buy, buy, buy...and if you can't afford it, charge it. Your service-sector job might pay well now but, since your company's income depends not on making something of value but on providing a service dependent on people willing to buy from you, hopefully enough money will come in to pay those bills when they come due. Unless, of course, someone flips a switch and starts sending those keyboard-cowboy jobs to India.

Oh well.