Wal Mart posted it's weakest earnings increase in years this quarter. All together now - Awwwwwww!
I was just in a Wal Mart last night and have decided that unless absolutely necessary, I'm finished supporting them. First, in an effort to save pennies they've downgraded the quality of much of their inventory to the point that I refuse to buy it.
But that's only the tip of the iceberg. There are several other reasons I'm leaving "Wally World":
1 - Labor practices. Rock-bottom benefits and wages make Wal Mart a good example of competition run amok. They command their share of the discount store business on the backs of their employees, who generally make less than average and work more. They indiscriminately hire illegals without checking status.
2 - They are large enough. Yet they keep building stores. They now generate profit in the several billion range quarterly and it grows all the time. Wal Mart has become the black-hole of the business world, hungrily consuming smaller businesses with reckless disregard... quickly doing their part at eliminating middle-class America and forever tipping the balance toward complete corporate domination. (oh shit, now I'm sounding like an alarmist ultra-liberal)
3 - They screw people with a smile. Read THIS story if you have a minute.
4 - Wal Mart is now so large it is opening it's own bank to process credit, debit and other transactions in order to maximize profit. Again, the banks and credit unions who have long depended on Wal Mart's business get buried beneath the behemoth weight of the beast. Eventually they will provide their own electricity for their stores through the Walton Electric Company. Then they eliminate brand names all together, selling nothing but store brands manufactured in-house.
5 - They're just easy to hate.
Please, lest you think I'm not a greedy capitalist... let me say I am as capitalistic as they come. But there's a point at which we need to place limits and slow growth of a company in order to provide an atmosphere of equitable business opportunity. Otherwise we run the risk of eventually becoming the United States of Wal Mart.
And our mascot becomes "Uncle Sam's."