"We have almost no GDP growth...We are so overdone...More chains are going bankrupt than I've ever seen, and more stores are closing.Half of America doesn't have any money. The financial condition of most Americans is a train wreck."Howard Davidowitz"People of privilege will always risk their complete destruction rather than surrender any material part of their advantage."John Kenneth Galbraith
Howard Davidowitz is one of my favorite analysts, and a maven of the retail sector.
And he tends to tell the facts, even to those who do not want to hear them. But he is so good at what he does, so well known and respected, that they have to let him on.
Those who are profiting from the status quo do not want change, and being completely self-absorbed do not care if there is a recovery for the rest of America.
They do not care, as long as they can keep the music playing, and the economy dancing to their tune. They've never had it better.
And their enablers cannot address the problems. They will not even acknowledge that their IS a problem, because of the credibility trap.
