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8/14/2012 4:23 PM
Sapp Sacked...America Next?
Sapp listed assets of $6.5 million, including a lion skin rug ($1,200) a watch ($2,250), and 240 pairs of Air Jordan sneakers. Those sneakers are now going to be auctioned off. (I'm glad my son doesn't wear a size 15 because all of a sudden he's an Air Jordan aficionado, which is good and bad. It's good because he can work toward something, but bad because these are expensive sneakers, and I have to make sure he understands how much work it takes on both parts, his grades have to come up and I have to work 90 hour weeks). Mr. Sapp continues to earn $115,000 a month but his hole is too deep. This year Americans are going to have a chance to do smart things that will save entitlement programs even though the process will make some people uneasy.
Unfortunately, even in bad times, it's good times in America when checks still come in the mail from the government. There are a lot of "advisers" saying don't worry let's party, let's spend and worry about tomorrow, tomorrow. In addition to the new rite of NFL players going off the tracks in plain sight, another rite has begun as well—the summer of bankrupt western nations. Last year it was Greece, this year it's Spain and looming large for next year is Italy. Sadly, those nations gave up being like Jamaicans a long time ago as the welfare state replaced hard work and pride. Those countries are giant warning signs for America. Warren Sapp is a giant warning sign for America.
The pocket is collapsing and it's time to huddle up and regroup or we're all going to get sacked, and I don't have 240 pair of Air Jordan sneakers to auction off.
The market is edging higher, due in part to a big rebound in retail sales after three consecutive negative months including -0.7% in June. The 0.8% jump in July was the largest monthly increase since February and saw all components of the report edge higher.
Looks like we want to go outside and have fun in July. But those that didn't frolic in the sun headed to the malls.
Home Depot (HD) is the biggest name higher in retail today. I was there three times this week and used the self-checkout system, it worked well and the service is still significantly better than Lowes.
Michael Kors (KORS) is rocking but just look at the watches women in the office are wearing today - it's no mystery. On the other hand, Groupon (GRPN) tried to rewrite accounting rules with mysterious income statements that were shot down before the IPO, and now the stock is being shot down as well.
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