Toxic Mall Wife

I must write up the wonderful Saturday that I had with Industry Figure Larry Helmerich, but this is…well, easier, and I really laughed at the metaphor:

Here, ladies and gentlemen, is the crux of the problem: We are reliably informed that whatever part of the economic crisis can’t be pinned on Wall Street — or on mortgage-related financial insanity — can be pinned on consumers who overspent. But personal consumption amounts to some 70 percent of the American economy. So if we don’t spend, we don’t recover. Fiscal health isn’t possible until money is again sloshing into cash registers, including those at this mall and every other retailer.

In other words, shopping was part of the problem and now it’s part of the cure. And once we’re cured, economists report, we really need to learn how to save, which suggests that we will need to quit shopping again.

So the mall we married has become the toxic spouse we can’t quit, though we really must quit, but just not any time soon. The mall, for its part, is wounded by our ambivalence and feels financially adrift.

Read the Full Story at the New York Times (while they’re still a going concern!)
“Our Love Affair With Malls Is On The Rocks”
January 31, 2009

Published by

2 thoughts on “Toxic Mall Wife”

  1. As Bill Bonner of the Daily Reckoning says, “the force of a correction is equal and opposite to the deception that preceded it.” We were the “world’s mouth” for 20+ years, thanks to the kindness of Asian savers and producers. How do you unwind 20+ years of malinvestment, years of lifestyles and careers that should never have been chosen in the first place?

Leave a Reply