Tuesday's comments (Blame it on the Locusts) which mocked the absurd rationalization out of retailers, was picked up by Jesse Eisinger's Ahead of the Tape column "Shrek Wreck" in the WSJ today. Jesse is a relatively rare breed -- a financial reporter who allows (or is allowed) his sense of humor to find its way into his writing:
"They put movies out in the summer but apparently nobody told the nation's retailers.One of the side effects of all the corporate and Wall Street scandals has been the increased value of "truth telling." Would these sort of snarky sarcastic observations have made it into print 5 or 10 years ago? I doubt it.
The International Council of Shopping Centers this week blamed "Shrek 2" for weaker-than-expected chain-store sales. Well, if they blamed what is likely the real culprit -- high gasoline prices -- "it would horrify the shareholders" of retailing-company stocks, Barry Ritholtz, strategist for Maxim Group, says. "I fully expect them to blame locusts one of these days."
Better hurry. If retailers don't do it now, they will have to wait another 17 years."
Since I am not seeking investment banking business, I call 'em as I see 'em, and let the chips fall where they may. There is a premium of sorts for the straight dope these days (Go figure). Lets hope it lasts . . .
Jesse Eisinger, Ahead of the Tape
WSJ, May 27, 2004; Page C1
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