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Today's evidence the economy is going straight to the Inferno: 600 Starbucks stores are closing, which will leave a gaping hole in the anchor of countless strip malls and exurban power centers. Oil prices have sunk car sales and rentals to historic lows, and the fact no one is traveling anymore has left casinos struggling to pay the power bills. How did the whole world collapse so quickly? If only Leona Helmsley's dog could talk, folks! (Nobody knows the trouble Trouble has seen.) See, fundamentally not much has changed, but the nature of the market is to exaggerate. Oil prices, which should maybe be around $100 a barrel, have been driven up by speculators. GM stock is at a 53-year low over car sales that are only at a 10-year low. Casinos are power-greedy structures that are generally loaded down with a few billion dollars in debt before they even open and there are 11,500 Starbucks locations that will stick around to sate your dependence on caffeinated milkshakes. But as Leona Helmsley once pointed out, only the little people pay taxes, and only the little people really have to worry about this recession stuff. Dick Grasso is keeping his $140 million payout, the CEO of Starbucks is keeping his billion dollar net worth, and little Trouble here is keeping his $100,000-a-year bodyguard services. That, torture and Obama's mortgage with me and Megan after the jump. More »
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