The Conference Board’s Consumer Confidence Index fell to 25 in February from a revised reading of 37.4 in January.
Target Corp.’s profit plunged 41 percent in the fourth quarter of 2008 as consumers cut spending amid what CEO Gregg Steinhafel called “unprecedented economic conditions.” (TGT)
Bank of America Corp. Chief Executive Kenneth Lewis has tried to assure employees that the bank won’t be nationalized. (BAC)
A New York judge has ordered former Merrill Lynch, Co. Chief Executive John Thain to provide information about executives who received nearly $4 billion in bonuses. (BAC)
The Home Depot Inc.’s profit dropped nearly 50 percent in 2008, hurt by more than $1 billion in charges and a dip in consumer demand. (HD)
Macy’s Inc. reported its fourth-quarter profit dropped by almost 60 percent, to $310 million, but still beat post-expense projections by 4 cents a share. (M)Mind you, all of those headlines showed up in one day. With the exception of $4 billion pocketed by Merrill Lynch executives, it sure doesn’t seem like the $1.5 trillion the feds are dumping into the economy are having any positive impact.
If you ask me, all we’ve done is postpone the inevitable. Actually, I take that back. We’ve undoubtably made it worse.