Land of Oz

Sears is gone...

You really have to love the idea of bankruptcy. When someone (usually a rich someone) decides they don't want to pay off the people who they owe money to, or have too many employees, or too many pensions, they decide to just fuck all, and declare bankruptcy. I really don't get it. How can that possibly be right - or at least ethical. (I know - who cares about business ethics in the 21 century, but still...). What if everyone did that? Can you imagine? Hey Ralph, you know that $100 you lent me last month - screw it, I'm bankrupt. Hey Dr. Smith - you know the $500 in dental work you did on me last week - screw it, I'm bankrupt.

Kmart lost $3.2 billion in its fiscal 2003, but reported its fourth consecutive profitable quarter yesterday. Sears reported a 2003 profit of $3.4 billion, but a loss of $867 million for the first nine months of this year.

The above is from the Washington Post. How on earth can someone go bankrupt, lose $3.2 billion dollars, and then still buy one of the largest merchandisers around? For that matter how can someone make $3.4 billion one year and in the next 9 months manage to lose $867 million?

And people are applauding both of these companies - I hate it. I read this morning that our country just approved another $800 billion (yes, that's a 'b', not 'm') in deficit. We're going to cut taxes, prosecute a couple more wars, and increase spending all at the same time. What the hell were you 52 million voters thinking??? Give a thought to ten years from now. Pensions will be gone - the companies that promise them will all be bankrupt. Social Security will be privatized - BTW, did you put your stock in Kmart before or after they went bankrupt? The government won't be able to bail you out, since it will be so far in the hole, the treasury won't even remember what green ink was. One good point is that since your medical care is going in the shitter, there won't be as many people around to suffer. (Did you get your flu shot this year??)

2fers: kmart and US Government Supplied Grade A Bankruptcy Forms sigh...