As I predicted, the G-20 get together appears to have turned out to be nothing more than a stage show and a social networking gig for clueless world leaders. The booze and chow was great but as they fly home on their private jets nothing was accomplished other than the fact that they want to blame hedge funds for the world’s economic ills, world hunger and global warming. Nothing substantive and I’m not surprised. The meeting lasted six hours. Hey, a good brisket takes eight. Please…..
The retail numbers this week were horrendous and the consumer appears to be imploding. As the consumer is 70% of this broken economy the future looks shaky at best, and if you think employment is going to get better anytime soon, then you also think pigs fly. Vikram Pandit is giving a speech to his employees at Citicorp tomorrow morning where he will announce mass firings. The number was 10,000 on Friday and I am now hearing that it will be as high as 40,000. Can he fire himself? Folks close to the story think his days are numbered as well.