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CEO To Yellen: "Let Us Tell You What We Are Seeing!!"
With Financial Stress Index near cycle highs and macro data collapsing (in Services and Manufacturing) even CEOs are questioning Janet Yellen's timing...
"I don’t mean to make anybody too worried about this stuff, right?
...
We can speak less about stuff and pretend like everything’s just always great. I don’t think – I don’t think that’s the right way to build partnerships. I think, we tell you when things are working, we tell you when things are not working, we tell you when we make changes, we tell you when the changes are working, we tell you when the changes are not working.”
...the areas that are affected by oil... the Texas markets specifically…In the first half of the year, they were pulling down total Company sales a little under 2 points...
In Q3, that accelerated to 4 points, and that’s meaningful, right? It’s not just meaningful to us, I’d say it’s meaningful to anybody who’s thinking about what the US economy ought to look like...
It makes me think hey, should we be calling Yellen... and saying, let us tell you what we are seeing."
- Restoration Hardware CEO Gary Friedman (Home Furnishing)
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By taking over the economy the fed will now be viewed as responsible for whatever happens here on in. They are fully visible now.
I hope it burns, these assholes want to create some kind of Progressive Utopia, where we all love one another and live in harmony...Can't wait to see how that workls out.
Sounds like Mr. CEO's big bonus must be in jeopardy now. Where was he and his other C-level peers at the last several years? Yeah, that's right...cashing in on big free money and bubbled up stock buy-back schemes. Too late now, bitchez. The Titanic is goin' down!
They should have been telling everyone to read ZeroHedge every day and maybe we'd have more good news than bad.
This guy doesn't see the opportunity in having the ability to buy his competitors bankrupt businesses for pennies on the dollar in the next massive (and totally forseeable) financial and economic meltdown?
I thought CEOs were supposed to look for the bright side of things and seek out new opportunities.
I can tell you from the ground here in DE that "real companies" cannot buy the bits and pieces out of bankruptcy. There is so much debt the lenders simply take control via credit bid as there is an internecine fight over control for a decade. The only people that dislike lenders and hedge funds more than people at ZH are the competeing lenders and hedge funds. Black Diamond and Yuciapa continue to fight over Allied Systems, a trucking company with nothing left, simply because one respective party lost out in another bankr. Oak Tree, Cerberus, Yuciapa, BD, every color, noun, and mythological creature participate in this BSD contest. Competing CEO's best shot is to convince the lenders that they should head up the NewCo as CEO, for a substantial pay raise.
Happy Shemitah!
Only a tiny bit late. Effective nonetheless though, no?
Redistribution and repudiation, bitchez!
For that to happen we need to have ObamaWeed. Free government weed for all!
We should follow this brilliant idea with obamagold and obamasilver and obamaguns.
Speaking of Central Bankers, we here are not the only ones getting ticked off about the creeping corpro-fascist state. Kiling Joke just released a new album, "Pylon," that I believe should be required listening for anyone who regularly reads this site. "I Am The Virus" is a particularly incandescent track, with lyrics like "Central banking, Mind-fucking omnipotence" and plenty more besides. Hard to believe a band that's been around for 35 years could rock so incredibly hard. Check it out at https://youtu.be/A4wdbibV3IM - "I Am The Virus (Lyric Video)"
coprophagic state
look it up
^^ I endorse this message.
i_call_you_my_base
"By taking over the economy the fed will now be viewed as responsible for whatever happens here on in. They are fully visible now."
That was one of THE best, most concise statements I've read here. The chink in the armour perhaps?
CEOs already begging for more welfare..
All he/ she would hear is "Click".
Don`t you know that FED credibility is more important than economic performance?......
Janet is going to prove it to you......
Restoration Hardware? enough said.
"You can lead a horse (or a cow) to water, and then hold (her) head under the water until the bubbles stop."
––Proverb
... but you have to be pretty strong to pull it off
Just lay off a few people, do a share buyback and collect bonus. That should make you feel better.
that's the difference between a ceo and the rest of us. we can't pick up a phone and call janet or hopey and tell them what to do for our own personal benefit.
Yellen to CEO: "I told you before, I'll get you my pretty, and your little dog, too."
If a CEO complains and no one cares, does it make a sound?
It is always funny to see people pretending that the economy doesn't need more debt to keep afloat.
Yellen: "If you don't like it, go start your own Federal Reserve."
This CEO mistakenly thinks the Fed would lower itself to his or any outsiders impure opinion.
The only opinion the Fed cares about is that of it's peers. Which is why it raised rates; growing criticism from the Irvory Tower league.
It seems more of a defunct model issue.
Oh boo-fuking-hoo.... ceo of over priced furniture store cries cause his cash rich customers won't have any more "winnings" from the stock market to spend on his trash....
I'm not going to defend Mr. Yellen or the FED but the CEO of Restoration Hardware might want to look at his overpriced shit on his retail floors for the sources of his problems. Tripling the price of ordinary items because they've been "branded" is dead business model.
that is so fucking dead on. Great observation.
The only note I would add to that is some of the price increase comes because everyone has to keep raising prices to keep up with the ever increasing government take. The take comes in the forms of taxes, regulations, licenses, fees, you name it. At least 60% of the price of ANYTHING, service or product, is now being stolen at gun point by government.
ill tell ya what im seeing ......... motherfuckers with no jobs...... Niggas are broke these days.........
Even in the best economic times, poorly run companies go out of business.
Furniture is over rated.
More free money on the way soon, no worries. 10% drop at the most before ol Yellar becomes highly accommodative...stretched out one might imply.
Im thinking the best play in this FuBust world may be to take up residence with Ted Williams at Alcor Cryonics until they get this giant shit wreck sorted out.... I could wake up from what felt like a nites sleep to Utopea.. everyone else here will have long died off of old age full of regrets and bitter... I got the brainstorm idea from my sleep expert Mastiffs and calling it "Sleep Through Ideocracy"
http://www.alcor.org/
These guys and the Traders Joe and Pottery Barn crowd are the middle market waiting to be slaughtered by Amazon, China and another real estate deflation.
Mom and Dad's house paid-off house in the Rust Belt isn't the same demographic as Berkeley and Austin.
More and more household incomes are going towards Obamacare, food and pining away for those pre-2007 vacations.
RIP middle-class knowledge-based workers.
Logged in to up arrow your comment. It's over. I've retained my engineering job so far, by hard work, but mainly luck cause managment lays off, or ships jobs offshore pretty wildly. Your comment on where incomes are going is right on. Only hope for our family is trying to pay off remaining debt (mtg) before the axe falls, and praying to get a gov't job should I lose mine. I keep hearing from other knowledge based workers that the only hope (for continued stay in middle class) is long commutes into DC or security clearance jobs in surronding areas, or combo of both.
I've never worked a gov't job, and think it is sad that there may be no private/public companies left where you can get a wage to pay bills, and save a little (ans eek out a vacation once in a few years).
tell what? why not tell her early? Aren't you CEOs always confident in buying back stocks bingo?
Well, the problem could be macro-related.
But I suspect it's more closely related to the act that restoration Hardware sells a lot of useless crap. When I first saw the place, it looked interesting and retro. but on closer inspection, there wasn't a single thing that I really needed in my house.
Very true, their dream customer, the overpaid 6-figure oil and gas industry worker is too desperate scrounging up money for their house and car payments to have anything left for overpriced Restoration Hardware's vintage-looking made in China crap.
Let's just let things be and see what happens.
Spilling the old bird Yellen's entrails reveals the will of the god Mammon as USSA lurches to the gaping maw....
Definition of Augurs
"The definition of an Augur: An Augur was an ancient Roman priest, soothsayer and official whose main role was to interpret the will of the gods by studying omens, the flight of the birds, the behaviour of animals, interpreting dreams, natural phenomena or oracles referred to as "taking the auspices." Augurs practised haruspicy which involved reading entrails of animal sacrifices and augury which involved interpreting the behaviour of birds. An augur would be expected to advise whether the omens were auspicious or inauspicious. The augurs were at first only three in number but they eventually increased to fifteen
Power of the Augur
The ceremony and function of the augur was extremely important to the Romans and the powerful augurs would be consulted prior to any major undertaking in Roman society, both public and private, including matters relating to war, commerce, and religion. The augurs were to tell whether any action should be fortunate or prejudicial to any particular persons, or to the whole commonwealth."
So I'm off to the vomitorium before the next bout of counterfitting cranks up.
The NRA should rebrand itself as RESTORATION HARDWARE!