Week In Review

From “Made in China” to JP Morgan…

Olympic Fashion Faux Pas

Ralph Lauren is getting a lot of heat today after word got out that the clothes he designed for the opening and closing ceremonies for Team USA were made in …China.  More interesting to us was learning that unlike most Olympic teams, the U.S. team is PRIVATELY – not publicly – sponsored, with Ralph Lauren, of course, being one of the sponsors.

Actually, make that SIX billion dollars

From the Half Empty/Half Full dept:  JP Morgan confessed today that their controversial trading loss from a few months back was a wee bit higher than $2 billion – actually, closer to $6 billion.  Oops.  But the market is a forgiving place – shares of JP Morgan surged ahead today anyway after the company reported higher 2nd quarter earnings.

San Bernadino Bankruptcy

California’s “Inland Empire” continues to lose some of its luster.  San Bernadino became the third California city – within the past month – to file for bankruptcy protection.

Penn State – Follow The Money

Louis Freeh’s Penn State report states in no uncertain terms that top university officials knew about Jerry Sandusky’s sexual abuse of boys for 14 years and covered it up.  And what for?  To keep a lucrative, powerful football program generating more money.  Seems crazy that even one official could choose protecting money over the welfare of children, but Freeh’s report indicates so many people looked the other way that many are calling for the “Death Penalty” (the NCAA’s ability to suspend a team from playing for at least a year) for Penn State’s football program.

How Was Your Week? 

| Print

2 Responses to “Week In Review”

  1. louie says:

    The U.S. Olympics uniform situation is a “bad joke”. Ralph Lauren is a large U.S. designer and seller of proprietary clothing. Anyone who has shopped or owns one of this lines garments knows where they are made by looking at the label data boldly printed (by law). So we now have Harry Reid making political hay out of “made in China” vs made in “America”. Another reason not to listen to this garbage. Sounds like the Herman Goebels propoganda machine in full blast. What we should be more concerned with is, is our Unions who have driven the costs up to actually produce finished textiles to the point where the American Public won’t purchase it. The consumer rules in this market here. Why pay for something of comparable quality from China or some other Country at 25% the price of the same item made here? Let’s thank our Government supported Unions, labor laws and regulations and exhorbitant non-business condusive Taxes for that one. Please America, wake up.

  2. Simone says:

    Lou, you make some good points, but also I see two sides of the union coin. A lot of good things have come from unions, but also a lot of bad.
    That aside, what makes me most angry is the prices companies charge for Made in China goods. Companies like Ralph Lauren charge prices AS IF the goods were produced here, because they have a stylish look, not because the cost of production warrants it.
    Many years ago I worked for a clothing company that made everything in America and our typical wool blazer sold for $200. while a competitor’s very similiar one sold for $250.00. Not a big difference considering we used 100% virgin wool (as opposed to simply 100% wool which could mean reprocessed), and made in America by Americans. When I would visit our clients stores and talk to shoppers and they’d take the $200.00 blazer off the rack I’d ask them why not ours. If it had to do w/ styling or fit differences, I couldn’t say anything. But when they said that they’re going to buy the one made in China because it’s cheaper, and I said that for only $50.00 more they’d have quality for decades, and they’d be keeping Americans working, most didn’t care. It’s 20 years later, and I saw the writing on the wall then. Sad situation.
    I have a few “mom and pop” pharmacies in my neighborhood and I go out of my way to shop in them. And if I spend a few bucks a month more on shampoo and soap to help keep small American business’s thriving, then so be it. It can’t just ALWAYS be about squeezing a nickel. And too many of these bargain hunters who want to save money are the same people who buy $5.00 coffee drinks from Starbucks. They’re not poor.

Any Thoughts?