The article claims 30,000 jobs were lost with the close of Circuit City. But those were boom jobs, not real jobs. As malinvestment born of printing cash and easy and cheap credit caused people to buy things they do not need and cannot affords, retail expanded to accommodate the ersatz demand. 30,000 people were taken from real productive work to do pretend jobs. Now that the bust is in its initial stages, workers can be released to do productive jobs. Remember the damage was done during the boom. This is just clean-up, dragged out by govt policy.
Friday, January 16, 2009
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