You’re Out Of The Woods, America!

The Wizard of O’s maladroit, mendacious munchkin chorus keeps insisting that we’re on the way to economic nirvana, propelled into prosperity by the 700 gazillion jobs imagined or invented by the economic “stimulus” plan in just the past two nanoseconds. The veins are standing out in their necks as they scream the chorus of You’re Out of the Woods.

Someone did not get the memo:

Wal-Mart Stores Inc. said Sunday it is cutting more than 10,000 jobs at Sam’s Club, representing about 9 percent of the warehouse club operator’s staff,….

Wal-Mart has been doing rather well of late as shoppers look to trim expenses. Yet even they feel compelled to cut costs in this economy. That’s not all the bad economic news today, either:

Hundreds of thousands of troubled homeowners who are making lower mortgage payments on a trial basis are at risk of being kicked out of President Obama’s foreclosure-prevention program.

Companies that service the mortgages have until Jan. 31 to review all trial modifications that have been underway for several months under the Home Affordable Modification Program (HAMP), according to a Treasury Department guideline issued late last month. The Treasury Dept. said it would issue new guidelines next week, but wouldn’t give details.

Try 450,000. That’s how many are at risk of re-entering the foreclosure pool.

On top of all that cheerfulness, there are eight other major retail chains that are in serious trouble due to horrible holiday sales. Wall Street expects them to cut more jobs and close more stores in the months ahead.

Zale (ZLC) fired its CEO and the two senior retail executives who work for him. Information from industry sources indicates the cause of their departure was a critical shortfall in the company’s holiday sales. The firm’s revenue dropped almost 10% in the quarter ending October 31. Zale has 1,930 outlets operating under the names Zales Jewelers, Zales Outlet, Gordon’s Jewelers, Peoples Jewellers, Mappins Jewellers and Piercing Pagoda. Revenue for November and December was down 15% to $494 million and same-store sales fell 12%. Zale will have to close its 200 worst- performing stores before the year is over.

That’s one of eight who appear to be in real trouble.

We’re out of the woods, alright. And heading straight for the lumber mill. (A little play off Obama’s buzz saw remark).

Reports indicate that the hapless trio of Harry Reid, Nancy Pelosi and the Wizard of O are still trying to fiddle with ways to ram health care “reform” through while the economy burns.

Too bad we the people cannot perform some layoffs .