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"Some well-meaning critics believe that Wal-Mart, because of our size, should play the role that General Motors played after World War II, and that is to establish the post-world war middle-class that the country is so proud of. The facts are that retailing doesn't perform that role in the economy as GM does or did. Retailing doesn't perform that role in any country in the world."
--H. Lee Scott, Jr., Chief Executive, Wal-Mart, May 3, 2005
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Fed Res, that's a killer quote by Lee Scott!
Thanks for bringing it out into our attention.
At the risk of stating the obvious let me try a translation into plain-speak:
In the same way as GM defined the preponderant-class in the after-war years, Walmart is doing the same today, but do not expect it to be a "middle-class" but only a "low-class"
Further translation: (again: borderline obvious)
The middle-class that shaped the 50's to 80's (or 90's?) has dissapeared with the decline of GM, and all that the new main "industries" can support now is lower-class.
H.
