Radio Shack Closings Expected

Radio Shack one of your local retailers? Listen up.

RadioShack Corp., whose chief executive officer admitted this week to lying about his academic record, on Friday said quarterly profit plunged 62 percent after a switch in wireless providers led to a large inventory write-down.

The consumer electronics retailer, which is hiring legal counsel to investigate the admission by CEO David Edmondson, also announced a new turnaround plan that includes closing 400 to 700 company-operated stores. It said the plan could result in costs of up to $100 million.

Read more here.

Gallup Says US Consumers Don't Believe the Good Economic News They Hear

According to the latest Gallup poll of consumer views on the economy, despite the positive nature of the so-called "hard" economic indicators touted by the Bush Administration, the attitudes of the average American consumer toward the economy remain relatively dour.

Majorities of Americans rate economic conditions at the moment as "only fair" or "poor," say economic conditions in the United States are getting worse, and say now is a bad time to be looking for a quality job. It is hard to determine precisely what criteria Americans are using for these judgments, particularly since a majority also say that the most important problems facing the country today are non-economic in nature.

Is it a good time to find a quality job in the US? Most say it is not! See below.

ED Futures Newsletter

Dear ED Futures Subscriber:

The world remains filled with great poverty and human suffering. As economic developers, we are aware of these realities. The question is: "Are we doing enough to alleviate these problems?"

I will answer this question from my own vantage point. I am not. While much of my work takes place in communities experiencing great economic hardship, I am not satisfied with the degree to which my work touches everyday people's lives. I can't hide from this reality any longer. It is a part of my calling to help where my help is most needed.

Each of us knows this is not the easy part of economic development. It's always easier to "go with the flow," and enable those who are already enabled. Very honestly, I do not believe that "trickle down economics" works in helping those most in need. It simply helps us sleep at night to believe that it does. We must do more.

My wife and I recently enjoyed a wonderful vacation on St. Croix, which as many of you know is a lovely island in the Caribbean. (By the way, economic developers seem to enjoy vacationing on St. Croix. Many of you know Rob DeRocker from DCI in New York. We had a wonderful stay in his condominium here on St. Croix. Mark Waterhouse (Garnet Consulting, Inc.) another economic development friend, also likes spending time here.)

Touring the island for a week raised my own consciousness of the deep-seated nature of the social and economic problems that haunt the Caribbean islands and many other places. Life on top of the hill and in the gated communities along the waterfront is starkly different than life on the rest of the island. Is there little wonder that crime has flourished here and in all other island economies across the Caribbean Basin? Look at the social and economic structures of these places. And yes, I can find a comparable dichotomy in the Greater Cleveland area. These contrasting images of life exist wherever you live and work.

Economic developers like to think the problem can be addressed by creating jobs for everyone or raising education levels for citizens. Both can help some. These are what I can "outer reality answers." There is a deeper problem that has to do with the "inner reality" of people. This inner reality speaks to cultural issues that cannot be brushed aside. This inner reality also speaks to the need for hope, motivation, consciousness, compassion, faith and a sense of "meaningful connectedness" with the world. The mind shift that is needed must occur in "have-nots" and "haves" alike. Our consciousness in economic development must shift to become more holistic, more connected, more caring, and embody a greater recognition for meaning in people's lives.

Let's talk about these issues. If you are up to the dialogue, let's have. Contact me by email at: dtia@don-iannone.com, or by phone at: 440.449.0753.

Scroll down. I continue to feed this blog on a daily basis. I'm sure you will find many interesting articles below.

Best wishes,

Don Iannone
Publisher, ED Futures Journal