Word: discounts
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More important, the jobs being wiped out at giants like Kodak, McDonnell Douglas, IBM and General Motors are far better paid than the jobs opening up at companies still growing rapidly. Wal-Mart, the discount-store chain, created more jobs in the first 30 months of the recovery than any other company in the country, but they generally pay only about $5 to $9 an hour. PepsiCo is still expanding, but most of the new jobs are for those who feed the ovens at the company's Pizza Hut, Taco Bell and KFC fast-food restaurants. Result: many people...
...backlash against Wal-Mart and other discount retailers...
...good news on the no-load front is that there are more than ever to choose from. And that you can now buy many of them through discount brokers. Charles Schwab & Co. (800-435-4000) pioneered this convenient notion, and many other discounters have followed. It saves having to call or write for a fund application, cuts paperwork by consolidating all your funds in one statement, and makes selling or switching funds a lot easier. The only drawback is a small service charge -- but Schwab waives it on 200 of the 600 funds it trades, as do such others...
...Mart, the retail discount giant, was prepared for just about any misgiving the residents of Greenfield, Massachusetts, might have. In exchange for turning a 63-acre lot into a 121,267-sq.-ft. store, they would pay the town $100,000 in annual taxes and cover much needed road improvements too. The store even agreed to spring for an archaeological dig on the site, once an Indian campground. "All people were thinking was, 'This is where I'm going to get cheap underwear,' " says resident Al Norman...
Last week the people of Greenfield (pop. 18,000) delivered Wal-Mart its third defeat this year when residents voted to keep the discount retailer from building the gorilla in their midst. Some 60% of the town turned out for the vote, preventing the measure that would have rezoned the proposed site by a slim nine-vote margin. Similar resistance in Westford, Massachusetts (pop. 16,000), and North Olmsted, Ohio (pop. 34,000), has led Wal-Mart to withdraw its interest there as well...