60 minutes, Last Night

Don M.

Don M.

SF VIP
Location
central Missouri
60 minutes, last night had a couple of the best "expose's" they have broadcast in quite some time. They did a story on how the people who suffered through Hurricane Sandy are being ripped off by their insurance companies, and also a story about how Lumber Liquidators is selling composite wood flooring, made in China, that is laced with Formaldehyde...at levels often hundreds of times higher than deemed safe.

This is really a sad commentary on Corporate America, and how the well being of our people is being sacrificed for Corporate Profits. If you missed the show, you can watch it on the Net at http://www.cbs.com/shows/60_minutes/ This is well worth viewing.
 

Yup lumber was down 20% this morning in pretrading. Made enough on short sales to go for awhile.
 
I thought the Chinese drywall scandal would put a stop to stuff like the flooring because that was over 5 years ago.

I also wonder how many watch the diy or flip shows and buy new flooring because it's cool but they don't really need it.
 
A Lumber Liquidators just opened near me. It will be interesting to see how they do now that this big thrill of having fake hardwood floors collapses after this finding. I can see the rush back to carpeting coming...
 
The wife and I were just discussing replaceing our carpets with laminate just 2 weeks ago!! Lumber Liquidators seemed to have the better deals..Not anymore!!!!!! We will keep the carpets for awhile longer!!
 
Jackie22 said:
..LOL, I'm a tough old bird, Ralphy. I replaced carpets, that were full of crap that made my allergies worse, I'll just take my chances, not about to go through the work and expense of changing them out again.
Click to expand...

Do you know if the installer used Lumber Liquidators?? I would check with them to see who they got the floors from.
 
Jackie22 said:
No, it did not, Ken, but the flooring came from China, I read it on box....it is beautiful and very easy to keep....oh well.
Click to expand...

On 60 minutes, the manufacturer in China stated that they do make other brands without the formaldehyde but a little more $$$$.
 
We have dogs and cats, which = carpet hell. So, the whole house has ceramic tile flooring. If someone has an 'accident' on the floor it's no big deal. Plus, my allergies are at a lifetime minimum; tile well worth it's weight.
 
WhatInThe said:
I thought the Chinese drywall scandal would put a stop to stuff like the flooring because that was over 5 years ago.

I also wonder how many watch the diy or flip shows and buy new flooring because it's cool but they don't really need it.
Click to expand...

Wood flooring has become very popular in recent years. But, if people are buying this Chinese stuff, there may be thousands of home owners who are faced with a huge expense of having it replaced...or risking their health by living with this stuff in their houses.
 
If you own an older home, chances are that under that carpet are beautiful Red Oak floors that just need some refinishing. I pulled up all my carpets and had someone come in to refinish the floors... beautiful..
 
Ralphy1 said:
A Lumber Liquidators just opened near me. It will be interesting to see how they do now that this big thrill of having fake hardwood floors collapses after this finding. I can see the rush back to carpeting coming...
Click to expand...

I would venture that with this 60 Minutes publicity, Lumber Liquidators is going to be swamped with lawsuits, and may wind up going bankrupt. I can just visualize a small army of lawyers lining up clients and leveling massive class action lawsuits against that company. I sure wouldn't be buying stock in that company.
 
You know I hate to say this, but the consumer is partly to blame with demands for cheaper and cheaper products.. These companies couldn't survive if folks simply stopped buying their stuff. While everyone likes to save a buck... they still expect to be safe at the same time.. This is why we have regulations.
 
The American Consumer IS the driving force behind these cheap products, and the off-shoring of so many of our once good jobs. The desire for "Cheap" is what has driven companies like Walmart to the top of the retail chain. But, given the stagnation of wages and the Middle Class over the past couple of decades, fewer people can afford the prices of the high end retailers. But, when it comes to the purchase of major Durable Goods, there is no substitute for "You Get What You Pay For".
 
Unfortunately, many cannot afford to pay. So what is the answer? Slash wages even more, do away with all regulations and regulatory agencies.. so corporations can turn the US into their toilet for the sake of profit. Give Americans jobs but at slave wages with no benefits?
 
QuickSilver said:
Unfortunately, many cannot afford to pay. So what is the answer? Slash wages even more, do away with all regulations and regulatory agencies.. so corporations can turn the US into their toilet for the sake of profit. Give Americans jobs but at slave wages with no benefits?
Click to expand...

That seems to be the trend. How long our people are going to stand for it remains a question. I saw a quick note on the news a couple of evenings ago...it said that the wealth of the 1% has surpassed the net worth of the remaining 99%. This overriding greed is going to have dire consequences in the future.
 
Don M. said:
I would venture that with this 60 Minutes publicity, Lumber Liquidators is going to be swamped with lawsuits, and may wind up going bankrupt. I can just visualize a small army of lawyers lining up clients and leveling massive class action lawsuits against that company. I sure wouldn't be buying stock in that company.
Click to expand...

short sell, short sell. Now if we could only get 60 to do one or 2 of these every week
 
There are quite a few instances per day of goods reaching American shores that are not "merchantable" and even many made here. The air bags in Toyotas, the quality of pharmaceuticals coming out of India. What surprises me, in these cases, is the range of market movement because it was on 60 mins. It's as if the public "wakes up" and discovers something the markets sees daily. The market forces, law suits, loss of sales, will be far more devasting than a slap by some regulatory commission.
 
rt3 said:
There are quite a few instances per day of goods reaching American shores that are not "merchantable" and even many made here. The air bags in Toyotas, the quality of pharmaceuticals coming out of India. What surprises me, in these cases, is the range of market movement because it was on 60 mins. It's as if the public "wakes up" and discovers something the markets sees daily. The market forces, law suits, loss of sales, will be far more devasting than a slap by some regulatory commission.
Click to expand...


How many lives will be lost, or people harmed before the "market forces" correct the problem? Is it worth even ONE?
 
Regulatory agencies cannot anticipate or react as fast as market forces, besides regulatory forces are against Karma.
 
You must log in or register to reply here.

Back
Top