Wednesday, April 23, 2008, by Sarah Hromack
Scapegoat! Starbucks is blaming the U.S. mortgage crisis for its financial downfall— most specifically, the California and Florida housing markets— as the company slashed its 2008 profit forecast well below Wall Street expectations, sending stock shares 12 percentage points closer to hell. Financial planners and other folks who manhandle money always seem to use ultra-customized, over-priced coffee drinks as an example of an "unnecessary expenditures" that should be cut when trying to save. Consumers are finally beginning to listen, Starbucks claims. Logic prevails: Given that California has one of the highest rates of foreclosure in the country, then Californians must be to blame for Starbucks' profit loss. Right! Starbucks' CEOs obviously don't spend much time in Hollywood [Reuters]
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