• Target Ain't People

      MoveOn.org has won itself more than a million YouTube views with THIS VIDEO of protesters singing anti-Target lyrics in a Target store.

      MoveOn is mad because Target gave money to a group that supported a Minnesota gubernatorial candidate who opposes gay marriage.  I think gay marriage is just fine, but that’s not the point. The Institute for Justice says that MoveOn’s real target is free speech:

      You could dismiss this video as the frivolous ramblings of slackers who like to dress up in costumes and make an annoyance of themselves instead of, you know, getting a job. But that would be a mistake. That’s because the video unwittingly provides all the insight you’ll ever need into what makes critics of Citizens United tick. … MoveOn.org thinks it’s okay for the right kind of corporations—those who can always be counted on to promote a progressive political agenda—to engage in as much robust political speech as they’d like.

      Apparently Target is the “wrong kind” of corporation and that justifies the lyric: “Target ain’t people…”

      MoveOn is wrong.  All corporations are people.  Groups of people.  They should have the right to speak all they want.  If they choose to waste shareholders’ money on political crusades, that’s between them and their investors.

      MoveOn suggests that its boycott has hurt Target, but my retail stock analyst in-law, David Berman says that cannot be true in any material way:

      No analysts even asked about a boycott on the company’s earnings call on the 18th, and sales and earnings guidance seemed to reflect no slow-down whatsoever.  Target’s stock has actually held-up better than similar stocks, declining only  10% or so from its recent highs whereas others like JC Penney and Nordstrom’s are down 30% plus.

      As usual, MoveOn is wrong about just about everything.