Charles Ortel

The hard truth is that machines already are replacing human laborers in many professions--this undeniable fact and the reality that populations grow mean that per capita incomes are falling across the developed world. Moreover, since 1999 in America, we have been piling up debt and using proceeds of these borrowings to fund consumption, rather than productive investments. Other than banking and air transportation, the retailing sector stands most exposed to the coming "creative destruction" that will be unleashed, one way or another. 

ORTEL: Under President Obama, shoppers flee retailers — investors should too