Like many people, we want JCPenney to succeed; there are some good pros there and they have been working hard to turn this thing around. But we just saw yet another quarter of dismal financial results: sales off 4.6 percent and a net loss of $65 million. You have to ask how much longer will JCP’s real estate owners keep subsidizing this sad story. Penney is in a tough spot, stuck in the middle market and getting squeezed in every direction. We get that and feel their pain. But we’re seeing Macy’s finally starting to pick up and that all-important “value” customer who is searching for the best deal means there’s also space for JCP. Back when it was founded 124 years ago, its original name was The Golden Rule. Penney needs to find a new golden rule for its business model, and they need to do it pretty damn fast.