This year, there isn't an income class that isn't affected by something. We have high-income consumers that are a little nervous about spending money because of volatility in the stock market. The middle class are freaked out about the value of their homes, and then the lower-income consumer is strongly affected by gas and energy costs. Nevertheless, Black Friday lived to its hype! Or did it?
With everything from strategies for bargains to gift ideas and credit-card tips consumers were aware not to get too wrapped up in the moment.
The nation's shoppers who had been hibernating in recent months because of worries about rising gas prices and falling home values, cut their thanksgiving festivities short and jammed the malls and stores for pre-dawn discounts on everything from TVs to toys on the official start of Xmas shopping. Hundreds were observed standing in long lines for hours to get a short at a bargain, a mediocre trend that’s fast catching on to stretch their hard earned dollars.
With the economy relying heavily on the consumer spending, however, it's crucial that the Black Friday euphoria lasts throughout the season, which is expected to be the weakest in five years. Stocks rose as investors capped a capricious week by engaging in a bit of Black Friday bargain hunting while awaiting word of how retailers might fare during what is expected to be a tough holiday shopping season.
Never the less today the dollar hit a new low against the euro in thin trading as speculation continued that the American credit crisis will lead to another cut in the U.S interest rates. The euro, the pound and other currencies have been climbing steadily against the dollar since August amid fears for the health of the U.S. economy, stoked by the subprime credit crisis. The 13-nation European currency spiked early to hit $1.4966, breaking the previous record of $1.4873, set the day before.
What ever the market and the money controllers have in stock for us is up to debate, however, I know that my wallet is thin and my budget is miserly; I hope I’m in the minority because the reverse dictates a catastrophe of apocalyptic magnitude!!
Where is China in all this? I see it in the thick of things. 80%-95% of all the merchandise bought in this Black Friday was imported from the Chinese sweat shops. While our economy is heading south, the Chinese is heading North at the same or higher rate. Does this remind you of the plant that just shutdown in your town due to outsourcing? Or the 4-5 homes that just foreclosed on your street? Or the rumor that your job might be outsourced due to company restructuring?
Take this to the Bank: Shop wisely, spend conservatively and above all Save, Save, Save; you will need the money tomorrow. You can thank me later!!
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11 comments:
Wow! and I thought I was the only one hurting!!
Damn these holidays, and damn this economy too!
Most of all, Up Yours China. You will not get another of my hard earned $$. Atleast not conciously.
God save us all.
brokespender2 NY,NY
The spirit of the holidays is within us just as the love & affection for our dear ones. While giving is better than receiving, we have, with the aid of giant retailers, perpetuated by the media and commercial mascots that we have come to love, Santa, Cupid and the Easter Bunny, enslaved ourselves to this virtue of giving at the expense of the true meaning of the feast.
With the current economy in dire constraints and the future market uncertain, promising no light at the end of the tunnel, and the embers on the torch quickly dimming, one should not anguish from internal remorse for not giving this year; when the storm clears and the sun is shines again, there will be plenty of time to give.
What churns my guts is the greed the giant corporations continue to exude by succumbing to the Chinese masters at our expense. That our Congressional leaders do nothing to address this fraud which has shut down our manufacturing and clattered our stores with cheap toxic products is beyond imagination.
One thing I know for sure; failure to mitigate this concern will drag this nation into a catastrophic recession for the generations.
Paul, Austin, TX.
Yes, we have been very giving and in order to do so we have been maxing out our credit cards. We shop as if it were a drug that fills up a need in us that nothing else can. What's going to happen is that America will see another crash in addition to the real estate market...and that is a blow to the credit card market. We will probably see people walk away from their credit card responsibilities because they won't be able to pay back their debts. But, hey...they will have fun running up their debts. It's all being driven by unethical marketers and business decision makers who market to trusting consumers.
Just like I did last year, I borrowed again this year from friends to spend on Christmas gifts.
Now I will max the 3 remaining credit cards and simply walk just like I walked from my mortgage.
I just wonder how many people out there are on the same boat I'm in?
Like they say in the NBA "the be sinking"
Tito LA, CA.
Just like I did last year, I borrowed again this year from friends to spend on Christmas gifts.
Now I will max the 3 remaining credit cards and simply walk away; just like I walked from my mortgage.
I just wonder how many people out there are on the same boat I'm in?
Like they say in the NBA "the ship be sinking"
Tito LA, CA.
Don't believe one word from any public figure about the economy..They are all part of the problem..Its like a game of Monopoly..The richest 1% now own more than 1/2 of all United States wealth..That is more than the upper,middle,and lower classes combined..Now,a recession is inevidable..The middle class can no longer afford to sustain their share of the economy..But the rich won't stop..They will do whatever it takes to get even richer..This is going to end just like a game of Monopoly..A total collapse of the US economy..The richest 1% will run off to their mansions and live like royalty while the rest of us fight over jobs,food,and gasoline..Don't fall for this 'good will' BS from celebrities and executives..Remember..They are filthy rich EVEN AFTER their tax deductable contributions..Greedy pigs..Now, we are headed for the worst depression of all time..Crime,poverty,and suicide will skyrocket..SEND A "THANK YOU" NOTE TO YOUR FAVORITE MILLIONAIRE..Please copy and spread the word..
billyjakdogyfood
Great Depressions are caused by the huge transfer of wealth to a tiny minority at the top of the pyramid, which as Einstein put it, causes 'instability' in the 'utilization of capital' which then results in 'increasingly severe depressions' correlated directly with the degree of income inequality that has developed in a society. In other words, greedy millionaires and billionaires are going to cause the worst economic and cultural crisis of all time. As their paychecks get bigger and bigger, our economy becomes more unstable. IT WILL COLLAPSE. I'm not discounting other factors like China, subprime, or gas prices. But all those factors combined still pale in comparison to that HUGE transfer of wealth to the richest 1%. Bottom line. The middle class will soon live in poverty because of people like Bill Gates, Oprah Winfrey, and EVERY CELEBRITY. So don't fall for their 'good will' 'humanitarian' BS. Its nothing but an excuse for their incredible greed. A DIVERSION.
billyjakdogyfood
2008 will go down in history as the biggest republican embarrassment in american history if anything can top the last 7.
We have nearly 5000 families homeless here and a year ago it was only a little less than 2000.
There are now between 300 and 400 thousand veterans on the streets homeless every night.
But there is nothing wrong with them they are just lazy and do not want to work as stated by those christian conservatives out there.
dhanscomb
Billy is right. Our TOTAL trade defecit is around $650 billion dollars. Less than 5% of our nations GDP. The richest 1% reap more than 3 times that much from our struggling economy. As more money fills their pockets, ours go empty. So we need to balance the trade defecit (Sorry. That also means conserving fuel). But that won't solve the problem. Not even close. We need to kick the richest 1% off their pedestals. No more over-priced game tickets, movie tickets, DVDs, high fashion, jewelry, ect. Stop praising celebrities. They are horribly over-paid. Kick your doctor to the curb. He/she is getting filthy rich for that 5 minutes he/she gives you of their time. Stop filing lawsuits. Stop playing the lottery. All of these things concentrate more money at the top. Reagan was dead wrong. The money doesn't trickle down like they promised. It just piles up at the top. Billy might be a little high or low on the stats. Nobody knows for sure because the rich hide their assets. Anyway, thats the way it is.
When Empires turn to sand!
Life is simple, mankind complicates the issue for his gain. In 1975 I was turning 18 and realized that debt works for individuals as well as governments and new then that social security would not be their for me. The ancient wisdom of Sun Tzu states that the greatest general will win a war before it ever starts. Chinese civilization is winning this one. They new, as well as the Russians, that Americans will sell out and we have. In 1987 government jobs (you know, the jobs that suck on the GDP!) overtook manufacturing jobs in the good ole USA. We have become more communist than capitalist, we are owned by China, sold out by international bankers and bankrupted by gun running, Zionist Extremists and all with the help of our bought and sold politicians. My study of History indicates that ALL, imperial nations die a similiar death. America is no great exception, but American Pride (which I find very interesting, because as a scholar of the Bible, the book of proverbs states, and I use the King James Version, "...pride is the only reason for contention..." and does it not state that pride is one of the seven sins? The US is nothing more than a slave camp/eugenics experiment for the big international players of the world.
The Law of the Land is a joke, and the people little more than sheep being led to the slaughter.
Rich Americans own a greater share of United States wealth than China or any other foreign investor. Its also BECAUSE of rich Americans that loans from China became necessary. To compensate for the HUGE transfer of wealth FROM US TO THEM. Its just simple math. When too much wealth from any economy accumulates at the top, it becomes mathematically impossible to sustain the high profits and paychecks. So our government, infuses more money into the economy in the form of credit backed up in part, by loans from China. No matter how you do the math, it simply can not work this way. In order to achieve any kind of economic stability, we must reverse the transfer of wealth back to the middle class. But the rich won't allow it. In other words, greed will cause the worst economic and cultural crisis of all time. Crime, poverty, and suicide will skyrocket. SEND A 'THANK YOU' NOTE TO YOUR FAVORITE MILLIONAIRE.
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