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December 1, 2008

Big Discounts Get Shoppers Out of Bed

The holiday shopping season got off to a better-than-expected start, as retailers reeled in cautious shoppers with massive discounts like "buy one get one free" sweaters at Gap Inc. stores, $200 iPod Touch music players from Amazon.com Inc., and 26-inch LCD TVs at Target Corp. sites for $299. In a survey of 3,370 shoppers, the National Retail Federation estimated shoppers spent an average of $372.57 over the weekend, up 7.2% over last year's $347.55. — WSJ




Posted by Brownstoner at 9:52 AM | Comments (13)
Categories: Market

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Have there been studies as to the median family income spending this kind of money? And HOW they spend it?

I'm picturing a family with a median yearly income under 40K spending $375 all on credit cards.

I was at Best Buy in Bay Ridge on Sunday and saw LOTS of 2, 3, 4 thousand dollar flat screen TVs going out the door with families that were ringing sales up on credit cards.

Does this +3% we are being told really amount to much or is it just your standard holiday season social engineering?


Posted by: Prodigal_Son at December 1, 2008 10:08 AM

...and trampling to death over a poor fella trying to make ends meet. Sad.

The Black Friday frenzy reminds me of the housing bubble circa 2005. Contract signed even before a viewing.

Posted by: 25 to 50 Percent Drop at December 1, 2008 10:12 AM

"Does this +3% we are being told really amount to much or is it just your standard holiday season social engineering?"

Oblivious to the deflationary spiral, the sheep thought they were saving money by spending and/or borrowing. This is not just "Black" Friday. This is a "Black" turn-of-the-decade. They'll be giving plasmas away in the months/years to come.

Posted by: 25 to 50 Percent Drop at December 1, 2008 10:18 AM

Good Day Asshats, I hope you enjoyed your weekend and now the bad news. The Piper has reloaded and is going in. December is the season for layoffs, that's right layoff! I know o'lot of you was hoping for more idiots to keep the prices high but we can say it's over.

JPMorgan Plans To Ax The WaMu Suits

http://www.forbes.com/markets/2008/11/28/wamu-jpmorgan-jobs-markets-equity-cx_lal_1128markets19.html

Up to 19,000 employees of Washington Mutual face being laid off this weekend as JPMorgan Chase turns up the synergy on its recent acquisition.

On Friday, JPMorgan Chase (nyse: JPM - news - people ) said it expects to retain the 22,000 employees who work at Washington Mutual branches and 2,000 workers in the mortgage and wealth management divisions in California, spokesman Tom Kelly told Forbes.com. The company has not yet determined the total numbers to be cut in other states, but it planning to inform all former WaMu employees of their job status by Monday

Guess what? The fate of thousand of jobs will be determined this week. That will put more inventory on the market and take more buyers out of the market. Yep now come on and tell me it's different and housing will rebound in 2009. LMMFAO! Suckers.

The What (But.. But.. But Real Estate goes up..)

Someday this war is gonna end...

Posted by: Return of The What at December 1, 2008 10:55 AM

Some of the people in Walmart who probably contributed to the poor worker's death, also had the nerve to be upset that the store had to close to investigate. What have we become? At what point does a Christmas gift, supposedly given in love, and ostensibly in celebration and emulation of the gifts given at Christ's birth, justify killing someone? Or even breaking down the doors of a store to get to cheap bargains before the next guy?? A flat screen TV is worth more than a human life?

It also disgusts me that Walmart, knowing that lawsuits will fall like rain, quite understandably, is making noises like it's not their fault. Just pay up, and change your security policies. Some one just died in their employ, trying to do his job. It's the least they can do.

Posted by: Montrose Morris at December 1, 2008 10:58 AM

Oh no people, we have become part of the "idiot society". The masses of asses who beLIEve anything that cyclops tells them like "Real Estate goes up", bunch of Asshats!

"Or even breaking down the doors of a store to get to cheap bargains before the next guy?? A flat screen TV is worth more than a human life?"

Or displacing a hard working family so Josh and Megan can pay 2000.00 a moth fro a studio? It's the same mentality. This is why I root for a upcoming depression. Maybe Humans can get their act together and stop being so stupid...

The What

Someday this war is gonna end...

Posted by: Return of The What at December 1, 2008 11:09 AM

I also find it odd that someone was trampled to death in a store that advertises, EVERYDAY LOW PRICES.

Hate Walmart. Always have.

Posted by: 11217 at December 1, 2008 11:12 AM

I refuse to partake in the shopping mayhem of Black Friday. Hubby and I have boycotted stores on Friday. We will not step into one.

While shopprs were frantically looking for a bargain, we were in Hamilton Heights and Harlem, walking around looking at architecture (in the true spirit of Christmas).

Posted by: bayridgegirl at December 1, 2008 11:24 AM

never never do black friday shopping either. but BRG, just curious, how is looking at architecture in the "true spirit of christmas"?

Posted by: i disagree at December 1, 2008 11:52 AM

Jesus built Harlem.

Posted by: 11217 at December 1, 2008 11:57 AM

"Jesus built Harlem."
And Magic Johnson renovated it.

I dis...I said that in jest. We did walk all the way down to 59th Street and looked at Bergdof's Windows...which once again are stunningly exquisite.
(I'll make it to the other windows later - I didn't want to deal with the crowds on friday)

Posted by: bayridgegirl at December 1, 2008 12:25 PM

oh, heh. guess my blog-humor detectors are weak today.

Posted by: i disagree at December 1, 2008 12:48 PM

Eh..Um.. Oh.. The markets are getting pounded!! I wonder what happen? Hey what about that Xmas shopping season again? Real Estate? ROTMMFLAMFAO! I think the dialogue should be on what to do in depression.

RIP Mutant Asset Bubble..

BTW The post and readership is way down, no matter what Brownstoner says..

Should I post RIP Brownstoner...?

The What (But.. But.. my 401k is down 45%?????)

Someday this war is gonna end...

Posted by: Return of The What at December 1, 2008 12:51 PM

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