Today we are receiving the usual hallelujahs on the state of the US economy, based on the size of Black Friday crowds. We get this every year that a Democrat’s in office; under Bush all the crowds were considered ho-hum average.
Today we’re expected to believe that all those people waiting outside Best Buy or going to Macy’s at midnight are just the tip of the retail iceberg. TV reporters get whipped up in the surrounding frenzy and then proclaim that this year will be the best ever.
But before anyone gets too excited, how about waiting for the real results come January. As I recall, last year we were told there was an upturn in the economy and everything would be rosy. Then, when the retail numbers came in, the totals fizzled.
Besides, just because people camped out in front of Best Buy or went to Macy’s at midnight, it does not indicate they will do so throughout the Christmas season. Some will try to get the good deals today and wait until near December 25 to finish up. Some will try to make a few extra dollars reselling their purchase and pocketing some much needed change.
Just look at this chart from Bloomberg:
It shows a public that is financially bipolar. Or, at the very least, naive or self deceptive.