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Loading ...OK, so unless you’ve been living under a rock, you know that the financial markets are really, truly struggling to right themselves. The chorus of gloom-and-doom sayers are swarming the airwaves like never before. These are the same ones predicting $200 a barrel oil by Christmas, justifiying that it wasn’t speculators and it was a “new reality.”
Maybe I’m jaded. When California had the energy crisis in 2000 a recall was launched on our governor. Seemed reasonable, the guy couldn’t even keep the lights on. It wasn’t until later that we found out Enron had been turning off the power repeatedly to finagle California’s power and reap massive profits.
I think we’ll see the same thing about short-sellers who drove our financial institutions into the ground these past few months in addition to the reckless practices of those at the top.
But until then, we are bound to hear we are in a “new reality,” where no one can afford anything, go anywhere, or do anything. Which will lead us, as it always does this time of year to the headlines, “Retailers Prepare For Worst Holiday In (fill in the blank) Years.”
And no sooner do I write this than I get a Google alert from USA Today. It says in part, “As if things didn’t look bleak enough, two retail groups are predicting that this holiday shopping season could be the most severe since the 1991 recession. The consulting and market research firm TNS/Retail Forward estimated Wednesday that retail sales this November and December will increase just 1.5%. That would make the 2008 holiday season the worst for stores since the 1.2% increase in 1991. Meanwhile, consulting firm Deloitte predicts a 2.5% to 3% increase, which would still make this season one of the weakest since 1991. Holiday sales hit a 10-year high in 2005, surging 7%. In 2006, sales rose 3.8%, and last year, they were up 2.7%.”
Let’s look at what this said in all cases, “SALES WILL INCREASE.” What is wrong with that? Do we still have the rah-rah attitude of the 80′s that only double-digit growth is valid? What’s wrong with stable or slight increases? Nothing. But you’ll never know if you read the online stories or gosh forbid turn on the cable news channel or watch the teaser for the local news, “Get Ready – Worst Holiday Season EVER – Tonight At 11.”
To them the sky is falling – again. Don’t let it get you down. Work your four walls – that is all that matters.
It’s just mainstream media at it again and this time trying to ruin Christmas 90 days out.