Holiday shoppers must not have gotten the memo about "The Big Recession" - Page 3 - Mercedes-Benz Forum

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post #21 of 26 (permalink) Old 12-01-2008, 02:55 PM
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Don't be too sure... they might be giving them away for pocket change at the rate we're going.

Otherwise, your points are, as usual, quite sound
4 years ago some one I know received money from a car accident. They called me to say they paid off 100% of their debt and husband's debt with the money. Their logic was to pay everything off in one swoop, then finance a new home. I aggressively told them NO on the home, but instead take the money and open CD's and IRA accounts, maybe risk a small % on something more active like stocks. Instead they went and purchased a 1 car with cash - $28,000 and another on credit to reestablish credit. I said to them no, sell the car that they purchased with cash and pay off the financed one, because it was only 4 months since they paid off their debts. They went on to say how the Broker was going to get them a new home for 10% down and how it was a buyers market. I told them she was only saying that for commission.

Low and behold after nine months of continuous spending they where broke and both where not able to work due to the their medical conditions. The financed car was re-possessed, and they where now both strapped for cash owing back rent.

To be honest with you, I had hoped that Black Friday would have been a bust this year, not because I want the retail industry to fail, but because I was hoping people figured out that they will need more of their cash in hand come the next 2 years or so. That would have been a clear indicator to law makers, oil companies and the financial sector that we are not falling for ballooned tricks anymore. I saw the people shopping and being interviewed and one lady said, I got $60 sneakers for $30 or I got a 32" tv for $350, yet you look these people in the eyes in all honesty and they them selves seemed to not be able to truly justify why they purchased what they did. Yes, I know it helps retailers thus helping those not loose their jobs who work for places like Target and Walmart, but it would have further pushed big companies to do right buy the consumer and not just the majority stock holders.






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post #22 of 26 (permalink) Old 12-01-2008, 03:09 PM
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You know though, this is a near-perfect corollary for the over-the-top "stimulative" deficit spending & bailouts now underway. It's all borrowed money. Are we really to applaud this sign of fiscal probity whilst our government does just the opposite--also to our applause?
One difference is the government can defer payments and print money. Last time I checked they get annoyed if I try either.

So you are correct that it is a flying contradiction but it is two sides of the rope. The government is using their's to pull the economy out and deferring responsibility for the consequences while the consumer doesn't have that luxury [and that is both very good and very bad].

What will be really interesting is if some of the "debt relief" is pushed down to the consumer by way of reduced interest rates which would lower payments and reduce the penalty of 20+% rates for those who have pegged their accounts. Banks are getting their money for near 0% right now [actually less considering the bailout] yet are still pushing 15%-30% rates on most of the credit card holders in the country. Nice work if you can get it.

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Being smart is knowing the difference, in a sticky situation between a well delivered anecdote and a well delivered antidote - bear.
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post #23 of 26 (permalink) Old 12-01-2008, 03:19 PM
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Perhaps they will get the memo that the Stock Market is in a screaming nose dive today, down over 600 points last time I looked. "Window shopping" now means looking for the best one to jump out of.

Recall that earlier generations faced down fascism and communism not just with missiles and tanks, but with sturdy alliances and enduring convictions. They understood that our power alone cannot protect us, nor does it entitle us to do as we please. Instead, they knew that our power grows through its prudent use; our security emanates from the justness of our cause, the force of our example, the tempering qualities of humility and restraint.

-President Barack Obama, 1st Inaugural address
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post #24 of 26 (permalink) Old 12-02-2008, 10:18 AM Thread Starter
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Shoppers go to work on Cyber Monday!

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The INITIAL Black Friday numbers were good but we won't know what the actuals are for a bit and we really won't know what the impact is until we know how much of the traffic was profitable and how much was on loss leaders. We also need to see what the amount of CREDIT that was added to the consumer credit cycle and if it will be addressed quickly or will it become part of more debt [we have learned by now that we can't spend our way out of debt, haven't we?]. So we should know by January if this was/will be a good shopping season.

Last year's numbers were uneven and were the harbinger of the start of the RECESSION that experts say started about then.
Tracker: Afternoon traffic hit 6.7M visitors a minute!!

After a slow start to the online holiday shopping season last week, Web retailers got their groove back Monday and broke some records.
The percentage of U.S. visits to the top 500 retail sites was down 11% on Thanksgiving Day vs. the same day last year, says market researcher Hitwise, and the trend continued through the weekend. U.S. traffic was down 5% on Black Friday and down 8% on Saturday.

But things improved on the first day many were back to work after Thanksgiving, now called Cyber Monday because of all the promotions on individual sites and the National Retail Federation's CyberMonday.com.

By 10 a.m. ET Monday, online visits to Web tracker Akamai Technologies' approximately 280 retail customer sites topped last Cyber Monday's peak of 4.6 million visitors per minute. By 3 p.m. Akamai's global retail customers — which include Best Buy and Victoria's Secret — were experiencing 6.7 million online visitors per minute — the most Akamai has seen since it started collecting the data in 2005.

Concerns remain that price cuts are gouging profits at a time when few can afford it, but retailers are hoping that those who come for the bargains will buy higher-priced items, too.

David Fry, whose e-commerce company operates the sites for several major retail chains, says that "things are better than expected." His clients reported traffic increases of 30% to 60% compared with last year and revenue up 10% to 20%.

Cyber Monday wasn't without problems. Web-tracking firm Keynote Systems says Gap (which owns Old Navy and Banana Republic) had a 20-minute outage. Worse yet, the J. Crew site was down for more than four hours.

NRF's digital division Shop.org launched CyberMonday.com in 2006 to capitalize on all the online shopping that was being done the Monday after Thanksgiving, especially at lunch. The site went from 1.5 million visitors last year to a projected 2 million this year, site operator Mall Networks says. NRF also began hosting a Washington, D.C., event that gives shoppers free lunch and laptop use for Web shopping.

Rachel Sandor and Giorgia Horrell didn't shop on Black Friday, but fought some crowds at Macy's on Saturday. Monday, they joined NRF and about 400 others for more civilized online shopping for the "Shop@Lunch" event. They checked out deals on pet supplies and books, bucking a trend this season toward electronics purchases.

Online auctioneer eBay, for example, says it sold 3,171 Wii consoles on Black Friday, nearly 10 times the 358 it sold the same day last year.

Cyber Monday draws millions online for holiday shopping - USATODAY.com

Don't believe everything you think

Last edited by Jayhawk; 12-02-2008 at 10:25 AM.
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post #25 of 26 (permalink) Old 12-02-2008, 10:24 AM
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From what I'm reading, the discounts this year are no deeper than they were last year or the year before. I think people just have more disposable income than the nay-sayers want us to believe. Too bad we are not in Latvia!

What the fuck are you reading......


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post #26 of 26 (permalink) Old 12-02-2008, 10:37 AM
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What the fuck are you reading......








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