Black Friday rousing success! Americans 3% deeper in debt than this time last year!!
Retail associations (and unless I'm mistaken, even the US gubmint) will spin Black Friday consumer spending in such a way as to convince the American public that the economy is making great strides and that profligate spending may continue recklessly apace. I've been getting conflicting reports about the success of the Black Friday Skull Buster Specials, but if we're to believe industry insiders, retails sales were up 3% over last year. That means the American consumer is so comfortable with this anemic bullish economy that they spent 3% more than they did last year. Fewer people are worried about retaining their jobs, making mortgage payments and keeping credit card debt at manageable levels.
Here's what Bill Martin of ShopperTrak had to say:
“Under these circumstances, to start off the season in this fashion is truly amazing and is a testament to the resiliency of the American consumer, and undeniably proves a willingness to spend.”
What inspirational news. America is in the grips of the worst recession in decades and American consumers are demonstrating a "willingness to spend" more than they did just a year ago when the stock market was at an all time high. Just out of curiosity . . . what the fuck is the measure of a consumer's resiliency? Their willingness to spend money they DON'T have? American shopaholics have shown tremendous courage in the face of economic adversity. Their willingness to go out and rack up hundreds if not thousands in credit card debt should serve as an example to others; especially those silly fucking savers. I mean, wtf is up with those buzz kills?
Everyone knows that the answer to a debt/leverage-induced recession is to spend your way out of the mess. It's similar to the increasingly popular theory that exposing ones self to the very source of an illness will in fact cure you. I'm a big proponent of feeding old paint chips to lead poisoning victims.
