Holiday sales worst in 40 years

The press needs to stop being so negative. It just scares everyone, feeds on itself, and makes things worse. It leads to slower economy, more layoffs (even from TV and newspapers). The press should say, yes things are slow, but they will get better in a few months when stimulus kicks in. They need to be more positive. They can even do it for selfish reasons to save their own jobs!

joncmac is right. Sales are "on track" to be 98% - that's right - 98% of what last years all-time record sales booked. And last year's sales were up by a huge percent compared to 2006. After a bubble blowout, 98% doesn't seem to be all that bad. Most would be happy scoring 98% on an exam. News folks always search for a headline. This one is typical. If The year-on-year comparison were positive you'd see headlines with words like "anemic" and "lower than expected". Thus, yet again, an article that is good sound bites and the to help lower the Obama expectations for the miracles he promised. We're all about to enter the fairy tale presidency with Mr. Obama. Unlike joncmac, the economy will recover provided Obama doesn't repeat the mistakes of FDR and Japan and slam us into deflation followed by stagflation. If his plan is to tremendously inflate things, then we're in for a wild roller-coaster ride. One thing is clear - the media will cover not only his bare chest with glowing praise and adulation but also his bare lower extremities as he stumbles along discovering, like Paris Hilton, what real work is all about.

Talk about a self-fulfilling prophecy! Our income has risen and we have no debt. The govt job is secure due to its nature and raises will continue yearly... YET, even we have cut back due to all the doom and gloom the media has been doling out during Bush's presidency. Once Obama is officially in office, the press will start reporting whatever positives it finds (or can make). Americans, let's face it (us included), were spending MORE than we should and many were LIVING ON CREDIT. We have champagne tastes on beer budgets! So it's not a bad thing that we cut back and start behaving responsibly since govt, contrary to the belief of far too many, will NOT take good care of us until death!

Having grown up dirt poor (my husband was the son of an itinerant ranch hand and I was born and raised on an Indian reservation), my husband and I have long been very careful with our money and have made a point of avoiding paying for things on credit to the greatest extent possible. This includes the houses we have purchased or built. As a result of our pecuniary caution and the flexibility which that caution permits, my sister and I have very easily adjusted to the current economic climate and have not had to release any of our more than 20 employees. As a matter of fact, each of our employees has received a Christmas bonus this year. For the 13th straight year. My husband spent 26 years as a free-lance field engineer in Southwest Asia during which time we saw each other only 40-50 days annually. He saved every penny he could during those years and returned eleven years ago with enough "in the bank" to purchase a partnership in a small cattle ranch which we now own free and clear and which has become a very successful operation. Our lives are very comfortable even in these trying times because we have always made a point of not spending beyond our means. And we have done it all without sucking at the government teat. I am sorry, but I do not feel an inordinate amount of compassion for those who lack the self discipline to live within their means. Unfortunately this also applies to our government which has succeeded in recent years in spending us into record debt, much of which is now owned by foreign countries such as China. And guess who pays the interest on that debt!

My guess is that the drop is going to be far worse than 2%.