After living thru “Black Friday” (in both the literal and figurative sense) while working at the local Walmart, it was good to hear the report from the manager today that yesterday was a great day… for our store at least. Total sales… half a million dollars!! 33% higher than last year!
While a one day report from a single store does not a recovery make, it is a nice contrast to all the doom and gloom that has been a steady drumbeat all around for much of the last year. Something along these lines….
As long as people continue to think things are this bad, it becomes a self-fulfilling prophecy!
From historian Victor Davis Hanson:
…We are witnessing a new hysterical style, in which the Baby Boomer “me generation” that now runs America jettisons knowledge of the past and daily proclaims that each new development requires both a radical solution and another bogeyman to blame for being mean or unfair to them.
We haven’t seen such frenzy since the Y2K sham, when we were warned to stock up on flashlights and bottled water as our nation’s computers would simply shut down on January 1, 2000 — and with them the country itself.
Get a grip. Much of our current panic is psychological, and hyped by instantaneous electronic communications and second-by-second 24-hour news blasts. There has not been a nationwide plague that felled our workers. No earthquake has destroyed American infrastructure. The material United States before the September 2008 financial panic is largely the same as the one after. Once we tighten our belts and pay off the debts run up by Wall Street speculators and millions of borrowers who walked away from what they owed others — and we can do this in a $13 trillion annual economy — sanity will return…