Media Spins Horrible Holiday Sales as Reflecting Economic Strength: Ep. 28
The Peter Schiff Show Podcast
Peter Schiff
4.6 • 5.9K Ratings
🗓️ 1 December 2014
⏱️ 25 minutes
🧾️ Download transcript
Summary
* This holiday shoppers had more shopping hours
* 5% less traffic than last year
* 11% less money spent than last year
* The economy can't support robust holiday sales
* Despite big drop in gas prices
*
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Transcript
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| 0:00.0 | The Peter Schiff Show |
| 0:08.8 | Well proving that denial is not just a river in Egypt, the National Retail Federation |
| 0:15.0 | is out in full spin mode trying to make lemonade out of a holiday lemons. |
| 0:22.2 | What is shaping up to be a disastrous Christmas season. |
| 0:27.5 | Everybody has been talking about how this is going to be a great Christmas shopping |
| 0:31.7 | season because the recovery is finally here. |
| 0:35.2 | Well I've been saying for months that I expected a week holiday season and so far it appears |
| 0:42.0 | that my hunch is going to prove correct because the figures are out for the four day holiday |
| 0:49.9 | weekend. |
| 0:50.9 | This is traditionally the Thanksgiving weekend is what kicks off the Christmas season. |
| 0:56.5 | Friday, Black Friday, it got its name because that's the day that the retailers finally |
| 1:02.3 | make it into the black because they lose money all year and then the Friday after Thanksgiving |
| 1:07.7 | they do so much in sales that now they're in the black for the year and then they make |
| 1:13.0 | the rest of their money in December through new years. |
| 1:18.7 | Well this year the merchants really wanted to get a jump on one another and they opened |
| 1:25.6 | the stores as early as ever on Thursday Thanksgiving day because some shoppers they felt |
| 1:32.4 | didn't want to wait all the way till Friday to get the door buster deals. |
| 1:37.8 | So the retailers wanted to give them opportunities to shop on Thanksgiving. |
| 1:42.8 | So this holiday weekend shoppers had more hours in which to shop than in any prior holiday |
| 1:53.4 | weekend because of the length with which stores were open the hours that they were open |
| 1:58.9 | on Thanksgiving day. |
| 2:01.2 | Yet despite that and despite the big drop in gas prices right which meant oh well the |
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