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Economic Forecasting
November 30th, 2008 by Mike

“The only function of economic forecasting is to make astrology look respectable.” — John Kenneth Galbraith

Yesterday, Black Friday, consumers spent 3%1 more than last year. All we heard on the news was how horrible for retailers the day would be. That folks were only going to browse. I think Mr. Galbraith is correct. The crowds even trampled a Wal-Mart employee to death in their rush to buy stuff, for crying out loud.

© 2008, J. M. Erickson. All rights reserved.

- - - - - footnotes - - - - -
  1. UPDATE: latest figures estimate that the increase may be more like 7% []

5 Responses  
  • Little brother writes:
    November 30th, 200821:04at

    Right on as usual! And the commentators are talking about how bad it is because it only went up 3%. When will it ever start to be OK that companies keep earning money but maybe don’t keep increasing that profit?

  • bonnie writes:
    December 1st, 200812:50at

    All I heard was how much companies had to lower the price of goods to get customers in. Yet I see full parking lots for at least a week at the mall.

    The trampling should be an indication it is time to stop the ridiculous early hours shopping, period.

  • georgette writes:
    December 1st, 200816:22at

    Humanity is reaching and grabbing for temporary things. Temporary things never satisfy an eternal need.
    Georgette

  • Karen writes:
    December 1st, 200819:03at

    You know, trampling is a regular occurrence in other countries where it is over crowded. My be we are just behind, or greedy? ❗
    Funny that sales went up three percent given how bad the economy is πŸ™„
    I think less time should be spent shopping and going into debt and more time spent on creating and giving meaningful gifts. Such as a donation to a foundation or homemade gifts, like when we were kids. Aren’t those the best gifts anyway? πŸ˜€

  • Karen writes:
    December 1st, 200819:05at

    Okay Mike I know I’m not a computer whiz, but that face that comes up next to my name makes me look ill. Can I get a happier one?


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