Economic Forecasting

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

Yesterday, Black Friday, consumers spent 3% 1UPDATE: latest figures estimate that the increase may be more like 7% 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.

Footnotes   [ + ]

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

5 thoughts on “Economic Forecasting

  1. 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?

  2. 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.

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

  4. 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˜€

  5. 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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