As the smiling pundits chatter incessantly to maximize participation in the traditional post-Thanksgiving festival of mass consumption this year, Black Friday is emerging this year with exaggerated significance for those who equate the health of Wall Street with the health of America’s economy.
USA Today’s Wall Street-centric story today about Black Friday begins, “How frequently cash registers scream ka-ching on Black Friday and the rest of the holiday shopping season could determine if investors will continue to see profits in their stock portfolios.”
So let me get this straight. One year after the financial sector took our economy to the brink of collapse, we’re rooting for Wall Street’s success, which depends on the willingness of consumers to spend as much as they can – most likely more than they can afford, since that’s how the financial sector makes its money – during the worst economy in 26 years and while 10.2 percent are unemployed? Sounds like some seriously misplaced priorities.
