Word: krugman
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...largest retail trade association, projects that November and December sales will rise only 2.2% to $470 billion, an increase that would fall well below the 10-year average of 4.4% holiday sales growth and would mark the most sluggish season since 2002, when sales rose only 1.3%. Scott Krugman, NRF spokesman and vice president, says the dismal forecast should surprise no one. "It is surprising that we had a year's worth of bank consolidations on Wall Street in a week, but low consumer confidence isn't," Krugman says. "This was a slow downward progression throughout the year...
...goods expected to be unscathed. The collapse of major banks and Wall Street firms means thousands of wealthy consumers are faced with vanishing annual bonuses at best and job losses at worst. "Even in a down economy like last year, the luxury market tended to be recession-proof," says Krugman of the NRF. "But Wall Street workers were hit the hardest, and they make up the core customers of the luxury market, especially in New York City...
...both of whom were predicting a possible Great Depression yesterday. They might well be right, but we've heard them get so excited about so much for so long, who can possibly know? The vacuum has also been filled by political columnists and pundits, some of whom (like Paul Krugman) actually know a lot about the subject. But again, when the most specific predictions about the bailout bill - that it's unnecessary, or that its failure would be a disaster - come from partisans, it's impossible for an audience not to take their motivations into account...
...began. The dirty little secret, however, is that the day is actually not a very good predictor of holiday sales overall. "No matter how successful Black Friday is, it's the weeks before and after Christmas that will determine how successful of a holiday season it is," says Scott Krugman, of the National Retail Federation...
...critics, including liberals who have allied with Obama on other issues, say any solvency crisis could be decades away. They accuse Obama of buying into the dire scenarios with which the Bush Administration tried--unsuccessfully--to partially privatize the system. New York Times columnist Paul Krugman went so far as to write that Obama had been "played for a fool." Adds a Clinton strategist: "This whole conversation is bewildering. Every Democrat in America has spent the past several years arguing that Social Security is not in a crisis...