“That’s So Bubble”

by digby

On CNNs “Money” program today, I learned from the experts that spending is like, so out of fashion:

KIERNAN: So my beef this week has been with Wal-Mart. Wal-Mart announced after this stampede where a guy got killed on Long Island last year, they said that what they were going to do was put a number of steps in place to prevent these sorts of incidents, and their solution was, well, we’ll just open the stores on Thanksgiving and then we won’t have the rush at 5:00 a.m. I know they had to do something about the dangerous situation, but can’t we just have a day off? One day all year where the retail pie doesn’t get cut up in any way and everybody just gets to spend the day with their family.

ROMANS: I’m totally with you. I think the last couple of years if anything that we’ve learned is that the whole big crazy rush for a flat screen is just — that’s so bubble. That’s so 2003. Isn’t it nuts? To be thinking that and to hear the retailers talking about these are going to be the sales, we’ll be open up 24 hours, all night long. Wait a minute, folks, we are drowning in debt. We are all drowning in debt.

LEEB: The last thing you want to over encourage is the spending just like you’re saying. That’s what got us into this trouble. That’s why we’re still in trouble. We have way too much debt, and making us spend money — incentivizing us to spend money on Thanksgiving, I totally agree with you.

KIERNAN: Wal-Mart is not the first to do this.

ROMANS: That’s right.

KIERNAN: But Wal-Mart sets an example. I think it’s unfortunate that they’re expanding their Thanksgiving opening, not just the 24- hour super centers, but every store.

ROMANS: I agree. All right

I agree that the stampedes on Friday mornings are ridiculous. Except isn’t it the news networks that always camp out at the malls on the morning after Thanksgiving ready to pronounce doom on the all important Christmas shopping season. Will they eschew this silly ritual this year since every good recessionista knows that shopping is so 2003, or will they just start broadcasting from WalMart on Thanksgiving day instead?

Oh, and I wonder if Walmart workers get premium pay for working the holiday like most union workers do? I’d guess not.

.