Ground Zero on Black Friday

[peternap]

http://news.oldva.org/blogroll/ground-zero-on-black-friday/

Thanksgiving day. This was a hectic day for us. We like a traditional meal but for the last few years have gone to my home for a lunch with my Father, Brother and Sister, and their families.

We got home around 6:00 and Zeus, our Great Dane had eaten part of my wife's sweater I had just given her for her birthday. I hid it and pondered what to do. An idea hit which is always dangerous. Zeus had eaten my Ray Ban shooting glases a few days before and I wasn't going to pay a hundred bucks for new ones.

The Outlet malls in Williamsburg were kicking Black Friday off at midnight with 30% and up sales. The sweater was an Eddie Bauer and there was an outlet for Ray Ban at the malls, also. I'd never been to the Midnight Madness but it was worth a trip.

Without telling her why, I explained to Jane that I was going and she wanted to go also.

We left the house about 10:00PM. I stopped by Walmart and got new batteries for my Taser, the constant companion to my 1911 Para Ordinance. We got to the outskirts of Williamsburg at 11:00 PM and the nightmare began.

Traffic slowed to a crawl on Interstate 64 at the exit I needed to use. It took 15 minutes to navigate the 200 yards of the exit. At the stoplight, Police were directing traffic AWAY from the Malls. We fooled the cops and made a U turn. Hundreds of cars did the same.

A quick look at the road showed a string of cars as far as the eye could see. I had my wife drive and it took an hour and a half to go the 2 miles to our destination.  I knew the parking lots weren't large enough to accommodate the thousands of cars in this line, so I started looking for a place to park along the way. To make matters worse, a cold, wet storm, complete with thunder and Lightening had set in.

People who lived near the Malls were standing in their drives with signs saying "Parking $10.00″. We pulled into the first one.

After a half mile walk in the pouring rain, we got to the Outlets. It looked like a circus. Thousands of people, many in their pajamas (The malls were giving additional discounts to folks in their PJ's). Jane went to her favorite places and I went to Eddie Bauer. Getting a replacement sweater was easy because they just weren't that busy. That was surprising considering the crowds. I went back out and the storm was worse, but it didn't thin the people out any. I decided to go to Beans and see what they had. They weren't very busy either. Now I was really curious because I was sure the economy was NOT going to bounce back this year.

The people outside were primarily Black and places like Reebok were packed with lines out of the doors. J. Crew was also overflowing with young ladies in their pajamas. (That was a little distracting) Most of the other Outlets, seemed to be doing a mediocre business.

I met Jane and we went to The Sunglass Hut. They weren't crowded but had a "Buy One, Get One Free" sale. I found the Aviator style Ray Ban's and started complaining about the price. Jane backed me up as usual, by pretending she didn't know me.

Finally, I found another pair of glasses that had impact resistant, glass lenses, that didn't look like a hairdresser would wear them, and we left the store.

As we walked back, I looked at who was doing business in addition to J. Crew and Reebok. Looked like Coach was booming. I looked at the packages people had and for the most part, they had one or two bags as they left.

I spoke to some shoppers and my suspicions were confirmed. Christmas shopping was going to be tight. What most were doing was the same as us. They were looking for a specific item, generally expensive ($100.00 or so) and that was all they were getting. This doesn't look good for the economy.

We left at 4:00 AM and went home. I started watching the market futures and the DOW looked to open down about 200 points. The roller coaster continues.

[muldoon]

I don't go shopping on the Friday after turkey-day, it's madness.  cool story you posted. 


As for the market being down 200 points, I would bet it's because Dubai has defaulted. 

http://www.bloomberg.com/apps/news?pid=20601087&sid=azd17alFNikQ&pos=2
http://www.cnbc.com/id/34168049

The ramifications might be bad as the borrowed from many sources, and most of the worlds banks are just barely keeping their heads above water without this.   

Bank of Baroda in India has a 7-8% exposure to them -
http://in.reuters.com/article/businessNews/idINIndia-44283420091127

Europe has a 40billion exposure to them -
http://www.marketwatch.com/story/european-banks-may-have-40-bln-exposure-to-dubai-2009-11-26

--
on cue, the other countries with terrible CDS swaps are getting hammered too.  appetite for risk is falling so Ukraine, Greece, and Ireland are rumbling.  Those countries are technically in worse shape than Dubai was. 

Greece derivitives
http://www.ft.com/cms/s/0/05b688ea-dac5-11de-933d-00144feabdc0.html
http://online.wsj.com/article/BT-CO-20091126-706060.html

their market is off 7%

[peternap]

As for the market being down 200 points, I would bet it's because Dubai has defaulted.  

I think you're right Muldoon. That's the trigger Dujour, but I also think the constant roller coaster is the lack of any base. The economy sucks so the market is running of hype and headlines. Business as usual

[Sassy]

Great story, Peter!  Got some good chuckles out of that   

I read about Dubai last night...  I just keep hoping that my Thriftplan (Federal gov't retirement/savings plan) has something left in it when I retire...  I can't take anything out of it until I quit or retire which is this coming July... 

[Redoverfarm]

Peter I have known you for some time and I thought you had better sense.  . Me personally would rather pay the extra 10-15% and shop when things were less hetic.  Yes it would be good to get a deal but it just is not worth the hassel to me.   Well everyone has to be someplace so I guess your's was about as good as any.  How did Zeus look in the Ray Bans and sweater?   

If you really are serious about shades might I suggest Serengeti.  I had bought a pair in the early 80's and have loved them every since.  In fact I had bought several pairs for family members at that time through the department.  I think I paid about $30 pair.  When you decide to get serious and want me to PU a pair for you let me know as I get a pretty good discount through the Association still.  They will not be the price I paid but considerably less than you will find.

www.serengeti-eyewear.com/

Sassy I hope you make it.  In a way I do but I am afraid that Glenn will work you to death on the complex. 

[glenn kangiser]

I hope her hips hold out, John. 

She has a bit of trouble with them sometimes. 

I don't know what we will do in the underground complex if she can't run the jack hammer and shovel.