Christmas 2001 and 2002 was real bad. It was hard to keep positive with a recession, the stock market plunging and 9/11 still fresh in everyone's heads. However, there were still jobs to be had during those days. Not all industries were shrinking. It wasnt all bad news. This time is different. Every industry out there is shrinking. Some companies have had a hiring freeze going on for several months. I cant find one industry where there is any hint of bullishness. There is news of more lay-offs to come in 2008. Major companies have gone out of business are on the brink of going out of business. Local businesses that were in business for over 20 years are now closing their doors. Even if you have a secure job, you cant expect any growth, big raises, promotions or bonuses. Basically, you just walk in the door for a check each day and hope that tomorrow wont be your last day. Houses continue plunging in value with no end in site. I can only surmise that Christmas 2008 will be the worst out of any in a few decades....
Every Christmas in the 80s and 90s seemed to be just right. Money never seemed like an issue like it was today. Welll...maybe in the early 80s and the early 90s, but the market always went up and lots of people invested in their company's stock plans. Many millionaires were made from just investing in those plans. Today is different times. Christmas will be canceled this year. Even those with substantial savings and income are watching their spending more closely. No one is running out to buy buy buy. Don't expect gifts from your buddies this year.