A Tale of Two Thanksgivings

On Wednesday, the whole Obama family worked at a food bank located in a Chicago church handing out chickens to poor people (watch video). He told them to call him "Barack." On Thursday, the President-elect celebrated Thanksgiving at his Chicago home with 60 friends and family members. Meanwhile, President Bush spent his last Thanksgiving as President with Laura isolated at Camp David in Maryland's Catoctin mountains. He posed for a photo while making several phone calls to the troops overseas thanking them for their service to the nation.

Black Friday Looks Like Bleak Friday

"Black Friday"--the day after Thanksgiving--is the busiest shopping day of the year. After all, what better way is there to work off all those turkey-induced calories than getting the jump on Christmas shopping? It begins a frenetic month that makes or breaks many retailers and the manufacturers whose products they sell. However, the handwriting is already on the wall that this year is going to be bad news as consumers are not cooperating. Stores are already having big sales to drive traffic. While some merchandise may ultimately move, the initial indications are that the Wall St. meltdown has hit Main St. as well, with sales during the first half of November being down by double digits from last year. That presages a serious recession in the near future.

Mortgage Meltdown Starting to Hit Commercial Properties

Individual homeowners aren't the only ones being foreclosed on. Stores, malls, hotels, and other commerical properties are also having trouble paying the mortgage and are starting to be foreclosed as well. The consequences are ominous. When businesses close, people lose their jobs so they stop spending, which hurts other businesses. Circuit City has filed for bankruptcy while Home Depot, Sears, Ann Taylor, and Footlocker are all closing stores and laying off workers.

The Count Goes On

In the hotly disputed Minnesota Senate race, 88% of the votes have now been recounted and Norm Coleman leads by 282 votes, up from the 231 he led by after the initial count. However, there is a catch--5600 ballots have been challenged and will have to be reviewed by the five-man canvassing board one by one. In addition, lawyers for Democrat Al Franken are likely to go to court to ensure that the thousands of rejected absentee ballots are carefully checked to make sure that every valid vote is counted. This one is far from over.

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