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Oh, fluff pieces on deal shopping! People being maced at Wal-Mart to buy a $200 flat screen TV. Debates over whtether it's fair for workers to give up their Thanksgiving dinners to sell toasters for $4.99. Who will be having free shipping tomorrow on Cyber Monday? And, the backlash of why people are stupid to wait in the cold for a $30 Blu Ray player.
Why should people care? Because of the simple fact that consumer spending accounts for 2/3rds of GDP according to the Bureau of Labor Statistics. With the remaining third coming from government spending and private investment, this is a critical portion of the American economy, especially with banks sitting on capital and talks of Draconian budget cuts to Federal spending. So whether or not you bought some $10 sweaters on Friday morning may seal the fate of whether this is a recession or a depression.
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