Ep. 220 - Unpopular Truth: Black Friday Shopping Doesn't Equal a Strong Economy

Will Black Friday's Record Credit Card Rejections Signal a Consumer Crisis in 2024?

Quinton Harris explains the evolution of Black Friday, revealing its true origins as the day retailers historically turned profitable for the year. He uncovers Roosevelt's strategic decision in the 1930s to move Thanksgiving to the fourth Thursday of November, a calculated move to extend the holiday shopping season and boost retail profits.

The discussion takes a concerning turn as Quinton analyzes recent Federal Reserve data showing alarming trends in consumer credit. With credit card rejection rates reaching historic highs and 45% of credit limit increase requests being denied, he challenges the media's portrayal of heavy consumer spending as a sign of economic strength, instead pointing to these indicators as potential warning signs of economic stress.

[00:00] - Origins and Evolution of Black Friday

[02:26] - Roosevelt's Impact on Thanksgiving Date

[03:29] - Media Coverage vs. Economic Reality

[05:59] - Analysis of Credit Card Rejection Rates

[06:45] - Mortgage Refinance Application Trends

[10:04] - Credit Limit Increase Rejections

[13:14] - Practical Advice for Credit Limit Increases

Key Quotes:

"Spending money is not necessarily the sign of a good economy." - Quinton Harris

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