Is this what Santa wanted?

Trickle-down at its very best.

Bad sign: Shoppers use gift cards for groceries
Nation’s retailers including Wal-Mart post weak January numbers


Associated Press
updated 3:50 p.m. MT, Thurs., Feb. 7, 2008

WASHINGTON - Here's a sign of how shaky the economy has become: Wal-Mart says its shoppers are redeeming their holiday gift cards for basic items — pasta sauce, diapers, laundry detergent — instead of iPods or DVDs.

Merchants had hoped shoppers armed with gift cards would provide a lift after a dismal holiday shopping season — partly because shoppers tend to spend even more than the value of the card. But that didn't seem to happen last month, and retailers are feeling the pain.

On Thursday, the nation's retailers turned in their worst January in almost four decades as high gas and food prices, a slumping housing market, tighter credit and a tougher job market pushed consumers to the edge.

Read the rest at MSNBC.
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Yep, BOOMING economy - if you happen to be a 5%'er.

Retailers are slowly realizing that the monsters they helped elect are killing their businesses.

Even video-game manufacturers are catching on - if you can't afford food you sure can't buy toys.