Christmas Sales: The Worst Since 2009

Look at the Christmas sales. They have been the worst since 2009. I think a lot of the retailers made a mistake. They believed the hype, just like the investors and the economists. They loaded up on inventories coming into the Christmas season. That is why we got a 4 handle on the third quarter GDP. But I think they are finding out that a lot of Americans just don`t have any money to buy stuff. They are spending too much energy and food, they have lots of debt and lousy jobs. So, I think we are going to see some record sales following Christmas in the New Year. Not sales in selling, but declines in prices for sale.

Peter Schiff is an American businessman, investment broker and financial commentator. Schiff is the CEO and chief global strategist of Euro Pacific Capital Inc.