Everything Everywhere Daily: History, Science, Geography & More - All About Black Friday (Encore)

Starting point is 00:00:00 The following is an encore presentation of Everything Everywhere Daily. The United States has created many cultural institutions which have spread around the world. People all over the earth have enjoyed and benefited from rock and roll, Hollywood films, and the internet. However, we've also created some things that have spread to other countries, which, to be totally honest, are probably not our best look. Learn more about Black Friday, the surprising history of the term, and how it manifests itself around the world today on this episode of Everything Everywhere Daily. What if your perceptions about the past were wrong? ThruLine is a podcast that takes you back in time to uncover the parts of the story that may have gone unnoticed. It effectively turned day into night.

Starting point is 00:00:57 And how it shaped the world now. Time travel with us every week on the ThruLine podcast from NPR. The term Black Friday as it's used today refers to the Friday after Thanksgiving in the United States. It's given special attention because it's considered to be the beginning of the Christmas shopping season. American Thanksgiving falls approximately one month before Christmas, and because it always falls on a Thursday, many people have the following Friday off from work. That means that there are lots of people who are able to go shopping. The Christmas shopping season has traditionally been the biggest sales period of the year, and the term black comes from the accounting tradition of using black ink to represent positive values and red ink to represent negative values.

Starting point is 00:01:41 So, Black Friday is the day, or at least begins the season, where retail stores become profitable or go into the black. Or at least that's the modern use of the word. The phrase, Black Friday, however, goes back much earlier. While it didn't initially refer to retail shopping, it did have an economic association. The word black in a business sense has always had a mixed meaning. In an accounting sense, being in the black was good. However, market crashes were often also referred to as black, such as black.

Starting point is 00:02:11 Black Tuesday when the stock market crashed in 1929. The first Black Friday occurred in 1869. During the Ulysses S. Grant administration, the government began selling its gold reserves to pay off the debt from the Civil War. Three financiers, Jay Gould, James Fisk, and Abel Corbyn, tried to corner the market in gold. They formed a group called the gold ring to try and buy up as much gold as possible. Corbyn was the cousin of the president, and they tried to use his contacts to influence the government's gold sales, and hopefully even stop the sales. The Grant administration was extremely corrupt, and their plan actually worked for a while,

Starting point is 00:02:47 driving up the price of gold. However, when President Grant caught wind of this, he ordered the sale of gold driving down the price, causing a panic in the markets to crash. It all occurred on Friday, September 24, 1869, a day that was dubbed Black Friday. The association of the period after Thanksgiving with Christmas shopping goes back to the early 20th century.

Starting point is 00:03:08 In fact, in 1939, President's, President Franklin Roosevelt moved the date of Thanksgiving from the last Thursday in November to a week earlier just to extend the Christmas shopping season in the middle of the Great Depression. The first association of the term Black Friday with the day after Thanksgiving occurred in the early 1950s in Philadelphia. The association really had more to do with the Army-Navy football game, which also took place every year in Philadelphia on the Saturday after Thanksgiving. The Friday before the game, the city would be crowded, stores would be filled with shoppers and shoplifters, bars would be packed, people would get rowdy, and fights would break out.

Starting point is 00:03:42 The day was dubbed Black Friday by the police who weren't able to get the day off. Again, the day had a negative connotation and had nothing to do with the accountant's Black Ink. The name Black Friday took off locally so much that stores tried to change it to Big Friday to avoid negative connotations, but that never really got accepted. The current meaning of Black Friday started to take off nationally in the late 1980s. Retailers embraced the term and gave it a positive association. Stores began to offer sales and deals on Black Friday to get people in their stores. As things tend to do, Black Friday sales and promotions began to grow and get more elaborate.

Starting point is 00:04:18 Stores which might have normally opened at 10 a.m. began to open early. 8 a.m. or 7 a.m. became the norm on Black Friday, and then of course it kept getting earlier and earlier. Soon, some stores would open at 5 a.m. or even 4 a.m. The next logical step was just opening on Thanksgiving evening and just staying open for 24 hours. Black Friday sales were then extended throughout the entire weekend and even the entire week. Sales and extra hours are not necessarily a bad thing. What began to give Black Friday a bad name were some of the promotions that were run. Stores began offering very good deals on products as a loss leader to the first customers in the door on Friday.

Starting point is 00:04:55 Thousands of people would often wait outside overnight to line up for whatever the deal was. In 2008 in Valley Stream, New York, 2,000 people were outside of a Walmart waiting for a 5 a.m. opening. When the time arrived and the doors were open, the push of people into the store was so great that the doors were broken down and one of the employees was killed in the stampede. Stampedes and near riots happened almost every year somewhere in the country. People waiting in line would get in fist fights as people left the line or tried to butt ahead. There were instances of shootings, people getting maced, and other instances of rather uncivilized behavior all over. Believe it or not, Black Friday is now being recognized in countries that don't even celebrate American Thanksgiving. They're just using the same date as the last Friday in November to be Black Friday and the start of the Christmas shopping season.

Starting point is 00:05:41 There have been Black Friday sales appearing in countries all over the world, including Canada, the United Kingdom, Mexico, Australia, New Zealand, and Germany. It still isn't as big of a deal as it is in the United States, but it's starting to appear more often. The funny thing is, just as it's gaining in popularity overseas, it's starting to become less of a thing back in the United States. The pandemic pretty much quashed Black Friday in 2020, which many people. retail stores didn't seem to mind. The rush of people puts a strain on businesses and the people who work there. Some companies like REI, in fact, closed their doors on Friday. And of course, online commerce is lessening the importance of retail stores and rushing to a single place at a particular time for deals. In fact, Cyber Monday has become the bookend to Black Friday as the day when online

Starting point is 00:06:26 stores offer deals. Cyber Monday came about years ago when most people didn't have good internet connections at home and would be able to shop online when they went back to work. For better or worse, and no matter how much it may spread around the world, Black Friday is definitely an American institution. The associate producers of Everything Everywhere Daily are Thor Thompson and Peter Bennett. Today's review comes from listener Kyle Kindle on Apple Podcasts in the U.S. He writes, New Favorite Podcast. Love the succinct information with this podcast. Even loaded up the crummy Apple Podcast app to rate favorably as I don't know how to or can't do it on the Overcast app.

Starting point is 00:07:06 Keep it up. I love it and I'm going to get it. get my kids listening to. I'm kind of drunk, but that doesn't detract from the solid performance of this podcast. Keep it up. Thanks, Kyle. I'm happy to announce that your review is going into the Review Hall of Fame. Overcast is a great podcast app, but you went out of your way to leave a review on Apple, bonus points. You got your kids listening to the show, bonus points. And you did a drunk review. You hit the trifecta. Remember, if you leave a review or send in a question, you two can have it read on the show.

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Starting point is 00:07:58 It's going to be a savings stampede. Savings Stampede. Doorbuster specials like iPads for $39. 3D televisions for $71. And a secret unpublished Harry Potter novel, Harry Potter and the treacherous crawl space, is available for only six bucks, and there's only seven left.

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Everything Everywhere Daily: History, Science, Geography & More - All About Black Friday (Encore)

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