OF1-11/20/07 6:25 AM THE GRINCH RETURNS FOR THANKSGIVING.
The Osgood File. I'm Charles Osgood.
'Twas the week of Thanksgiving and who should appear, but that creature who visited Whoville one year.
We thought he'd reformed from what happened back then. But here is that hard hearted fellow again.
With the credit crunch crunching away at the bank, the heart that grew bigger then suddenly shrank.
With the price of a barrel of oil so high, the Grinch has returned. and no need to ask why.
Between heating the house now and gas for the car.
SOT - Bill Hampel - chief economist, Credit Union National Association
"I'm actually surprised that the results were not weaker than they are."
What shrank that inflatable heart of the Grinch's by quite a sizeable number of inches also shrank the dollar, and they say that's one reason.
SOT - Carl Weinberg, economist
"It will be one of the many Grinches that will steal Christmas away from the U.S. consumer and the retail industry this season."
And the grinchy old Grinches had little to offer us, says business reporter Alexis Christoforous.
SOT - Alexis Christoforous, CBS News Business Reporter
"According to the Consumer Federation of America, about a third of consumers expects to spend less this holiday shopping season. And they're pointing to higher energy costs as the main reason, because you have not only higher gasoline prices, but also higher heating oil prices. And that's really putting the pinch on consumers this holiday season."
We said it before, but it does bear repeating.
SOT - Bill Hampel
"The strongest negative influence on holiday shopping plans this year is the high cost of gasoline and home heating."
Between that and the fallout that's from sub-prime lending.
SOT - Bill Hampel
"A number of U.S. households feel financially strapped and are looking for ways to cut spending."
.So reads the American business page reader. Where is Mary Lou Who when we need her?
SOT - Shopper
"We had to have the children cut down in their normal ten gifts a year to three. We had them write a list, because we can't afford to buy them what we would normally buy them for the holidays."
So the Grinch has returned with his grinchy old ways.
SOT - Byron Pitts, CBS News Correspondent
"As bad as it is, hold on. Economists tell us the price of gas could go up 10 more cents in a few days."
The Osgood File. Charles Osgood on the CBS Radio Network.
The Osgood File. November 20th, 2007. |
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