What’s the Real History of Black-Friday?
No, it’s not based on anything racial. It’s all about profit and saving for the many turkey stuffed shoppers that engage in this decades old ritual. History.com provides great insight into this day loved by many and despised by just as many!
The most commonly repeated story behind the post-Thanksgiving shopping-related Black-Friday tradition links it to retailers. As the story goes, after an entire year of operating at a loss (“in the red”) stores would supposedly earn a profit (“went into the black”) on the day after Thanksgiving, because holiday shoppers blew so much money on discounted merchandise. Though it’s true that retail companies used to record losses in red and profits in black when doing their accounting, this version of Black-Friday’s origin is the officially sanctioned—but inaccurate—story behind the tradition.
The first recorded use of the term “Black Friday” was applied not to holiday shopping but to financial crisis: specifically, the crash of the U.S. gold market on September 24, 1869. Two notoriously ruthless Wall Street financiers, Jay Gould and Jim Fisk, worked together to buy up as much as they could of the nation’s gold, hoping to drive the price sky-high and sell it for astonishing profits.
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