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The true story behind the name 'Black Friday' is much darker than you may have thought... was first used in 1869 by two investors who drove up the price of gold and caused a stock market crash.

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posted by Hughes Songe alias bernawy hugues kossi huo on Friday 23rd of November 2018 02:04:09 PM

early 17th century (as school slang, in the sense ‘Friday on which an examination is held’). The shopping sense dates from the 1960s and was originally used with reference to congestion created by shoppers; it was later explained as a day when retailers’ accounts went from being ‘in the red’ to ‘in the black. The true story is much darker - the term "Black Friday" was first used in 1869 by two investors who drove up the price of gold and caused a stock market crash. Watch the video above to learn how the name evolved into the shopping day frenzy we know today. Many people believe we call the day after Thanksgiving "Black Friday" because many stores become profitable on the huge shopping day and go "into the black." The true origins of the term are a bit darker. Following is a transcript of the video. Why is it called "Black Friday"? Most people know Black Friday as the day after Thanksgiving, when stores open early and offer various sales. These stores are often "in the black" (profitable) that day. But the true story of Black Friday is darker. The term "Black Friday" was first used on Sept. 24, 1869, when two investors, Jay Gould and Jim Fisk, drove up the price of gold and caused a crash that day. The stock market dropped 20% and foreign trade stopped. Farmers suffered a 50% dip in wheat and corn harvest value. In the 1950s, Philadelphia police used the "Black Friday" term to refer to the day between Thanksgiving and the Army-Navy game. Huge crowds of shoppers and tourists went to the city that Friday, and cops had to work long hours to cover the crowds and traffic. Merchants in the area tried to change the name to "Big Friday," but the alternative name never caught on. By the late 1980s, "Black Friday" had spread nationally with the more positive "red to black" backstory amp.businessinsider.com/why-is-it-called-black-friday-201... The day after Thanksgiving wasn't called Black Friday then. The name was associated with September 24, 1869. Two speculators, Jay Gould and James Fisk, created a boom-and-bust in gold prices. A stock market crash followed, as prices fell 20 percent. The disruption in gold prices sent commodity prices plummeting 50 percent. Corruption in Tammany Hall allowed Gould and Fisk to escape without punishment. In 1905, Canadian department store Eaton's began the first Thanksgiving Day parade by bringing Santa on a wagon through the streets of downtown Toronto. In 1913, eight live reindeer pulled Santa's "sleigh." By 1916, seven floats representing nursery rhyme characters joined Santa in the parade. In 1924, the Eaton's parade inspired Macy's Department Store to launch its famous Thanksgiving Day parade in New York City. Macy's wanted to celebrate its success during the Roaring 20s. The parade boosted shopping for the following day. Retailers had a gentleman's agreement to wait until then before advertising holiday sales. In 1939, during the Great Depression, Thanksgiving happened to fall during the fifth week of November. Retailers warned they would go bankrupt because the holiday shopping season was too short. They petitioned President Franklin D. Roosevelt to move the Thanksgiving holiday up to the fourth Thursday. Unfortunately, by this time it was late October. Most people had already made their plans. Some were so upset that they called the holiday "Franksgiving" instead. Only 32 states followed FDR's move. Others celebrated two holidays, which forced some companies to give their employees an extra day off www.thebalance.com/what-is-the-history-of-black-friday-33...



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  • Published 12.04.22
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