Marketplace: News Archives

Thursday, November 24, 2000
(Jump to the rundown)

It's Friday, November 24, 2000 I'm David Brancaccio.

The United States Supreme Court will consider the election appeal of Texas Governor George W. Bush, with oral arguments set for a week from today. The appeal challenges the constitutionality of hand recounts now authorized in Florida.

Bush has a 930 vote lead over Gore, but that number will change when the amended result is certified Sunday night.

Party leaders on both sides are now calling on supporters to tone down the rhetoric. However, Gore has vowed a court fight, if final results on Sunday give Bush the presidency and the Bush campaign is making no promises to step aside if the recount goes to Gore.

Marketplace's Stephen Henn reports some strong voices within Al Gore's own part are beginning to express doubts on how long the Vice President should keep on fighting.

Henn: Democratic Sen. John Breaux of Louisiana has said Vice President Al Gore should concede if recounts in Florida haven't put him over the top by Sunday night. And Breaux isn't alone within the Democratic party in questioning the Vice President's commitment to keep on fighting. Others like Sen. Torricelli of New Jersey have expressed their doubts as well. But E.J. Dionne a columnist for the Washington Post and fellow at the Brookings Institution, says that probably isn't enough to convince Al Gore to give up the ghost.

Dionne: They have hinted early on that they had wanted Gore to give up and I don't think he took kindly to that at the time. I think what it would take is some main stream Democratic leader.

Henn: If the Democratic leaders from the House and the senate told Gore he was damaging his own reputation and hurting the Party - Gore would probably take that seriously - but Dionne says he doesn't think that will happen any time soon.

Dionne: The escalation of rhetoric on the Republican side has angered many Democrats and so Democrats who might a week ago have been inclined to do that will be more reluctant to push Gore out of the race at this point.

Henn: And if Bush is behind in the vote count come Sunday night - Dionne believes he will feel very little pressure from party to conceded because Republicans have questioned the legitimacy of the vote recount from the very beginning. In Washington I'm Stephen Henn for Marketplace.

Brier: Holiday sales are expected to rise only 3-4% this year compared to 7% in the past. That's because shoppers are less bullish about the economy and have less cash on hand, says analyst Kirk Barnard, who tracks consumer activity.

Barnard: People are deep in debt to their credit cards 645 billon dollars as you and I are speaking here right now. And on top of that there's the sticker shock at the gas pump, and the sticker shock for home heating oil, so by and large we are seeing a public that is basically well off but has less discretionary spending power in their pockets than they did a year ago.

Brier: The news couldn't come at a worse time for retailers who usually depend on holiday sales to bring in as much as 60% of their annual revenues. Analyst Anna Dopkin at T.Rowe Price says retailers need a strong Christmas to make up for the weak sales plaguing them all year long.

Dopkin: It's been a really tough year for the retailers, pretty much since June a lot of companies have missed their initial expectations with softness even from the more stable retailers like Home Depot and Wal-Mart.

Brier: With so much riding on holiday sales, expect deep discounts and lots of promotions to move merchandise off the shelves. In New York, I'm Michelle Brier for Marketplace.