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  • Letter From the Editor

Black Friday's History

The Dark Truth About Black Friday

11/24/2019

0 Comments

 
By: Ch'ade Dellote-Bennett, Junior
Have you ever been ripped from your sleep at the brink of dawn on the Friday after Thanksgiving to indulge in some super sales shopping? Have you ever had to fight another person for a markdown item that you just couldn’t live without? Have you ever stood in a long line for hours, so that you could finally buy something that you wanted all year? Have you ever hidden something in store because you can’t handle the thought of someone else buying it? 

All these frenzied behaviors are heightened on Black Friday, now a tradition in the United States the day after Thanksgiving where stores have SUPER sales and shopping deals. But did it begin like this? Was this shopping holiday always a hectic day when people fought in and out of stores, or “shopped till they dropped”? 

Financially, the word Black has a negative connotation. However, for shopaholics and eager Christmas shoppers, it’s an exciting and chaotic time to spend money and get good deals on expensive items. 

Originally, the term Black Friday was used for a stock market crash that took place on September 24, 1869. According to the PBS online series the American Experience, the stock market crash was caused by investors Jay Gould and Jim Fisk, who attempted to cheat Wall Street investors. Ulysses S. Grant, the president at the time, tried to improve the economy by reducing the supply of greenbacks, or paper dollars. He did this by using gold to buy dollars from citizens at a discount and replacing them with currency backed by gold. This policy, if carried out, would ruin the plans of Gould and Fisk, who planned to buy up as much gold as they could, and watch the value rise. When the price of gold got high enough to gain them profit, they would sell. But if Grant decided to put more gold on the market by trading it for greenbacks, the price would stay too low.

The information continues that a week before the stock market catastrophe, Gould and Fisk had started to buy as much gold as they could. Just as they hoped, the price went higher. At its highest point on September 24, the price of an ounce of gold reached more than 30 dollars above what it was when Grant took office. But when the government gold hit the market, so did panic. Soon enough, the price of gold plummeted, and investors were in a rush to sell their stocks. Many investors had obtained loans to buy their gold. With no money to repay the loans, they were ruined. People on Wall Street from CEOs to farmers were bankrupt. This wouldn’t be the first time that the word ‘black’ would have a negative connotation in the world of finance; in fact, there was a Black Tuesday on October 29th, 1929; and a Black Monday on October 19th, 1987.

This financial crisis still doesn’t explain as to why a shopping day is coined as a Black Friday, even when, historically, it has such a negative connotation. There are many myths that have circulated attempting to explain the origins of the name. Sarah Pruitt, a writer and editor from the widely known History.com in an article titled “What's the real History of Black Friday,”  mentions a couple of myths and the true origin.

As the most famous myth explains, stores operate the entire year in a loss, or “in the red,” and on the day after Thanksgiving because of the sales and amount of purchasing, the store earns a profit and go “into the black” because shoppers spend a lot of money of discounted items. Although, it is 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 most known and accepted because retailers favor it; however, its incorrect.

A more recent myth is mentioned in Pruitt's article; it claims that during the 1800s Southern plantation owners could buy slaves at a discount on the day after Thanksgiving. However, this myth has no basis in fact, has caused some boycotting, and is also incorrect.

So, Pruitt further explains that the origin of the shopping holiday’s name was not created by retailers or shoppers, but it was coined by the frustrated Philadelphia police that were not happy about having to tame the post-Thanksgiving holiday chaos. In the 1950’s, police in the city of Philadelphia used the term when they had to deal with crowds of suburban shoppers and travelers who would flood the city because of the Army Navy football game that was held annually on that Saturday. They also had to deal with shoplifters that day because of reduced pricing. The police officers weren’t able to take the day after Thanksgiving off, nor the following Saturday. In fact, they had to work extra-long shifts for those two days. In an attempt to dissuade the crowds from coming into the city, they used the term Black Friday negatively.

​
The Black Friday propaganda started by Philadelphia officers didn't stick, and retailers were able to turn the term into something that is more positive. This has allowed for a previous one-day sale frenzy to turn into a whole four-day day sale frenzy; Black Friday, Small Business Saturday/Sunday, and Cyber Monday. It's always interesting to find out the history behind something, and see historically it does a complete 180 and changes from what it originally was. This Black Friday hopefully you won't experience a financial crisis like most of Wall Street in 1969. Happy Holiday and Safe Shopping!
 

0 Comments

    Ch'ade Delotte-Bennett

    My name is Ch'ade Delotte-Bennett. I enjoy spending money and taking naps. 
    ​

    Contact:
    chadedelottebennett@gmail.com

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  • Home
  • April 2022
    • Senior Events!
    • Clean Bulking
    • Dear Poet Project
    • Letter From the Editor
    • Dead Poet Society
  • Monthly Issues
    • March 2022 >
      • The Dreaded College Application Process
      • The Chinese Zodiac
      • Women Frontline Workers During COVID
      • This is Mother Monster’s World, and We’re Just Living in It!
      • #Cooperation is ubiquitous at iPrep
      • The Impact of the Ukraine-Russia conflict in the world
      • Letter From the Editor
    • February 2022 >
      • Small Poetry Collection
      • Hidden Figures
      • Spearheading #Kindness
      • "The King of Soul"
      • Prices are Rising, Should you be worried?
      • Our #ValuesMatter Teachers
      • Letter from the Editor
    • January 2022 >
      • Our Farewell to Carvalho
      • Letter From the Editor
      • The Peak
      • The Promethean Child
      • The Bright Futures Scholarship
      • Our #ValuesMatter Teachers
    • December 2021 >
      • The Tardigrade: The Toughest Organism
      • Should We Be Worried About Omicron?
      • My Soulmate
      • Club Spotlight: Don't Want to be First Shot Club
      • The Leaders of HIP
      • The Revolution of the "New Look"
      • Letter from the Editor
      • Our #ValuesMatter Teachers
    • November 2021 >
      • Making Someone Smile-- A Spotlight on Key Club
      • Students Becoming Teachers - HIP Club Spotlight
      • Exploring College: Florida's Top Public Universities
      • Letter From the Editor
      • Our #ValuesMatter Teachers
    • October 2021 >
      • Club Spotlight: The Music Club
      • Find your Niche: My Experience with URGENT Inc.
      • The Daily Life of the Demon King
      • A Trip to Never Forget: The Freshman Kayaking Trip
      • Are Air-Pods Bad for Your Health
      • Met Gala 2021: The Pillars of American History
      • Letter from the Editor
      • Our #ValuesMatter Teachers
    • September 2021 >
      • Exploring College: Schools in Miami
      • Detroit: Become Human - An Analysis
      • The Art of Letting Go
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      • Our #ValuesMatter Teachers
  • Archives
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        • #ZipOde
      • March 2021 >
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        • Being A Woman: A Poem
        • How Cooperation Enhances Life
        • Lethal League Blaze: Baseball But Actually Interesting
        • Junior Podcast
      • February 2021 >
        • Baba Chuck's Hat and Social Justice
        • 2020: The Year of Black Voices
        • 2020: A Black Girl's Testimony
        • The Economics of Valentine's Day
        • #ValuesMatter: Kindness
        • The Fate of the Summer 2020 Olympic Games: What Does their Future Hold?
      • January 2021 >
        • Yes, Ms. Gorman. It’s been some “hill,”
        • Junior Journeys: Buff Up Your Resume
        • My Collection of Poems
        • Hello, My Name Is
        • 2 Realities In 1 Game
        • Have No Fear of Failure
      • December 2020 >
        • Ho Ho Holiday Movies Ranked
        • SPACE DOGGO: The One Adventure of Chris Snoop
        • More Than A Game
        • Op-Ed on Patriotism: The Difference Between Patriotism and Nationalism
        • The Root of All Bias
        • Adventures of Quarantine
      • November 2020 >
        • College Essay: There is no life without water
        • My Love Letter To All Lowerclassmen
        • Rainy Weather
        • The Fraud of Voter Fraud Accusations
        • #ValuesMatter: Citizenship
        • City Behind the Mountains
        • Spotlight on Literacy
      • October 2020 >
        • Tenant Movie Review
        • Hispanic Heritage Month
        • Dear Poet....
        • The Senior Struggle
        • ¡Viva LA Responsabilidad!
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        • Values Matter: Respect
        • Teacher Check-In
        • A Short History on K12
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          • Inspiration Found in 10 Minute Stories
        • Internet Interviews >
          • Interview of Odette Albert (My Grandma)
          • A Quarantine Interview
        • Prescribed Poetry >
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          • "In Front and Behind the Veil of Change"
          • "Trapped"
        • The Middle School Corner >
          • Fictional Channel 20 News Interview
          • "Quarantine Fidgets"
          • A Glimpse into the Virus
          • My Quarantine Journal
          • Solidarity
        • The Values that Matter during COVID-19: Sympathy
      • March 2020 >
        • Malala Yousafzai: My Women's History Inspiration
        • An Excerpt of "Our Ethical America"
        • Primaries Update: The Road to 1,991
        • Scarlet: A Short Story
        • The History of St. Patrick's Day
        • Phoenix Flyer Horoscopes: April
        • March Letter from the Editor
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        • Single on Valentine's Day Survival Guide
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        • My Mother, My Inspiration
        • February Letter from the Editor
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        • Flaws of Tik Tok
        • The Women in My Life
        • Apocalyptic Wildfires
        • Miami's Best Affordable Experiences
        • January Letter From the Editor
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        • The Best Holiday Movies
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        • The Dark Truth About Black Friday
        • The Day of the Dead
        • iPrep and United Way
        • Throwback Thursday: iPrep's 10 Year Anniversary
        • Modern Learning
        • November Letter From the Editor
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        • What Disney character resembles your faculty the most?
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        • A Dante's Inferno Inspired Poem
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        • AP Prep Guide
        • Learning About My Korean Heritage
        • Become One With Your Fandom
        • #Unpopular Opnions
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        • iPrep Scavenger Hunt
        • Sylvia Plath Inspired Poem
      • March 2019 >
        • Boss Women of Indomitable Spirit
        • π Day at iPrep
        • Poetry Month at iPrep
        • Dedication to Maya Angelou
        • Preparing for Poetry Month
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          • Homeless Awareness Follow-up
          • Purvis Young: Self-Taught Artist
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        • Black History: My Heritage and Culture
        • Reactive or Proactive?
        • The BEST Prep for the SAT and ACT
        • Female Empowerment in the Super Bowl
        • iSurvive iPrep: Second Edition
      • January 2019 >
        • Honoring the Legacy of MLK
        • Get in Touch with Culture
        • Celebrating MLK Day
        • An Easy Way to Build Your Vocabulary
        • Getting to Know Your House of Reps
        • iPrep Survival Guide
      • December 2018 >
        • Disco Night at iPrep
        • 2018: A Year to Pay Respect to Activism
        • The Piano Slam was Full of Crescendos >
          • Middle School Poetry Slam
        • Give Love on this Holiday Season
        • Middle School Corner >
          • National Impaired Driving Prevention Month
          • National Teenage Homeless Month Awareness
          • 8th Grade at The Wynwood Walls
      • November 2018 >
        • Let's Honor Them In A Different Way
        • National Adoption Awareness Month
        • 2018 Midterm Elections Were Closer Than A Snail's Race
        • Middle School Corner >
          • Midterm Mashup
          • Local Businesses in Miami
          • Teen Stress
        • The First Thanksgiving (Is Not What You Think)
        • Internship at the Frost
        • T.H.U.G. L.I.F.E.
      • October 2018 >
        • October is iPrep's Busiest Month?!
        • Teens Can Get Breast Cancer, Too
        • Events that Make Autumn a Reality
        • Swing into Fun!
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