The Federal Reserve last week began warning about the weakeningeconomy and he word recession has started to pop up withever-increasing frequency. The retail sector has been enjoying thelongest economic expansion on record. Now, big spenders during thehigh times are looking at their credit card bills, contemplating apossible looming recession and thinking twice about racking up anymore debt. Now retailers, even offering huge holiday sales, areworrying about their own finances.

Even President-elect Bush has been fanning the flames, steppingup his warnings about the economy just before Christmas and thestart of Chanukah. While some on Wall Street are pondering the lackof a Bush rally on the floor of the Stock Exchange, retailers arehoping people have just been holding off on making their purchasesuntil after year-end bonus checks clear.

While the New York Stock Exchange and Nasdaq continue to try tosustain a rally, retailers are hoping to recapture the Black Fridaypromise this year of exceeding last year's spending, despite alackluster holiday season that followed. Insiders tell GlobeSt.comit's not looking too promising, though. While dot-coms are dyingleft and right, this year on-line spending saw success, whilebricks and mortar stores put out the clearance sale signs in thehopes that bargains would bring big spenders.