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The article discusses that a financial crisis in Canada has begun because non-bank asset-backed commercial paper has become illiquid in the amount of about $7 billion Canadian dollars. Investors are unable to get their money out for use causing major write-downs. No new investors are stepping up to allow rollover to occur and more paper to be issued.

The article discusses the amount of paper that has been used in the USA v. Conrad Black et al. trial. According to Conrad Black's lawyer Edward Greenspan, at least seven million pieces of paper have been used in the trial. The author believes that much paper would stand about 700 meters high, or taller than any building currently built.

The editor comments on business thinkers in Canada. Economists Don Drummond and Gillian Manning wrote a paper, Time to Eliminate the Foreign Property Rule for Canadian Registered Pension Plans, that is well worth reading. It's the most cogent and concise argument I've read against the silly 30% limit on non-Canadian content in our RRSPs. Not only does it deflate the fallacies the 30% limit is based upon--that open borders for RRSP--included assets would create a flight of capital or are somehow unpatriotic--but they also point out that the cap basically benefits nobody. The second mind I wanted to mention is that of Roger Martin, dean of the Rotman School of Management at the University of Toronto. He's also chair of the Institute for Competitiveness & Prosperity, a not-for-profit organization whose mandate is to measure the economic progress of Ontario, but whose findings have relevance for the entire country. Martin recently presented a paper entitled Realizing Canada's Prosperity Potential to the World Economic Forum in Davos, Switzerland. Martin's basic argument is that a "prosperity gap" exists between Canada and the United States, and that the way to close it is to increase our productivity. The other big point Martin makes is that the time is long past due for Canada to revamp its allegedly progressive and needlessly complex tax system--in which, perversely, the lower middle class pays the highest marginal rate of any income group.

The article discusses counterfeiting in Canada and Wesley Weber, Anthony Caporale, Dustin Kossom and Ryan Hodare who made money in Town of Lakeshore, Ontario. Last year, the Bank of Canada reported a record $12.7 million in counterfeit currency in circulation, up from $4.9 million in 2002. Police don't know much about how Weber's ring distributed its product. Counterfeit currency tends to circulate in the same manner as other illegal commodities.It typically sells on the black market at some fraction of face value. Clever though Weber was at forgery, his compulsive criminal behaviour left him vulnerable. His own lawyer would later describe him as a "one-man crime wave." Weber's recklessness in spending his own product was a big liability, too. His fingerprints were found on the imitation gift certificates he'd passed at the malls. Weber figures the ring had cashed $200,000 in counterfeit. Weber's ring scrambled to keep up with demand; they invested in technology and refined their processes. Output mushroomed, and as the purchases grew, market forces dictated that Weber--who was under house arrest at the time--reduce his price. And this year, another major counterfeit operation was shut down: a joint investigation involving Toronto police, Ontario Provincial Police, Peel Regional Police and the U.S. Secret Service cracked a ring in Toronto in March, seizing almost $3 million in imitation Canadian $10 and $20 notes. INSETS: COUNTERFEIT DETECTION;Stupid counterfeiting tricks.

The article reports on the efforts of currency makers to stay ahead of counterfeiters by combining the latest developments in chemistry, physics and material science. New bills will be introduced by Canada and the U.S. in 2011, with U.S. officials unveiling a new 100 U.S. dollar bill which features a wide ribbon as an anticopying measure. On the other hand, Australia has adopted a plastic bill.

This article reports on the 2008 subprime financial crisis in the U.S. and Canada and the near-failure of investment bank Bear Stearns. When Bear Stearns was struggling to fund its operation, the U.S. Federal Reserve orchestrated the shift in its control to the firm JPMorgan. The article discusses the significance of this event to Wall Street history, as well as similar problems with asset-backed commercial paper trusts in Canada.

The article analyzes how the U.S. presidential election affects investment. According to Brian Knight, an economist at Brown University and author of a paper that charted the effect the 2000 U.S. election had on American industry, elections can have a big impact on stock prices. Knight found a correlation between the performance of the stocks and the presidential futures market. If Kerry wins, it's assumed health-care and traditional energy companies could face more stringent regulatory oversight, suggesting those stocks could suffer. It has also been suggested a Kerry presidency might benefit the generic drug industry. Industries that did well following the Bush victory in 2000, such as tobacco, could be expected to do well again in the wake of a 2004 Bush victory. The brokerage industry could also do well under Bush. It's assumed any move in the direction of privatized social security accounts means big business for Wall Street firms. But the most sensitive stocks this election year are likely the two government-sponsored mortgage enterprises, Fannie Mae and Freddie Mac. A Democratic victory would be seen as very favourable for Fannie Mae and Freddie Mac. Another obvious sector is the defence industry; a Bush win is considered positive for the big contractors. Tempering these scenarios is the possibility of a Republican-led Congress and a Democratic president, which might result in legislative gridlock tempering any impact the election would have on stocks.

The article reports on the efforts of forensic accountants in investigating employee fraud using a wide range of technological tools. Among the executives who were involved in high-profile expense scandals were Kelly McDougald, former chief executive officer (CEO) of Ontario Lottery and Gaming and Australian railway executive Tas Sinadinos. A survey found that as many as one-quarter of employees typically admit to submitting expenses incurred outside company policies. A comparison of employee fraud investigations in the U.S. and Canada is presented.

The article offers information about the events leading up to the 2008 U.S. financial crisis. Former U.S. President Franklin Delano Roosevelt's creation of the mortgage lending institution Fannie Mae is noted as the beginning of the U.S. mortgage lending system. Further developments include securitization of assets, subprime mortgage lending, and the deregulation of financial institutions. Suggestions for financial recovery are given, including the stabilizing of real estate prices.

The article discusses research being done on the effect of age on financial judgment. It references a study by Sumit Agarwal and his colleagues, published in "Brokings Papers on Economic Activity." The researchers, who were economists from Harvard University, New York University, and the U.S. Federal Reserve Board, have suggested that financial decision-making skills begin to decline in middle age.

The article questions whether the proposed U.S. economic stimulus plan with a Buy American provision will result in protectionism and cause a global trade war. The Alliance for American Manufacturing supports the provision because it will create jobs. The Peterson Institute of International Economics argues that the provision could start a trade war. The Institute's senior strategist Gary Hufbauer mentions the "true blue" status for U.S. products.

This article reports on U.S. Democratic Senators Hillary Clinton and Barack Obama and how their views on the North American Free Trade Agreement (NAFTA) will play a role in the 2008 presidential election. Both Clinton and Obama oppose NAFTA and are trying to appeal to working-class voters in the U.S. whose industries have been affected by NAFTA. The article also discusses the impact that changes in American involvement in NAFTA would have on Canada.

The article focuses on a nearly completed merger between the Thomson Corp. and Reuters Group PLC. The merger, which is estimated to cost $15.2 billion, received an approval on February 19, 2008 from regulatory agencies in Canada, the European Union and the United States, and will create an enormous financial information company. The impact the merger will have on competitor Bloomberg LP is discussed.

This article discusses the effect the 2008 U.S. economic recession is having on the Canadian economy. The author says that the Canadian market is only beginning to see effects from the U.S. economic downturn but more change is sure to come. It is noted that 80 percent of Canadian exports rely on the U.S. market. Comments from several professionals who work in Canadian investments are included.

Discusses the financial impact of terrorist attacks of the United States on September 11, 2001 on securities industries. Increased sales at surveillance equipment companies, including Silent Witness Enterprises Ltd. and Data Systems Ltd.; Investment in security firm stocks; Efforts of the U.S. government to increase computer security; Thoughts on finding a balance between safety and civil liberty.

The article discusses quantitative easing (QE) financial policies in the U.S. in response to the 2008 global financial crises, focusing on the QE3 federal policy to buy mortgage-backed securities. The U.S. Federal Reserve, the eurozone financial crises in Europe, and the European Central Bank (ECB) are discussed, as well as loan interest rates. U.S. Federal Reserve chair Ben Bernanke and ECB President Mario Draghi are also mentioned.

The article examines whether the BRIC countries, Brazil, Russia, India, and China, deserve supergroup status. The acronym BRIC was introduced by Goldman Sachs in 2001, which refers to the world's most-dynamic developing economies. There have been mixed opinions on the countries' prospects for preeminence as the global financial crisis signalled an end to the dominance of the U.S. Economist Nouriel Roubini favors the inclusion of South Korea, Turkey, and Indonesia, while Mark Mobius does not.

The article discusses investor psychology. One study of persons who lived through the Great Depression concluded that investors who experience a major market decline are less likely to make future investments in the stock market. A poll conducted by CNN found that almost half of Americans expect an economic depression to occur.

The article offers business world predictions for 2012. Topics discussed is the expected implosion of the housing bubble in China, the crash of the Canadian housing market, and that Mitt Romney will win the 2012 U.S. Presidential election. Also considered are Germany's economy, the likelihood streaming video services will outperform broadcast television, and Russia's political power. Gadgets like tiny printers, powerful tablet computers, and encrypted USB storage devices are mentioned. INSETS: COULD CHINA BUY HUSKY?;WILL KINDLE PUMMEL THE iPAD?;WILL THE HOBBIT BE THE BIGGEST BLOCKBUSTER OF ALL TIME?;ON WHY WE SHOULD COOL IT

The article discusses how investors are reaping big dividends from investments in commodities like corn and wheat. Ethanol demand has caused corn prices to soar and a drought in Australia and a drop in U.S. corn production has helped to keep prices high. The rush for alternative fuels has caused ethanol production capacity to increase dramatically. Brazil is the ethanol leader in 2006, but the U.S. is poised to seize the No. 1 spot in 2007. Canada is also rapidly building ethanol production facilities.

The article focuses on the impact of the financial sector collapse on corporate law firms in the U.S. According to lawyer Jerry Kowalski, the financial demise has affected the investment banking, the global economy and legal profession. It notes that corporate attorneys have been perceived as well-paid professionals since they have lived through a productive period. It cites the increase in the proportion of gross domestic product (GDP) that has been obtained by legal services companies.

The article discusses advice for purchasing American stocks given the 2006 performance of the U.S. markets. The author feels that Proctor & Gamble Co. has a large international base of products as well as their recent buyout of Gillette to recommend it. The other company mentioned is Coca-Cola Co. which relies on the U.S. for less than 30% of its total sales.

The article explores the effects of the U.S. economic crisis on the economy of Canada. It notes that the economic growth being experienced by Canada as of October 2010 is being hampered by the economic problems of the U.S. It is suggested that Canada should pursue other trading partners, such as Brazil, Indian and China. Canada's exports to the U.S. are said to represent 25% of the country's gross domestic product (GDP). The impact of the protectionist leanings of the U.S. on the Canadian business sector and economy is also explored.

The article discusses the United States economy and concern about foreign-owned U.S. assets. Asian central banks have been propping up the U.S. dollar for self-serving purposes (China to maintain its controversial currency peg, Japan to weaken the yen against the dollar). The downward movement of the U.S. dollar paused this year. But that only made the imbalances worse. In June, the U.S. trade deficit came in at US$55.8 billion. That's a record. It's also a fact that shouldn't be ignored because, in investment terms, it means the world is dangerously overweight the greenback. As Bridgewater Associates points out, foreigners now own 51% of the U.S. Treasury market, if you exclude Fed-held Treasuries, which aren't really in play. Include the Fed, and foreign ownership of the market is still 42%. Those numbers may jump now that billions of surplus petrodollars from oil-exporting nations are reportedly heading stateside. Non-American ownership of U.S. assets now sits at 78% of U.S. GDP--up dramatically from 33% in 1990. That's without precedent, not to mention roughly US$3 trillion (or 27% of GDP) more than the total foreign assets held by Americans. Lenders, of course, expect to be paid back. But it is doubtful that Uncle Sam will be willing or able to cough up 27% of GDP to settle his massive debt. And when the world realizes America can't cover its tab without a significant currency devaluation, the race to dump U.S.-dollar-denominated assets will begin. Bridgewater analysts have been raising the alarm for months. But they aren't alone. Indeed, in late August, Morgan Stanley chief economist Stephen Roach said the problem could lead to a repeat of the 1987 stock crash.

The article discusses retirement-aged individuals in Canada who are weighing the choice to buy real estate in the Phoenix, Arizona area. The author indicates there is opportunity for a good investment. Topics include the weak U.S. dollar, low interest rates, and low housing values. Also discussed is the uncertain water supply in the southwest U.S. INSET: MEANWHILE IN MIAMI....

This article reports on the 2008 financial crisis and how it is similar to the beginnings of the Great Depression in 1929. Information is presented on businessman Irving Fisher and his role in the 1929 Stock Market Crash and what should be learned from his errors. The article also discusses the U.S. economy and housing market, depression indicators, and deflation.

The article looks at stocks and offers investment advice on a specific 15. Steiner Leisure Ltd., offering spa services, has experienced rising revenue that has positively effected its stock price. Hibbett Sports Inc., a sporting goods retailer, may experience some difficulty with the U.S. economy's slowdown but is a good long term investment. Cemex SAB de CV, the third largest cement producer in the world, has had sales double since 2003.

Comments on securities regulation in Canada. Report by the Wise Persons' Committee which will provide a framework for the various issues; Results of National Bureau of Economic Research tests which showed that private enforcement was more efficient than public enforcement; Compliance of new U.S. securities rules by corporate Canada; Passport model which would promote regulatory competition.

The article focuses on the prospects for world economic conditions in 2008. There is a consensus among economists that there will be a slowdown in growth, but opinions differ as to whether this will result in an actual recession. The results hinge on whether the growth in India, China, and Russia will be enough to counteract expected weakness in the U.S. economy.

The article discusses three methods of investing according to different economic situations within the U.S. and Canada. Booming markets are ideal for heavy investments, the kind that would be worthwhile for stocks cheapened by financial panic. Problems within the mortgage market would indicate that investors should use caution during economic slow periods. Recessions and financial crises act as a red light for investments outside of gold and money markets.

This article discusses United States hedge fund activists who purchase shares and securities in corporate markets for immediate turn around sales in another. The author describes the effects that corporate control has on long-term shareholders and the economy itself. There are many cultural difference between the U.S. market and the Canadian market, but among the most visible is the Canadian justice system, which takes a more fundamental approach at solving attempted corporate takeovers.

This article presents information on the upcoming decision in the NTP Inc. vs. Research in Motion Ltd. (RIM) patent lawsuit. If the worst-case scenario comes true, Judge James Randolph Spencer will rule against RIM and pull the plug on its U.S. Blackberry services. This case illustrates the rising cost of innovation in the knowledge economy and how these costs drive up the cost of technologies downstream that industries purchase. While RIM and NTP fight, Nokia and Microsoft are developing their own Blackberry-type technology.

Reports on the possibility of price controls on drug manufacturers in the United States. How such controls could effect large, profitable pharmaceutical firms such as Merck, Pfizer, and Bristol-Myers Squibb; Comparison of what may happen in the U.S. to what has already happened in Europe concerning the price of prescription drugs.

The article discusses the staffing shortage at business schools. About 500 faculty positions remained unfilled at business schools in the United States last year, a vacancy rate increase of more than 100% since 2001. The right kind of PhDs are in short supply because business schools compete with the private sector for graduates, and universities are failing to attract enough candidates to meet market demand. Furthermore, since enrollment in business PhD programs has been falling across North America, some university administrations are responding by cutting back their expensive doctorate programs. In order to stay in business, some MBA programs have been converting PhD's from fields such as psychology and sociology into business profs; others are staffing up with non-academic instructors. Relying on "clinical" faculty who possess years of experience in the corporate trenches but lack the scholarly rigor that comes with a PhD is painted by the academic community as a dangerous short-term strategy. If you believe the Canadian Federation of Business School Deans, which wants Ottawa to fund an effort to generate more biz PhD's, the economy itself is at risk. With all due respect, that self-serving conclusion may be a bit of BS from the CFBSD. Fred Smith would certainly beg to differ with the deans. According to the founder, president and chairman of FedEx Corp., who does not have an MBA, everything anybody needs to become a great business leader is available online or at your local store. There is plenty of anecdotal evidence suggesting that what MBAs are taught doesn't make them great CEOs. Well, after taking a groundbreaking look at the effectiveness of CEOs with MBAs in 2001, McGill University management professor Henry Mintzberg and a British colleague concluded that graduate business schools often "give students the confidence to make decisions but not the competence to deal with the messy reality in which decisions are executed."

The author discusses the OTC Bulletin Board stock quotation service in the United States and the proliferation of such companies in Canada. The OTCBB is a trading forum for about 3,300 issuers, most of them nascent companies with no established business--and many with no purpose other than to rip off investors. During the late 1990s, when British Columbia regulators embarked on a concerted campaign to clean up the Vancouver junior market, many scoundrel promoters sought refuge in the OTCBB. The B.C. Securities Commission reckons there are now several hundred OTCBB companies with Vancouver connections. Theoretically, OTCBB issuers that are based in Canada must run a double gauntlet of American and Canadian regulators. But the reality is that Canadian regulators tend to ignore OTC issuers because they don't trade on Canadian exchanges. And American regulators, to the extent that they bother with OTC companies, are less inclined to pursue foreign issuers, especially with Canada's abysmal record of extraditing Canadian residents who breach U.S. securities rules. Commission chairman Doug Hyndman says B.C. is working on some initiatives to deal with the problem, but isn't quite ready to talk about them. Insp. Bill Majcher, in charge of the new RCMP Integrated Market Enforcement Team in Vancouver, describes the over-the-counter stock business as a tremendous problem. The problem is not unique to Vancouver. There are also dozens of Bulletin Board stocks operating out of Toronto, for the most part unimpeded by provincial regulators. Michael Watson, the Ontario Securities Commission enforcement director whose principal constituent is the more senior Toronto Stock Exchange, admits that errant OTCBB companies are at the bottom of his priority list. Can/Am Auto Sales Inc., a Vancouver car dealer with no revenue and negligible assets, provides a good illustration of why investors, when dealing with Bulletin Board issues, can toss efficient-market pricing theories out the window.

Discusses the Joint Strike Fighter jet, developed by Lockheed Martin in Texas which is outsourcing the project for cost containment. Details of the international military procurement project that is giving the bulk of its contracts to aerospace firms; Canadian companies that have won JSF contracts, including GasTOPS Ltd., CAE Inc., Héroux-Devtek Inc., and Magellan Aerospace Corp.; View of Magellan marketing executive Bill Matthews that the firm's emphasis on "process technology" made it successful with the JSF program; Optimism of Department of National Defence official Mike Slack that more Canadian companies will win contracts; Data on Canada's aerospace industry; Benefits from Canada's investment in the program; Other countries participating in the program; Design of the F-35 jet.

Discusses the goals of Canadian Michael Henderson, the former chief executive officer of Lasik Vision eye surgery centers, to develop a large hotel and casino called Moon, in Las Vegas, Nevada. How Henderson wants to attract investors to his project; Plans for golf courses, convention centers, and entertainment shows at the Moon complex; Why Henderson was fired from Lasik; Bankruptcy of Lasik; Views from the owner of Comoglio Design Consultants, Dante Comoglio, about construction of the Moon. INSET: TRADE SECRETS.

Addresses the knowledge that United States fund managers have of Canadian stocks. How Canadian companies tend to cost less than their U.S. counterparts due to a weakened Canadian dollar; Suggestions for stock investments.

An interview with Gregg Saretsky, chief executive officer (CEO) of the airline WestJet, is presented. Topics include his thoughts on the power of corporate culture, employee participation and leadership, and innovation in the airline industry. Information is provided on Saretsky's work as a consultant and what he has learned from career mistakes.

Examines charges of unfair, trade tactics that Canada and the United States are hurling at each other while waiting for the outcome of tariff negotiations conducted under the Canada-United States Free Trade Agreement (FTA). Disputes over softwood lumber and Honda Civic cars assembled in Alliston, Ontario; Beer and wines; The United States' use of political force; So-called intermediate goods; Continuation of disputes under the General Agreement on Tariffs and Trade (GATT).

The article focuses on the impact of the U.S. border-security measures to the operations of the industries and economy. It states that though bridges can be constructed to transport products, the security rules can still blocked it. It mentions the study of Chamber of Commerce which shows that the time and budget to have a pre-clearance could be an uncontrollable problem for many industries. Industry analyst Dennis DesRosiers believes that borders limit the investment in the automobile industry.

The article reports on the challenge raised by white-collar criminals to an obscure U.S. statute called honest services that helped put them behind bars. Among the convicted criminals who are challenging the legal concept are former Hollinger International chief executive officer (CEO) Conrad Black and former Enron president Jeffrey Skilling. According to critics of the legal concept, the idea of honest services is vague that it criminalizes almost any act of dishonesty.

The article discusses U.S. legislation that went into effect on October 2006 that essentially banned Americans from participating in online gambling. The effects the ban had on investors who had invested in online gaming companies in Europe and Canada are discussed. An analysis of the effect the ban had on shares of the Canadian online gambling companies including Cryptologic Inc. and Chartwell Technology Inc. is presented.

This article profiles John Swainson, CEO of Computer Associates. For eight years, Swainson's morning commute was like that of many who live in the idyllic Connecticut town of Ridgefield: he'd make the short drive across the state line into Somers, N.Y., a small community 70 kilometres north of Manhattan, and the location of executive offices for IBM's Software Group, not far from the company's headquarters in Armonk. But in late November, Swainson's commuting habits took a drastic change. Now his morning commute is by helicopter--from the municipal airport, over Long Island Sound and finally to the helipad at the sprawling Islandia campus headquarters of Computer Associates. As the company's new CEO, Swainson's dramatic arrival by chopper fits his mandate--he is on a rescue mission. Computer Associates, the fifth-largest software maker in the world by its US$16-billion market capitalization, is struggling through a rough patch. Misreporting US$2.2 billion in revenues can do that.

Perched in the witness dock at the Court of Chancery in Wilmington, Del., last month, press baron Conrad Black endured hours of gruelling, hostile questioning at the hands of bombastic lawyer Martin Flumenbaum, who represented Hollinger International. In many ways, the expedited three-day trial before Judge Leo Strine--who ruled against Black's plan to sell control of his Hollinger newspaper empire to Britain's Barclay brothers--was about the legality of Black's business practices. Black's businesses operate so closely together that they resemble a row of dominoes. For example, Argus depends on dividend payments from Hollinger Inc. In turn, Hollinger Inc. depends on support payments from Ravelston Management, which depends on management fees from Hollinger International. Negotiate through this tangle, however, and you'll find just one significant collection of assets: Hollinger International's 270-odd publications, the most important being London's Daily Telegraph, the Jerusalem Post and the Chicago Sun-Times. That "unusual structure" made it nearly impossible for Black to avoid serious conflicts of interest. If Black understood the conflicts caused by his multiple roles, he didn't acknowledge it. In court, he claimed he had "very conscientiously separated" his obligations to Hollinger International and Hollinger Inc.

Discusses whether the North American Free Trade Agreement with the United States and Mexico has improved the economy in Canada. Anti-globalization issues that brought protesting activists to the World Trade Organization meeting in Cancun, Mexico on September 14, 2003; Focus on the 1990s in which the aim of NAFTA was to increase trade liberalization and investment within the continent; Statistics on trade between the U.S. and Canada, up to 2002; Environmental policy problems caused by the NAFTA side accord; Mention of complaints filed under Chapter 11, the NAFTA investment protection clause; Concern about deepening economic relations between the U.S. and Canada.

Reports on the practice of some of North America's largest corporations of donating intellectual property (IP) to nonprofit organizations in exchange for receipts worth enormous savings in taxes. Donations from DuPont Company to United States universities; Donations of Lubrizol and Boeing companies; Tax rate statistics; Method for businesses to get rid of the ongoing cost of maintaining patent rights for an idea that has no future; Lack of value seen by nonprofit groups on IP; Scrutinization of deductions; Warning to investors about the inaccuracy of corporations in assessing the value of their IP; Lack of IP licensing; Susceptibility of patents to legal challenges; Suggestion that there is little investors can do to gauge patent defensibility; Opinion that even professional investors need improvement in thinking about IP issues.

The article discusses the status of the media industry particularly in the U.S. and Canada as of 2011. The reaction of investors on the telephone-hacking scandal involving the newspaper "News of the World" owned by News Corp. is tackled. It is noted that media companies are now seeing new revenue opportunities from digital media. The media industry is said to be undervalued which is evident in its lower enterprise value divided by earnings before interest, tax and amortization (EV-to-EBITA).

The article discusses the outlook for the U.S. stock market in the summer of 2011. According to the author, a report from CIBC World Markets predicted the stock market to drop by 10 to 15 percent in the summer because of various factors such a weak U.S. housing market, increased financial strain, expensive oil prices, slow corporate earnings growth, and disruptions in global supply chains. The author believes that the end of quantitative easing will also contribute to the drop in the stock market.

The article reports on the move by Canadian and U.S. retailers to launch their holiday shopping season schemes in 2009 early in an attempt to increase sales. The Canadian retailer Costco has decided to launch Santa's summer appearance in August in a move to bring Christmas products early. On the other hand, Christmas selling started in July as Toys "R" Us unwrapped the Santa decorations for its Shop Early and Save promotion. According to Wharton marketing professor Stephen Hoch, the practice of Christmas creep is inevitable due to intense competition.