Even the children who have been very good may get coal in their stockings this year. There may not be enough money around to buy them toys, PCs, or game consoles.

According to The Wall Street Journal, "As the financial crisis spread last month, some U.S. retailers hit the panic button, offering more generous discounts than they did at this time last year." It looks like the tactic has not been working. People are not showing up in stores no matter how cheap things are.

But are tough holidays such a bad things for kids? Maybe not. It may prepare them for a few years of tough sledding. It may get them ready for a period where their parents may be out of work or their college funds don't get funded. It may force them to get jobs when they are 16 to help the family out.

There is a good chance that this recession may be long and deep. That means no one is likely to be untouched whether it be man, woman, or child. Why try to trick the youngsters into thinking things are OK by overspending for bight holidays? Next year, they may not be able to buy school books or that new set of Air Jordans.

Douglas A. McIntyre is an editor at 247wallst.com.