Throwiing my two cents in:
First, being in an economics class, to which i'm currently studying for the final for, You need to spend money during this type of chrisis in order to quickly get out of the recession. So if you're buying, Buy American.
Second, growing up my parents always put aside money for Christmas, we were no were near wealthy, and would get my brother and I a few things. While my friends got game systems, i got legos, while they got cell phones, i got clothes. I never got the really expensive gifts. And lookiing back, i actually would rather have that then be in a wealthy family that gives their kids what ever they want for christmas. I ended up getting a job when i wanted those bigger things and paid for it myself, and I've learned the value of a dollar. And being in college and seeing kids in bmw's while i drive an old ford escort, I know that I'm trying harder to earn my money and taking school alot more seriously (thats not to say that they don't try). But all i'm saying is that i agree you should't go into debt around christmas, thats not what its about. Save up a little and buy small things.