CHICAGO -- Malls are crammed to the rafters with bargain hunters as retailers cross their fingers that Black Friday lives up to its name.

Preliminary reports from several major retailers including Macy's and Toys "R" Us said that crowds were at least as large as last year's, but many shoppers sounded notes of caution and concern.

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The hoards are out for the annual shopping frenzy after Thanksgiving, called Black Friday because stores hope it's the day the sends them into the black.

John Clifford manages a KB Toys in South Burlington, Vt. Halfway through a 22-hours day, he said fears of a deepening national recession seemed nowhere in sight, WPTZ-TV reported.

"What we're seeing doesn't reflect that," Clifford said between throngs of customers. "People are in for the sales, they're picking up things that they want for Christmas. And it's been very encouraging."

Retailers have been heavy-handed with the discounting, Best Buy is offering a 49-inch Panasonic plasma HDTV for $899.99, while Toys "R" Us knocked up to 60 percent of some of its merchandise.

But the question remains whether anyone will be spending much money on holiday gifts as a recession nears, credit markets remain frozen, layoffs loom and consumer spending shrinks.

"They'll be selling stuff but they won't be making money," said University of Vermont economist Art Woolf said. "There'll be great bargains for consumers but it'll be a bad year for retailers."

“I think it’s going to be a difficult year for everybody. The stores, everything, because this, the economics are just terrible,” said Erin Hawkins, one of many people hitting the stores on the day after Thanksgiving, Cincinnati television station WLWT reported.

Many shoppers said their intent Friday was to spend early to save in the long run of the shopping season.

Even people including Cathy Williams, who said she is making 25 percent less this year than last, splurged for a Wii.

“She’s here begging me. I couldn’t resist. So, that’s the big gift,” she confessed with her daughter at her side.

At a Best Buy in Syracuse, N.Y., people lined up eight hours before the store's 5 a.m. opening. The mall's manager estimated about 1,000 people were waiting for the electronics store to open.

Other extended their hours, some opening at midnight, and offered deals that were deeper and wider than the deep discounts that shoppers found throughout November.

"People want a good deal," said one smiling woman, who bought some electronic picture frames at a Florida store. "They're going to shop, but they're going to wait for a good deal."

"The economy's down, but everybody's waiting for a good deal and they're going to take advantage of it," one man told Jacksonville, Fla., television station WJXT.

Practical Items Make Santa's Wish List

Even Santa Claus isn't immune to the financial meltdown, and he's getting some sad requests from the kids.

In South Carolina, Joe Jackson has played Santa at private parties and festivals for 19 years. He says more than a few kids are asking Santa to get daddy a job, or mommy money to buy the house back.

Santa is getting some heart-wrenching letters at the North Pole, too. Denise Griffitts of Lafayette, La., volunteers for Operation Santa Claus, answering about 250 letters a year from children in her area.

She said requests for toys are giving way to personal care items, school supplies and warm clothing.

Timothy Connaghan, of Riverside, Calif., who has played Santa for 40 years and also trains them, said that the key is to leave the kids feeling better than when they came, without making promises.