Basically I agree with you here, on a macro scale, but considering the tough times people are having, I really want to put my money into local businesses, as far as possible.
I split my time between the Outer Banks of No. Carolina and up in northern Virgina. Folks in the OBX are still reeling from the effects of Hurricane Irene in late August. I did as much of my Christmas shopping as possible down there, buying yarn (of course!), and books and locally-made candy and nuts and items from the "recycled" store where they make neat items out of recycled fabrics. Bought myself a beautiful woven scarf, and a couple other things.
In total, that was a drop in the bucket of what might be needed, but at least my few hundred dollars are circulating in a local economy that desperately needs a boost.