US consumer confidence

www.marketwatch.com...

plunges to a record low.

I continue to be utterly amazed at how quickly the consumer spending has come to a full plant stop.

And it's not only in the US.

JK

why are you surprised, really when people need to cut back they can really cut back, when you have a society that so wasteful from the get go its not had to make drastic cuts in spending without feeling the crunch that hard.

In allot of major cities many people never cook in there home.. that's a huge amount of cash they can save simply by cooking at home... that's just one example.

Originally posted by E-ville
why are you surprised, really when people need to cut back they can really cut back, when you have a society that so wasteful from the get go its not had to make drastic cuts in spending without feeling the crunch that hard.

In allot of major cities many people never cook in there home.. that's a huge amount of cash they can save simply by cooking at home... that's just one example.

The only thing that surprises me is not that the consumer is retrenching, but both the sheer depth of it and most important how lightening fast it has happened.

During historical recessions of late it has been a much more graduated process.

Cheers, JK

Can you imagine how incredibly robust people's savings would be and how low their debts would be if the country as a whole had scrimped and lived as close to the bone as many are now forced to be? Don't get me wrong, I'm in no position of moral authority or superiority here myself. I spent like it was going out of style since graduating from college in 2001, and everyday I kick myself over it. I look at all the money I wasted buying complete crap, eating at nice restaurants, and even being charitable and have to just stand there and shake my head. I could easily have a 6 figure savings account right now, no problem.

reply to post by burdman30ott6


www.financialpost.com...

Peter Schiff is basically agreeing with you. He says the US approach to this mess is all wrong because they are trying to get people to go out and spend, where in fact they should be doing the opposite. Spend less and get rid of debt.

In fact he suggests Bama's economic policies will in fact prolong the looming depression.

JK

yep the government says spend spend and the people totaly clam up and save every penny, why becuase the realize now they realize that all the government does well is screw up stuff.. no one trusts government now especially after this bail out crap wher they went against the citizens, and took tax payers moeny and the banks that get it are just growing there business with it..

The people are fed up and they are not going to go quietly along with there crappy idea of how to fix it..

Honestly i say every one should pull all there money from the banks and make this screwed up system of phony money crash and burn, if you even have the slightest clue of how leveraged banking works you all know they don't have you money in the banks.

Really people are fed up and there into survival mode now.. they are looking out for themselves and cutting back to the bare minimum. And the sad part is this is just the beginning, this is just the tip , wait till Christmas shopping numbers come in .. it will be staggering how much people are cutting back this year.. well know even before the holiday how bad it is.. but the end result will be devastating.

I for one an not doing any shopping for Christmas, Ill bake cookies or make candy this year to give gifts. I'm spending as little as possibly on day to day stuff and purchasing stockpile goods. with any cash i can save.