We can imagine a number of things that when affected by a 2.8 percent change would barely be noticeable.
If you or I lost 2.8 percent in body weight, who would notice unless we weighed 1,500 lbs. Ah, now I get it, the economy is seriously overweight.
Yahoo: Retail sales fall by record amount in October
The Commerce Department said Friday that retail sales fell by 2.8 percent last month, surpassing the old mark of a 2.65 percent drop in November 2001 in the wake of the terrorist attacks that year.
3 comments:
People are cutting back because the 5% to 10% annual increases in food, medical Ins., heating, transport, real estate taxes etc etc... have finally broken the back of the consumer economy in 'Merica. I know myself with a $1,400 a month health bill plus meds. and appt. surcharges for 4 of us I have little left for anything else these days. Add to this no work and what you have are millions living on credit or savings slowly spiraling into poverty. Nobody cares my friend nobody gives a shit. Not even Obama and the Dems. They'll throw trillions to rich bankers and bankrupt companies but not a dime toward the average person. If what Obama has been barking all yr. is true and the economy is built from the bottom up I expect too see some kind of programs that bolster the bottom soon, because between me and u the bottom is falling out of the whole system fast ...real fast!
Just reading the articles that make it into the press is enough to convince me that we are in a serious struggle here. Its rare to see a company not laying off workers and thousands of them at a time. Wal Mart is doing great, let's just not even go there.
Most people have seen their net worth cut in half maybe a little less maybe more. As housing prices drift lower, more and more people owe more on the house that its worth.
This is a very serious correction. I don't know how it works itself out. Obama at the minimum changes the mood of the country. This is fundamental. Part of it seems like we are on hair trigger reactive impulse especially on wall street which seems to be operating like a wild animal instead of a rational human being. There's too much panic in the system.
I worry that Obama comes in and simply prints more money.
Tax relief for the middle class is a welcome idea. Regulations on predatory lending is necessary. Ford, Chrysler, and GM need to merge, and stop making bullshit production cars, start making efficient sturdy vehicles.
There are tons of issues that have to get tackled in a constructive way - basic stuff like housing, health care, and food production. Change is slow, people hate it, its painful. Right now it can;t go back to business as usual, the credit card imploded.
"Right now it can;t go back to business as usual, the credit card imploded." So true. I stopped living on credit many yrs. ago but now I have to borrow from myself...same thing. It's painful too watch a life's savings vanish day by day. For those who have been living on others credit I cannot imagine the pain. I'll be ok because I'm disciplined and creative.
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