Some Economic Gauges

Layoffs, Wall Street tattered, more crisis around the corner, GM on the ropes - we are in a negative feedback loop.

If you don't have an income, you can't pay your bills, and you can't buy. Plus you are afraid.

If you do have an income, but your investments are now worth half their value, you are going to refrain from buying because you are wondering how your future is shaping up. Plus you are afraid.

Reuters: Wall St Week Ahead: Weak stocks face earnings and CPI

Wall Street will struggle to avoid a third straight week of losses next week as investors face another flood of earnings and data, including PPI and CPI, that are likely to signal a prolonged economic slowdown.

Next week, the U.S. Producer Price Index and the Consumer Price Index will give Wall Street a reading on to what extent the weaker economy is keeping inflation at bay. October PPI is due on Tuesday, with October CPI on Wednesday. One factor to keep in mind with both reports: The price of NYMEX front-month crude oil dropped a record 32.62 percent in October to settle at $67.81 a barrel.

Reuters: Citigroup to cut 10 percent of jobs: source

The cuts could result in a loss of roughly 35,000 jobs, based on the bank's reported 352,000-person workforce as of Sept 30. The cuts will be on top of the 23,000 jobs Citigroup has already slashed this year.

Reuters: Looming credit card debt may be next crisis

Banks are already reporting losses in both credit cards and home equity loans.

Americans had accumulated $971.4 billion in revolving consumer debt at the end of September, up 3.4 percent from the end of 2007, according to the U.S. Federal Reserve.

CNN: GM failure: The shockwave

In the United States alone, GM spends $31 billion on parts from 2,100 different suppliers.

A GM failure would also affect about 14,000 dealers in the United States...half of the nation's 29,000 dealerships that specialize in domestic vehicles.