Recession threat makes many more cautious
The San Francisco Chronicle is Reporting :
“From Morgan Hill to Moraga, from Santa Rosa to Santa Cruz, Bay Area residents are tightening their belts. You might say it’s a move from shop till you drop to dropping the shopping. Dire reports of an economy on a downward spiral are prompting people from many walks of life to rethink spending plans, cut back on extravagances and set aside what they can in anticipation of harder times.
It’s all part of a nationwide consumer retrenchment that’s not only an effect of a listless economy, but also a major contributor to that weakness. The gathering pullback by consumers threatens to knock out the most important prop holding up the economy, across the region and across the nation.
Purchases of goods and services by ordinary Americans - everything from haircuts and soda to SUVs and HDTVs - represent roughly two-thirds of the nation’s economic activity. The question now is how far consumers will pare their spending and how much damage that might do to an economy already on its knees.”
Jan P said,
February 19, 2008 at 9:31 pm
I have really enjoyed your insoghtful info. Did you realize that your recent news article postings at your website show 2005 as the year?
Somesh said,
February 20, 2008 at 1:43 pm
Jan P,
Thanks for pointing that out.
-Somesh
PJ- Memphis Metro Area said,
April 11, 2008 at 11:27 am
I believe that the contents of this website, by far, are the most accurate yet. It is nice to know that others share similar views on this matter.
Food for thought from one indepth thinker to another:
What are your thoughts on the current credit rating system as well as it’s impact on this bust? Past, present and future…
Somesh said,
May 25, 2008 at 7:56 pm
Thanks PJ.
The credit ratings agencies S&P, Moody’s and Fitch have been totally incompetent.
Rating subprime, Alt-A, liar loan garbage as AAA.
Most of the Debt will collapse (no matter what it has been rated as), it is only a matter of time and order.