I've been talking with some friends in retailing and they tell me that the consumers in their areas have snapped shut like a clam...
This, of course, is only obvious to everyone, but a Wall Street analyst.
Basically, with gas prices over $2 per gallon we will see nothing but lower numbers for consumer spending for the duration.
And the fact that consumer spending is two thirds of the economy in the US is VERY SCARY INDEED!
BETWEEN JOB LOSES AND LOW WAGES AND HIGH DEBT AND BANKRUPTCY "REFORM" AND HIGH HEALTH CARE COSTS, AND NOW GAS PRICES THE AMERICAN CONSUMER IS CLEARLY ON THE ENDANGERED SPECIES LIST!
THIS WILL NOT GET BETTER ANYTIME SOON...IN FACT WE ARE ONLY SEEING VERY TIP OF THE ICEBERG HERE!
NEXT YEAR, 2006 WILL BE A RECESSION YEAR! ....COUNT ON IT....
