POLL: Consumer Confidence Tanks in Sharpest Drop in 20 Years

Source: ABC News

POLL: Consumer Confidence Tanks in Sharpest Drop in 20 Years

Decline Blamed on Stock Market Fall, Gasoline Prices, War in Iraq

The consumer confidence decline is blamed on the stock market fall,
gasoline prices and the Iraq war. (abc news)

ANALYSIS By GARY LANGER
Aug. 21, 2007

Consumer confidence sustained its steepest one-week drop in more than 20 years of ongoing polls this week, falling to its lowest level since the aftermath of Hurricane Katrina in late October 2005.

The ABC News/Washington Post Consumer Comfort Index lost an extraordinary nine points to -20 on its scale of +100 to -100, down from -11 last week, and a summertime high of -5 four weeks ago. Before now, the index never has fallen by more than seven points in a single week in 1,130 weeks of consecutive polling, and that's just four times.

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The decline is broadly based among population groups, and there seems not to be a single negative event to blame, but a confluence: The stock market's fall, troubled housing and credit markets, the Fed's expressions of concern about an economic downturn, the cumulative effect of high gasoline prices during the summer driving months, and a public broadly dispirited over the course of national events, driven by the unpopular war in Iraq.



Read more: http://abcnews.go.com/US/Consumer/story?id=3507033&page=1

You republicons screw up everything- as you prove over and over and over

Please take a seat and wait until next milennium before trying any more
of your so-called "conservative" ideas to pad the wallets of the rich while
screwing everyone and everything else

who are their real base. Funny thing is no president helped the super rich more than Clinton, he showed that by having a good economy and people at work, spending less on the military and having a strong dollar, that the effect was actually an environment that helped more people and the rich still go theirs. However, that just wasn't good enough so that had to go with B*sh, erring on the side of super greed.

As Cramer says "bull's make money, bear's make money and PIGS get slaughtered!".

Financial stories are pathetically predictable. They'll never get to the real truth of the matter, because they never bother to ask real people - the analysts live in some sort of fantasy world.

deep this could be a Huge Recession

:shrug:

Looks to me like the numbers for June & July were BULLSHIT. Probably a nice steady decline all year

folks were getting their minuscule one or two week "vacations" -- finally...

Our European brothers and sisters then began their 4 - 6 week paid vacations.

that the consumer has no confidence in this corporate capitalist paradise...

Nasty consumers. Blame them for everything...

Economist Warns Of Consumer-led Recession

http://www.democraticunderground.com/discuss/duboard.php?az=show_topic&forum=102&topic_id=2955196

:rofl:

lol

Foreign countries' profits are making up for US losses. So the global economy is gonna be okay. Once the US economy goes through its 'correction', we will become competitive with India and China again.

As for Indian Wal-marts:
http://ridingtheelephant.blogs.fortune.com/2007/08/10/wal-mart-plans-a-slow-hockey-stick-curve-in-india/

Whenever I heard the financial pundits talking about the lending crisis, they always said, "Well, at least the consumer confidence index isn't dropping...."

They were saying that just last week on MSNBC.

Guess what talking heads?

Lemme take a stab and say that Cramer guy....

I hear the Fed prints money 24 hours a day, 7 days a week, no accounting for how much daily, (and where do they ship it, besides the rumors of pallets full shrink wrapped and shipped overseas to disappear.)

If people are not buying from Wal-Mart, then they are not buying.

They're cheaper.

....the repugs always said they had a Contract on America....looks like they're finally delievering the coup de gras....

....see you at the soup-kitchen line....

But chances are I'm headed for the Halliburton Gulags. Whatever you do, don't complain or protest. Or you'll end up like me. ...and about a million other people...

Bush only has a contract with the big corporations.

morons* new book, Mr. Chimpinator* or how to destroy a country from within in 6 short years and learn to love it.

:puke: