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Consumer Confidence is Plummeting

nytimes.com — "This is the dilemma that 30 years of Reaganomics (the real Reaganomics — keeping the economy overstimulated with huge deficits and irresponsible consumer borrowing — not the fantasy Reaganomics of government run like a family and tax cuts that pay for themselves) has left us with. So what do we do?"

Who dugg this? Made popular Nov 15, 2008

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  • nicksorrells, on 11/14/2008, -1/+144I had 6 beers last night and my confidence skyrocketed. However an unsuccessful merger with a certain redhead failed after I was rejected by her shareholders, causing a sultry brunette investment partner to withdraw her previous offer and decimating my stock among just about everyone in the regional market. I'm still suffering tremendous capital losses from underutilized assets and a severe emotional recession.

    So all I'm saying is, confidence isn't everything.
  • acconrad, on 11/14/2008, -1/+38It's calling paying the piper. Stop buying ***** you can't afford...you can't be confident if you don't have the money!
  • schnikies79, on 11/15/2008, -0/+37I'm still waiting for the government to cut taxes AND spending.

    I keep waiting, and waiting.

  • ScottMitchell, on 11/15/2008, -0/+31That's good. Why buy crap that you don't need? It's wasteful.

    If you need something then you won't hesitate to buy it.
  • drex8, on 11/15/2008, -4/+35You should be a writer on the Onion.
    Pretty good reporting there.
  • writer0213, on 11/14/2008, -1/+31Consumer Confidence Plummeting?! Well I don't know why
  • inactive, on 11/15/2008, -1/+30wow, confidence is plummeting amid reports coming everyday that this is the worst economic meltdown ever. yeah, totally didn't see that coming. seriously, wall street is run by these douches?
  • kplo, on 04/01/2009, -3/+31Like the author, I definitely find myself hesitant at times to actually plunk down cash for certain things...
  • Dumbledorito, on 11/15/2008, -0/+26Quick! Let's take this lack of consumer confidence, claim it will bear future profits, hack it up into derivatives, and then sell them as investment portfolios!

    What?
  • algaeturd, on 11/15/2008, -5/+25You don't say. It has been plummeting for the past 2 years. That's what you get when you put a man into office for 8 consecutive years who had no business being anywhere NEAR Washington.
  • BlatheringIdiot, on 11/15/2008, -0/+15Redhead? Immediate hostile takeover.

    Changing investment strategies mid-cycle can be cataclysmic. The market will punish the casual 'hit-n-run' players. Market wants a loooong time horizon. Market loves mergers, then likes to do a split, further diluting your shares.

    I like options (partial to the straddle)- no long term commitment- just let them expire worthless...
  • mishabear, on 11/15/2008, -12/+27I love how the Republicans have been raping the US economy for decades now yet now when the economy is collapsing, it's somehow the Liberals' fault because Obama won the election. What a bunch of ***** hypocrites. They just want to keep raping the US further until there is nothing left but anarchy. I guess then they will have a use for those guns they so cherish. Too bad their money won't be worth *****.
  • MaynardJK, on 11/15/2008, -2/+16Both parties have been raping us for decades. They will continue to rape us until everyone wakes the ***** up and realizes it.
  • mishabear, on 11/15/2008, -1/+15Too bad our government can't do the same thing. They have been buying on credit for 20+ years. Now it's time to start paying down the principal and we cant. We are drowning in debt and interest.
  • Tenlow, on 11/15/2008, -2/+16Didn't you learn anything from Dubaya? The way you make more money for the government is by cutting taxes and increasing spending. When that doesn't work fast enough you send everyone money. Then cut taxes even more and increase spending even more.

    How does that not make sense to you?
  • Olfster, on 11/15/2008, -1/+14My confidence has actually improved. How many days until this idiot president is out of office?
  • mishabear, on 11/15/2008, -4/+17Since when has anyone given money when they got more? They will keep it and buy fancier cars. Get real. The greed is at the top echelons and the cash is staying there! There is no trickle down. I am tired of being trickled ON.
  • inactive, on 11/15/2008, -6/+18Don't be a dummy and blame our ***** up economy on conservatives or liberals. Blame it on a guy that both parties buy into. John Maynard Keynes.
  • Morac, on 11/15/2008, -1/+13Reagan basically bankrupted the U.S. in his attempt to bankrupt the Soviet Union (which he did) and his policies brought down the first Bush when the economy tanked. There was a surplus under Clinton (which had nothing to do with him) and the current Bush's advisers are all idiots (including his economic adviser). That's why we're where we're at now.

    Do I think Obama can get us out of this? No, I don't think anyone can get us out of this. We're basically screwed until the market stabilizes which at the rate things are going will wipe the last 20 to 30 years of the economy off the map.
  • inactive, on 11/15/2008, -2/+13Meh. Wake me when it's the moon that's plummeting.
  • Olfster, on 11/15/2008, -2/+13I went to school, several, and took an economics course, many actually, and yet I have an uncanny feeling I may be eating ramen noodles for the rest of my life. Now what did I do wrong genius? The standard of living in the U.S. has been and is on the decline. After all it is a flat world, remember? The problem with trickle down economics is that no one accounts for the leaky portion.
  • inactive, on 11/15/2008, -1/+12We could start by acknowledging debt is a lousy backing for the dollar. Do any homework whatsoever on the banking industry and you will quickly learn it is a house of cards that has miraculously held up as long as it has. We could also go a long way with a revival of obeying the law. The Constitution (which unlike the Bible, is actually the highest law of the land) specifically calls for gold and silver coinage. (Article 1 Sections 8 & 10). It's not an economic philosophy, it's the law, plain and simple. As long as we allow a private central bank to print and manage the US currency, in flagrant violation of the law, we're going to continue to have problems.

    Considering we're not even beginning to move in that direction, you can pretty much expect the current crisis to be a mild pre-shock compared to when the ***** really hits the fan in the next 12-18 months.

    We The People MUST end the Fed, and demand our government and financial system obey the law.

    Legally, Constitutionally, and Physically, What is a dollar? Watch and learn!
    http://www.youtube.com/watch?v=1FiaUpeJxcA
    http://www.youtube.com/watch?v=FbyQB8e-rQg

    http://endthefed.us/

  • Gumbos, on 11/15/2008, -0/+10I can't believe everyone takes pak314 seriously. The end of the second sentence makes it fairly obvious satire.
  • Dumbledorito, on 11/15/2008, -2/+12So what you're saying is the billions spent in Iraq, the love affair Wall Street had with mortgage derivatives and credit default swaps, the banks lying about their asset values, mortgage brokers putting earning comissions before proper credit checks, and funneling tax breaks and money to the wealthy while letting the working classes and the nation's infrastructure rot... all that happened in two years and it's all the fault of the Democrats?

    You might want to swallow a few anti-psychotics with your next hit of Karl Rove Kool-Aid.
  • Target91, on 11/15/2008, -1/+10See this is what happens when people don't have jobs.
  • BlatheringIdiot, on 11/15/2008, -1/+10Wanna know how this ends?

    see: USSR collapse.
  • NoLibertarians, on 11/15/2008, -2/+11The reports I read on CNBC said the latest confidence numbers were up..And they will continue to rise as gasoline drops in price
  • ironhide, on 11/15/2008, -0/+8I saw your submissions, you're only moderate by comparison to Jerry Fallwell.
  • seltaeb4, on 11/15/2008, -0/+8You've discovered the central tenet of Reaganomics: there is nothing that can't be fixed by taking from the poor and giving to the rich.

    And when it doesn't work? The answer is simple: you're just not taking enough from the poor, nor giving enough to the rich.
  • Phreezdryd, on 11/15/2008, -0/+8Maybe I read the article wrong, but it sounded like a move toward the end of consumer ignorance to me. Remember when your grandparents talked about times when they had little, and didn't waste anything? Neither a borrower nor a lender be? Do they teach home economics in school anymore, or do they just hand out credit card application forms?
  • robinthehood, on 11/15/2008, -2/+10FTA - "To be honest, I had been eyeing this machine elsewhere at $200. Poor, bedraggled Linens ’n Things was desperately offering its remaining supply for only $179. The store was decorated appropriately for Christmas with festive little signs declaring all sales final, and colorful reminders that if you were thinking of paying with any coupons you may have received in jollier times, forget it. “Don’t you understand?” the store seemed to sulk. “We’re going out of business.”"

    Since when is 21$ off on 200$ a deal?
  • brandita, on 11/15/2008, -0/+8Obamanomics.
  • ScottMitchell, on 11/15/2008, -0/+7Eh, a 10% discount's not that bad.

    If you found $21 on the ground you'd pick it up and tell your friends and family about it non stop for the next several days.
  • vtnerd, on 11/15/2008, -2/+9Keep waiting, it's not happening in the next 4 (maybe 8?) years.
  • inactive, on 11/15/2008, -0/+7Protip.: if its made in china then you are paying 10 times more then it actually cost at retail.
  • cliffzdude, on 11/15/2008, -0/+7I'm pulling my stock recommendation on nicksorrels. Sell! Sell! Sell! Even buoyed up by irrational exuberance, that one can't join his firm to a ready and waiting partner - who was leveraged to the hilt and ready to merge with any tom, dick, or harry who came up with a liquid offer. He'll lucky to be listed come Monday morning, it's the pink sheets for nicksorrells.
  • KMAR66, on 11/15/2008, -3/+10I remember when Regan was elected and his Voodoo economic policy was installed.
    The fact is consumer products are simply not produced with the quality of those produced 30+ years ago, They break down and make you go out and buy another. This is one of the cornerstones of Reagns lasting memories & policies "CONSUME AT ALL COSTS!". He was the President that changed "WE THE PEOPLE" to "US THE CORPORATIONS" . I cannot believe "we the people" have let this go on for almost 30 years .
    I hate to say I think it's to late for the world is to far gone to come back from the brink, well it was a good ride for mankind.
  • DangerCollie, on 11/15/2008, -1/+8We're not going to confidence our way out this one. We simply can't keep living like we have. I keep forgetting we're going on our 3rd decade of Reganomics. The thought that we could tax cut our way to prosperity while incurring massive debt, some of you can't remember a time that wasn't conventional wisdom.

    Wow, you're really in for a serious mental realignment. I feel bad for you. It's going to be painful.
  • Junior612, on 11/15/2008, -1/+8Yakisoba > Ramen
  • BoxAdorable, on 11/15/2008, -0/+7I agree, I don't have any extraneous money to spend on stuff I don't need. However, I work in retail, and I'm telling you it sucks hard. The decrease in sales is decreasing available stock of items and employees to help you, which leads to angry customers and less business. Its kind of a sick cycle, but a lot of people don't have any money to spend.

    *throws up hands*
  • goober1473, on 11/15/2008, -0/+6LOL, Socialism = Ramen. Tell the French, UK, Germans hang on most of Europe.

    Isn't pasta just ramen by a different name?
  • 919kwjc, on 11/15/2008, -1/+7Why wait 30 years when you can curse Obama now?
  • Richandler, on 11/15/2008, -1/+7I'm happy to say my confidence level is just about the same.
  • ericjohnson0, on 11/15/2008, -12/+18No... this isn't the result of 'Reaganomics.'

    Its the results of 20 years of Bush Clinton Bush. NONE of these guys made any attempt to reign in Social Programs, and Social Security/ Medicare/ Medicaid is going to bankrupt us.

    And these people are NOW trying to push Universal Healthcare?
  • Skymodem, on 11/15/2008, -0/+6"...the actual plan seems to be something like this: stimulate first, to avert various short-term disasters, and then — at some signal from the Treasury Department — turn around and start saving like mad, to avert various long-term disasters..."

    Kind of points up the sheer fantasy of any hopes we might have had to avoid what's coming, doesn't it?
  • Skymodem, on 11/15/2008, -5/+11@OC73

    Jesus Holy Christ!! Keynes???? If Greenspan hadn't excommunicated Keynes in favor of Milton Friedman's Monetarist fantasies back in about 1988, we wouldn't ***** be staring into the abyss like we are right now.

    Keynes fell out of favor in the late 1970s. Friedman's monetarist (neoconservative) theories have held sway ever since Greenspan took the reigns at Treasury.

    I'm guessing that you didn't see the disheveled, confused, and deeply frightened Greenspan throw himself on the mercy of the congress on CSPAN a couple of weeks back. Damn. I hope he's on suicide watch.
  • inactive, on 11/15/2008, -1/+7I'm happy to say your mom was just about the same as last time.
  • Skymodem, on 11/15/2008, -0/+6Oh my head. Cut spending, did you say? No, no. We're headed for the biggest deficits in the history of deficits. We're about to spend so much money that we don't have - that we'll seriously be wondering why the hell we even have such a thing as money. In fact, by the time we're done spending there will be serious questions about whether the dollar itself will survive as a currency. Terrible, I know.

    But, the only thing that could possibly be worse would be to cut spending.
  • zendegany, on 11/15/2008, -2/+74 more years! 4 more years! Remember that chant from 2004? Boy did that pay off.
  • Hermmunster, on 11/15/2008, -1/+6Reagonmics doesn't work because it is predicated on jobs being made through trickle down. If the jobs are outsourced overseas then reagonmics can't possibly work. Money trickles down from rich to poor and that alledgedly creates greater demand and that means more R&D and job to fill the supply for that demand. The problem is that when the jobs go overseas the money doesn't trickle down. This is the problem with outsourcing. The money goes to the rich and no where else.
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