The consumer confidence index was 61 in September 2008 as the country was about to experience the greatest economic collapse since the Great Depression. This morning it plunged to 58.6 as people realized that taxing the rich meant them. They also realized they are stuck with Obama as President for the next four years. They also realized that Obamacare is going to cost them a shitload of money and decrease their level of medical care. They also realize that gas prices aren’t dropping and food prices keep rising. They also realize that $1 trillion of deficits per year will eventually destroy the country. Anyone who is confident about the direction of this country is either on drugs or thinks Paul Krugman is brilliant.
The housing recovery storyline keeps taking hits as new home sales fell, pending home sales fell and now prices have fallen two months in a row.
Reality is a bitch. But don’t worry. The talking head bimbos and shysters say it’s the best time to buy stocks and houses.