Consumer confidence plummets to levels not seen since Bush1

[NNN0LHI]

http://www.nwherald.com/BusinessSection/305912297246908.php

By ANDREW WAR

and CARLOS TORRES

Bloomberg News


U.S. consumer confidence fell to the lowest level since 1992 after Hurricane Katrina devastated the Gulf Coast and pushed gasoline prices to a record high, raising concern that Americans might curtail spending.

The University of Michigan's preliminary index of consumer sentiment fell to 76.9 this month from 89.1 in August, surpassing even the drop after the 2001 terrorist attacks. The decline was the biggest since December 1980.

"These are abysmal numbers, suggesting a deeply pessimistic consumer in the first half of September," when gasoline prices peaked and officials were predicting as many as 10,000 deaths, said Christopher Low, chief economist at FTN Financial in New York. "Things still appear grim but are not nearly as bad as that. We look for some recovery in confidence as early as the final September report."

The survey reinforced concerns that high gasoline prices might slow consumer spending and hurt sales at retailers such as Wal-Mart Stores Inc. and Best Buy Co. Government reports Thursday showed that the hurricane pushed up consumer prices in August, drove manufacturers' costs higher this month, and prompted the biggest weekly jump in jobless claims in nine years.

[acmavm]

1. So now that the disaster's created or exascerbated by the bush** are

starting to hit them in the pocketbook, it's starting to matter? They were too stupid and lazy before, wouldn't believe until they got the final proof that the cupboard is bare to pay attention.

So, how does this bode for the Faux pResident and his tax cuts? They seem to be determined to go full steam ahead. Will the American people say enough is enough, or will their pathetic infatuation with the Gates and Buffets of this country carry enough weight to allow the republicans to sell us out permanently?

[ret5hd]

2. It's just another father/son contest of economic Limbo...

Who Can Go The Lowest!?