Drop in consumer confidence in the ailing economy

Friday, January 09, 2009

Markets finished at record lows in 2008, but perhaps more significant than the final number, is that the volume of sales has dropped. This can be seen as an indicator that consumer confidence is extremely low. Some investors got burned in the market drop and the news is filled with lost savings due to Bernard Madoff's massive financial fraud. The net result is that people aren't interested in investing right now. To discuss this loss of consumer confidence we are joined by Roger Lowenstein, a contributor to the New York Times Magazine and author of "While America Aged: How Pension Debts Ruined General Motors, Stopped the NYC Subways, Bankrupted San Diego and Loom as the Next Financial Crisis."

Guests:

Roger Lowenstein

Comments [1]

Beth

Whatever happens to the fed money for the bailout I don't think it should be going to the carmakers to pay their employees their over blown salaries. Look, this is our tax dollars here! We are all suffering so what in the world am I supposed to be doing, unemployed as I am and have been since last February? I can't do anything more than pay my rent, education loans, and eat and all that just barely. Consumer confidence down the tubes? You betcha! But with the hundreds of billions of dollars handed out to...???....carmakers?, banks?, What other corporate bailouts, handouts, giveaways will happen before the public demands a radical, permanent change in the way our tax money is thrown out to already filthy rich people who have so much they don't know what to do with it?

Jan. 09 2009 07:10 AM

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