Assessment: While America panics, the 1% are enriched by continuous money printing …
Zero Hedge: One month ago, when looking at the internals of the UMich report, we noted that there was “A Sudden Negative Change In The Economy” as consumer spending intentions collapsed. One month later, it has only gotten worse.
While overall consumer sentiment staged a modest rebound from last month’s dismal plunge…
“and do not harm the oil and the wine.” Rev 6:6
… the internals went from bad to worse, and as survey director Richard Curtin explained, “buying attitudes for household durables fell again in early September to a low reached only once before” – during the galloping inflation of 1980 when Volcker hikes rates to 20% while – “long term economic prospects fell to a decade so low.” It wasn’t just durables: as shown in the chart below, sentiment for buying conditions of vehicles and homes was similarly the worst in over 40 years.
As a result, “the decline in assessments of buying conditions for homes, vehicles, and household durables left all three near all-time record lows” with the declines due to spontaneous references to, what else, high prices. Read More