"Consumer confidence drops to 2-year low" by Associated Press November 28, 2007
NEW YORK - With Christmas only a month away, American consumers became more pessimistic about the economy in November, sending a widely watched barometer of confidence to the lowest level in two years amid worries about rising fuel costs and a housing market slump.
Lynn Franco, director of The Conference Board Consumer Research Center: "Consumers' apprehension about the short-term outlook is being fueled by volatility in financial markets, rising prices at the pump, and the likelihood of larger home heating bills."
Wall Street paid little attention to the confidence report, rebounding 215 points yesterday after the Abu Dhabi Investment Authority said it will invest $7.5 billion in Citigroup Inc. - a vote of confidence for the nation's largest bank, which has struggled with heavy losses amid the ongoing mortgage crisis.
For retailers, the downbeat report on consumer confidence further fueled concern that the holiday shopping season will be weak."
Yeah, it doesn't matter to Wall Street since that is richers getting richer.
Dow Surges on Hints of a Cut in Interest Rates
Great, so the dollar is going to be worth even less! Fuck gift-buying.
Why buy worthless crap when I can't even afford that?
