Empty Restaurants, Falling Rents, Abandoned Boats, and Collapsing Auction Sales

[Joanne98]

http://globaleconomicanalysis.blogspot.com/2009/04/empty-restaurants-falling-rents.html

Empty Restaurants, Falling Rents, Abandoned Boats, and Collapsing Auction Sales


Signs of deflation continue to mount in numerous areas. Let's take a look at some headlines starting with a consumer spending survey: Consumer Spending to Drop Again


U.S. consumer spending will falter after a first-quarter spurt and recover only gradually toward the end of the year, a monthly Bloomberg News survey showed.

Purchases will drop at a 0.5 percent pace from April to June and grow at an average 0.9 percent rate the next six months, according to the median of 51 projections in a survey taken from March 30 to April 8. The estimated 0.5 percent first-quarter gain would break the longest slide since 1991.

Soaring unemployment and tattered household finances are forcing Americans to pay off debt and save more, preventing the economy from gaining traction. What’s shaping up to be the worst global recession in the postwar era means companies are also cutting back and foreigners are buying fewer U.S.-made goods.

“We are going to have an economic recovery, but it won’t feel like one most of us are used to,” said John Silvia, chief economist at Wachovia Corp. in Charlotte, North Carolina.
Recovery by the end of the year is wishful thinking.

Hong Kong Auctions Sales Fall By 50%

http://globaleconomicanalysis.blogspot.com/2009/04/empty-restaurants-falling-rents.html

[BeFree]

1. The transfer of cash....

....from the hands of many to the hands of a few when trillions of dollars went to oil conglomerates over the last two years is now being felt throughout the economy.


That and the evaporation of equity in housing which people were using to finance their living large.

Double whammy on this house of cards.

[natrat]

2. yea not to mention the trillions to the banks that will damage things ahead

[BeFree]

3. Inflation

They know an inflated dollar will destroy them, and they see it coming, So by amassing as many dollars as they can they see it protecting them.

[girl gone mad]

4. Good to see you back, Joanne.

[westerebus]

5. Hey.

:hi:

[Warpy]

6. If they want a RECOVERY

they're going to have to peel the wealth away from the rich and give it back to the people they stole it from, the working people of this country.

Nothing else will work, ever.

[CoffeeCat]

7. People talk about a recovery within this year...

...and it makes me feel like a pessimist, because I do not see it. At all.

I don't know from where a recovery would come. A recovery happens when jobs happen.

We don't make anything in this country. Where is this big boon of jobs going to originate?

Also, I think many are banking on the irresponsible American consumer to make a comeback and save
everything. We're supposed to strap on our credit cards, take on more debt and get that old
economic engine rolling again. Sorry. I will NEVER live like a financial idiot, and take the
risk of another collapse. I know many others who feel the same way. They are done.

I want a recovery. However, I just don't see it happening, as traditional recoveries have happened.

I sense that our entire system is collapsing. Yes, we'll make our way back, but it's going to
be long and painful--because we're not going back to the way things were.

[truedelphi]

8. The Bill Moyers interview with Black seems to underline the points you are making.

For whatever reason,the people in charge are the wrong people. WHy were they put there by Obama?

And since they apparently are not going to go away, what then? The Bankster/Fraudster class is in charge of a recovery that will deliberately strip away our every last red cent.

I never thought that Obama was going to = Further Transfer of wealth from poor to rich.

[roamer65]

9. I am drastically cutting my personal spending for the next year or more.

I am consistently now asking myself the question, "It is really, absolutely necessary to spend on it?"

When people are in that mode, it does not bode well for the economy.