The economic downturn speeds up. Among the new problems, consumer spending is down by the largest amount in four years. Consumer spending accounts for 70% of U.S. economic activity. I expect that number to continue to decrease. After all, home equity is tapped, credit cards are tapped, wages remain stagnant, workers are being laid off, and the Bush administration bails out industries. Where are consumers supposed to get the money to buy their crap?
Another story has received almost no attention in the glare of the 2008 election: refugees from Ike.
The 2008 Atlantic hurricane season caused a lot of damage and death this year. Do we have disaster fatigue? If so, it doesn’t bode well for the future. Extreme weather events are likely to become more common.