Mish has a post that refers to a report on household wealth.
An estimate of $10 trillion loss of wealth works out to about $33 thousand for every man woman and child in the US.
There is quite a bit of information out there about how spending is somewhat related to the level of wealth. People that can afford to spend, but have lost wealth clamp down on spending. Add to that the uncertain economic conditions, well, it results in a significant reduction in spending from those who can spend. Then there are those that are being hit. They simply have no choice.
On another point, I have been very strong on my statements about Canada, and over the past probably 6 months my beliefs have been changing. I suppose when I had a closer look at the degree of, well, morons, running in our last election and not an ounce of strength to do the right thing, well, each time one of the morons opened their mouth I was predicting a bigger deficit for Canada. I did a distress post estimating $6 billion deficit about 3 and half months ago. But since then, well, like I just said, each time these morons open their mouths and make a decision it is a disaster and now our idiot finance minister, who was saying balanced about that time, and even 2 months ago is saying $30 billion deficit. Someone frame him for a irrecoverable scandle, please.... It would be the most patriotic move ever...
Anyway, I can no longer stand behind Canada being strong with the degree of incompetence out there and stealing yet another generation's financial future.
I am looking to avoid paying for this mess this time.