Zero Hedge points out that consumer credit is dropping so fast that old assumptions about consumption are way out of whack. Too bad over 70% of the U.S. economy depends on consumption. A couple of prominent economists at VoxEU voice the verboten view that, actually, the economy is headed down FASTER than it was during the Great Depression and the subsequent economic situation could well be worse. Scary! And that's it for the day. Enjoy.
Alex Salkever is the Director of Research at Piqqem.com, a stock prediction community powered by user sentiments and the Wisdom of Crowds.