Four well known CEOs weighed in on CNBC's Squawk Box, giving their particular insight on economic conditions one day after the Federal Reserve made yet another basis rate cut. Each of the four Chief Executives acknowledged the tough going in the economy, yet each also sought to inject a thread of optimistic patience into their commentary.

Mike Jackson, CEO, Auto Nation Inc. (NYSE: AN), came to the defense of Reserve Board Chair Ben Bernanke. While admitting that the chairman may have crawled blindly into what is now mostly economic turmoil, Jackson stated: "...I think he absolutely has it right now. He's got to be on full flight recession mode, and we'll worry about the dollar, and commodities and inflation later." Personally, I think Benanke should be making moves to protect the consumers and their dollars first, and let inflation take care of itself until the consumer sector is back up to speed.

Wilbur Ross, CEO, W L Ross & Co. Played the most obtuse card stating: "My own opinion is that it's just more of the same volatility." More of the same volatility? Yeah the economy is volatile ... DUH!

After a long walk on the Venice Beach boardwalk (CA) yesterday I may have gotten notice of things to come. Speaking to several artists on the beach, I learned that they are having a tough summer. Business is noticeably slower this summer than last. They speculate that fuel prices and fewer people wanting to fly has reduced tourism and their customer base.

I have no way of knowing if there is a direct correlation but I can report that the boardwalk was packed and parking was hard to find. Based on my observations, it does not seem like a viable explanation. How could the beach be as crowded as ever and business be slower?

The answer is simple, although unscientific: Consumer priorities and discretionary spending have been altered. The number of people visiting the boardwalk may not be appreciably different. People still love the beach, the sites, the sounds and the people-watching. However, after spending more on gas to get there, ($3.15 to $3.45 per gallon) and paying more for parking ($5 if you walk a distance, to $15) they have less in their pockets. They buy hot dogs, pizza, ice cream, beer, and t-shirts. They have less money to spend on art, jewelery, and novelties.

Why Venice Beach as an indicator?