Consumers Hurting and For Good Reason

Wall Street is worried about you. Yes, you. The one they call "The Consumer." From the trophy-arrayed corner office of the richest CEO to the windowless cubicle of the most junior analyst, your immediate future is a pressing concern. What will you get for Christmas? How much will it cost to heat your house this winter? Will you get a raise next year?

But now you're just not spending the way you were. You aren't buying as many cars as you used to -- October auto sales were the weakest for any month since mid-1998. Your interest in home buying has hit its lowest level since 1991.

Your debt has increased. Outstanding balances on credit cards have risen to more than $800 billion, or $7,200 per U.S. household. The United States debt-to-income ratio rose as much in the past five years as it did in the previous 15 years, according to Merrill Lynch.

This is a real concern. Consumers are 2/3 of the economy. More here.