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Dow Drops 733 Points; Consumer Spending Down

People are starting to realize that it's not an a bank credit freeze that has halted the economy.  It's consumer spending, stupid: Despair over the economy sent Wall Street plunging again Wednesday, propelling the Dow Jones industrials down 733 points to their second-largest point loss ever. Stocks fell on a combination of disheartening economic data, including a big drop in retail sales and a Federal Reserve report that said tight credit conditions are hurting businesses across the country. The government's report that retail sales plunged in September by 1.2 percent -- almost double the 0.7 percent drop analysts expected -- made it clear that consumers are reluctant to spend amid a shaky economy and a punishing stock market. The Commerce Department report was sobering because consumer spending accounts for more than two-thirds of U...continue to full post

Full post as published by Crime & Federalism on October 15, 2008 (boomark / email).