Recession, Uncertainty Hammer Big-Ticket PurchasesWhat to know what’s selling today? Not big-ticket items. On a scale of 1-10 (1 is the lowest, 10 is the highest), here is a shorthand — mine — for the magnitude of various consumer (and business) purchase decisions. Just like the Richter scale, this scale is logarithmic, kind of (8.0...Read More
Oct. Case-Shiller Numbers: Down 18% from ’07“People who think they’re going to lose their job don’t buy a home” –Steven Ricchiuto, chief economist at Mizuho Securities; NY Times (12/30/08)There’s not much mystery about the most recent leg down in the national housing market: recessions destroy jobs, and people who are unemployed — or worry they...Read More
