Saturday, May 31, 2008

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US Consumers Confidence 28-yr Low

First Subprime, Now Oil. The double whammy of rising oil prices and plunging home prices could turn a mild recession into something more threatening.

According to the Conference Board Consumer Confidence Survey released on May 27, Americans' expectations for the economy over the next six months hit their lowest point since the dark days of December, 1973—during a long recession triggered by an Arab oil embargo. Businesses aren't feeling exuberant, either. New orders for durable goods fell half a percent in April, the third decline in four months. Michael S. Hanson, senior U.S. economist at Lehman Brothers (LEH), expects the U.S. economy to grow at a slow 1.2% in 2008 and an even weaker 0.6% in 2009 as the headwinds from oil, housing, and the credit crunch continue.

It seems the Americans are now downright depressed.

Dear American friends, when you are down and out, just think about the people who are even more unfortunate.

Mynamar 31 May 2008 : Junta said cyclone survivors can eat frogs.


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The blogger here has been affectionately named by close allies as "Smart Buyer" but really, he's not smart. Smart Buyer just believes that being prudent is smart. That's the essence of the message of this blog and Smart Buyer hopes it'll benefit other property buyers.

Smart Buyer :)