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I think the guy with the wait and see attitude is a reflection of what’s happening with a lot of Americans. Financially, we’re in good shape, but you just don’t know what’s going to happen w/taxes or what Obama’s going to do, so it’s safer to not spend the money you’d normally spend, even though you have it to spend.

Financially, we’re in good shape, but you just don’t know what’s going to happen w/taxes or what Obama’s going to do, so it’s safer to not spend the money you’d normally spend, even though you have it to spend.

It seems to me that many are spending their money - on guns and ammo. Stores have been packed since the election and many are out of stock, even the online stores are out of stock on common ammo calibers. This is really food for thought. This is well beyond what happened when Clinton was elected.

This is the key: people with money still don’t want to spend it.

They got into good shape financially by spending and saving wisely. They are going to be the first to cut back and take a wait and see attitude.

I know one family that easily cut out $3,000 a month in spending since September-—all discretionary. Multiply that by many households and the economy will feel it.

But it’s a shock to lose 40% of the value of one’s retirement savings in a week, and to discover that, yes, it’s true that your home is worth a couple of hundred thousand less than you paid for it a few years ago.

No stimulus check is going to counter that. So even those with money will rein it in. And they already have plenty of stuff, so it’s immaterial to them that stuff may get cheaper. They are not going to spend the big bucks again for a while.