It seems like stories like this are more common. I don't see how we will have a quick recovery when stuff like this is going on all over the place.
And it is not just media hype, credit has been contracted quite a bit.
My guess is that consumers have pulled in the reins a lot in the past 4 weeks, and that statistics haven't picked it up yet.
It’s been reported. Just no one really thinks it’s news.
http://www.iht.com/articles/ap/2008/10/07/business/NA-US-Consumer-Credit.php