Consumer confidence falls to weakest level since '82

[jdobbin]

http://www.ctv.ca/servlet/ArticleNews/stor...?hub=TopStories

Consumer confidence has fallen to the lowest level in 26 years, according to the Conference Board of Canada.

The think-tank says its survey of 2,000 Canadians early this month showed a sharp drop in sentiment after three months of rising optimism.

The Conference Board's national consumer confidence index fell 11.9 points to 73.9 -- the lowest level since the third quarter of 1982, when Canada was mired in recession.

The Oct. 2-8 poll was conducted as financial turmoil intensified around the world, and Canadians are not alone in their gloom.

I think we are going to see more of the shake up happen until some order is restored in the market.

[kengs333]

I'm wondering how many people here were old enough to remember the early 90s, let alone the early 80s? I remember both. And I think what we're going to go through will be worse.

[Slim MacSquinty]

It should be no suprise after four of five national leaders spent the last four weeks flying all over the country telling people the sky is falling.

This is nothing like the 1980's real estate bubble, which was largely and more severly within Canada than without, this problem is largely outside Canada. Surely it will affect us, how bad its hard to say, but I don't think people will be walking away from their homes like they did in the 80's.

The stock market is a confidence game, it is irrational and a gamble by nature which has a herd mentality, the economy is similar but to a lesser degree, at its worst in the 80's we had unemployment in the 10% range regionally. That means that we had 90% employment, when those 90% sit on their wallets the economy goes south, the reason they sit on their wallets, confidence.

I'm car shopping and building a new garage right now, gotta do my part.

[nothinarian]

http://www.ctv.ca/servlet/ArticleNews/stor...?hub=TopStories

I think we are going to see more of the shake up happen until some order is restored in the market.

Tory times are tough times !

Man that is a mindless statement but great politics

[Slim MacSquinty]

nothinarian:

your tag quote from Voltaire, is interesting, though I've also heard common sense used a slur, as in the sense of a commoner.

[Sir Bandelot]

Well U know what? I have received nothing more than a 2.5% wage increase for the past 10 years, not even enough to cover the cost of living. I know it used to be that one partner would work and the other stay home and take care of the kids, now both work just to make ends meet. We are poorer than our parents generation.

My folks had a cottage. Thats on one income. But I can't even afford one on two. So I'm not going to go out and buy any more toys, or a fancy car, I'll just make do with what I have. Re-use, re-cycle. And thats the other thing, people are realizing that our excess consumer based system is causing real problems with the environment, and we want to conserve what we still have. So the old system, the economy cannot continue in the way it has in the past. Subconsciously people know it, and are making small changes that have impact on the global economy.

And most of the screaming and hype that we hear about it, is coming from the rich bastards because they are losing their profit margins. They are the ones who it will hurt first, and the most. When you already live in a ghetto, it doesn't make as much difference.

Edited October 18, 2008 by Sir Bandelot

[Bryan]

The problem with stats like consumer confidence is they become self-fulfilling prophesies. Tell people things are bad enough times, and they'll make it happen for you.

[Slim MacSquinty]

The "rich bastards" don't hurt at all during hard times, as a matter of fact they get their chequebooks out when they figure the deals are ripe. Perhaps buying a ghetto or two. 2.5% increases over the last few years indeed has kept up to inflation, keep talking like that and the rich bastard who employs you may give you a 100% pay reduction.

Envy of the rich will only lead to ones own feelings of powerlessness, emulation of the rich may actually get you ahead. As for your inablility to own a cottage on one salary, don't blame conservatism its way more complex than that.

[nothinarian]

nothinarian:

your tag quote from Voltaire, is interesting, though I've also heard common sense used a slur, as in the sense of a commoner.

Good point - commoners unfortunately elect governments

Common sense must be used in that context

Simple message for common people will trump good policy - witness irony of GST cuts vs income/corporate tax cuts - common sense dictates latter whereas commoner sense the former

Edited October 18, 2008 by nothinarian

[Sir Bandelot]

As for your inablility to own a cottage on one salary, don't blame conservatism its way more complex than that.

I do not blame conservatism, I welcome it.

[msj]

It should be no suprise after four of five national leaders spent the last four weeks flying all over the country telling people the sky is falling.

Who would have thought that the US, Germany and French would take such a keen interest in Canada's election!

Look at their sentiment indicators.