Clearly the overindulgence in Halloween chocolate affected my judgment. I stand corrected. Women's footwear purchases are obviously non-discretionary. I believe this means the economy is in much worse state than I originally thought!
Re: We've all been duped
Dex
11/1/2011 2:23:37 PM
@PredictableChaos
Very funny! You know what they say about the number of pairs of shoes a woman needs...one more than she already owns.
footwear declined at an 8.4% annual rate
Lenore, if I'm reading this right; you imply that large expenditures on footware are NOT one of our budget necessities.
Since our footware budget is approximately the same as our savings rate, it's clear that I've been completely duped by the women in my household for quite some time. Next I suppose you'll break a story that the same $150 high-heels CAN be worn to prom and homecoming. I have suspected this for several years but haven't found any women who agree with me.
Oh, and on the Greece thing - that's another house-of-cards that's coming down.
All I can say is that it's a good thing some people still have savings left that they can tap. Pity those who have already exhausted their nest eggs.
ECB
driven
11/1/2011 12:51:58 PM
It seems Europe needs a lender of last resort in one form or another to stop the run on sovereign debt. I think until the ECB adds sufficient liquidity, we'll continue to have chronic problems in Europe that will likely continue to poison the global capital markets.
Re: Not a rosie scenario
Dex
11/1/2011 12:26:25 PM
Greece's arrogance and insistence on voting on this proposal just underscores the fragility of this deal. I have little faith in its viability.
Re: Not a rosie scenario
Tenacious
11/1/2011 12:19:33 PM
Your posts are insightful Lenore. But I must tell you: they leave me even more apprehensive than I was before reading them!
Not a rosie scenario
tokyogai
11/1/2011 9:34:10 AM
I agree that the foundations of this rapid rise in the markets seem to be non-existent when you look just below the surface at the numbers. If ever there was irrational exuberance it seems to be now. With Greece now calling for a referendum and a good chance the European deal will fall apart, the market are now headed back down. I guess people got caught up in the hope that things are getting better- not the reality.
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