CattleCo said:
Per our calculation the rise in crude oil prices since July 21, has decreased consumer discretionary spending by $56.75 billion dollars.
A very highly regarded firm tracking consumer reaction to the escalation in gasoline prices has indicated that 18% of those recently surveyed indicated they have reduced their expenditures in fast food establishments. Additionally, 19% said they have reduced their expenditures in full-service restaurants. The real impact of this will be realized post-Labor Day.
Catastrophes like this will obviously decrease short term economic activity but will add to economic growth in the fourth quarter as reconstruction is underway.
GIVE ME A BREAK......."reconstruction is underway" WITH WHAT!!!!!????????????????? If you have lost 56.75B in "discretionary spending what the hell are you going to use AGMAN.....play money?!
Take your charts and graph and stick them..........we are in uncharted territory........ When was the last time we put 140 WalMart Stores out of business for a period of time??????
The money does not disappear. The use of the funds are diverted from "other" purchases to fuel. Those funds get recirculated back into the economy. It amazes me that you talk so much and know so very little. The sky is always falling in your world. Unemployment was reported at 4.9%, the lowest in four years but I expect your personal survey is more encompassing. Give the world a break from your constant fear mongering.
This will be a hit to our economy until reconstruction gets underway which generally takes eight weeks to get into full swing. Evidently the rest of the world is more industrious than you. They view the sky as a sign of an opportunity of to create new and better things for the future.
BTW, only 36 Wal-mart stores are closed in the whole region, 25 Super Centers and 4 Sams. It is too bad you are completely out of the loop. They have set up four mobile pharmacies and will keep paying all employees displaced by Katrina. Additionally, they have already donated $25 million to relief efforts.
They are already beginning to load grain out of the port and oil is being unloaded at a 50% rate.
Why do you even get out of bed? Remember, the sky is always falling by your view; you personally should seek cover at all times. The rest of the world will move forward without you.