No one I know is spending any money. People open their wallets and dry dust and moth pieces fall out. This is the problem.
Everyone knows that the credit party is over, and now they are learning to live within their means. This means paying off the debts and trying to work up a savings account.
Everyone is having an epiphany at the same time. Everyone is too deep in debt and now all of the sudden this revelation is hitting home. But the revelation means the death of the trashy, disposable, vulgar way of life we have all so enjoyed the last twenty years.
The growth of the economy for the past decade or so was based on buying shit with money we didn't have. The phony money circulated through the economy and gave everyone a chance at a simulacrum of the good life. But now the money has stopped moving.
Everything we have built over the last twenty years is teetering on the edge of collapse. A stiff breeze and it will fall. Picking up the pieces will involve the labor of at least three generations.
So relax and watch the fall, this revolution will probably be televised. The ex-middle class and the poor will realize that the government has been pawning their children's livelihoods for one time payments to the current crop of wealthy. It will take a bit of time, but there will be blood on the streets.
I would strongly recommend keeping your head down and your mouth shut. Concentrate on the little things that will allow you and your loved ones to get to the other side of this mess. The next twenty years will decide the future of the American experiment.
So start figuring out your life and working out how to get by with less. Teach your children that the gilded age of the fin' de siecle and the first decade of the millennium were a mirage to be avoided.