Bad news for "the business of America": Business is bad, and America finally knows it.
NEW YORK (Reuters) - Worries about jobs and a possible U.S. attack on Iraq pummeled consumer confidence to its lowest level in nine years in October, a report said on Tuesday, boosting chances the Federal Reserve will cut interest rates next week.Gosh, maybe this is only a coincidence, but wouldn't counting nine years back set us down right in the remnants of the last Bush administration?Financial markets were rattled by the dramatic drop in The Conference Board's October Consumer Confidence Index to 79.4, a low not seen since November 1993, and far below the trough of 84.9 carved after last year's Sept. 11 attacks on the U.S.
Regardless of where the blame really rests, we can at least hope that a gloomy report of gloom like this does not bode well for the current regime's partisan election hopes for next tuesday. Could voters possibly ask for more of the same after all they've already gotten?