Summary Of Todays' Economic News

In todays economic news an Associated Press Business Writer, John Wilen, speaks on the possibility that by this summer we may be paying $4.00 per gallon on the oil at the pump. Yep some government watchers are warning that this summer driving season may be stopped in it's tracks by the price at the pump.

I read an article on abcnews.com in the money about Greenspan. 'He's Back' and with an attitude. "Consumers are beginning to shrink in, the automobile markets are beginning to contract, production is beginning to ease, and we are in the throes of recession," he spoke on CNBC. Funny, but haven't the CNN news media been stating every Christmas since December 2001 every single year how the consumers were spending less during the holiday season. Yes that's right. Every single year I do recall how the outlook on consumer spending shrunk more every Christmas season. In fact consumer spending did drop again during the 2007 Christmas Holiday spending. That is 7 plus years of Christmases which have seen less spending each year, yet Mr. RIPVANWINKLE Greenspan is just now seeing it as the beginning. Where has Mr. Greenspan been? Has he been asleep all these years? Why is everyone pretending that this recession just started.

On abcnews.com Joanne Morrison writes, "Pending sales of previously owned U.S. homes fell to a record low in February and consumer confidence hit a new low this month, according to reports on Tuesday that heightened recession fears."

From USA Today, Chris Woodyard tells us, "Suddenly the rich aren't getting richer — and luxury car dealers are joining other high-end retailers in feeling the pinch." Yes that's right, you heard it hear. The Luxury car sales saw a drop last month.