The Tip of the Iceberg

I recently had a discussion with Master Bates about the coming Global Economic Depression. I offered the closure of 155 Circuit City Stores as evidence (they've since declared for bankruptcy).
He replied that he doesn't shop at Circuit City.
So I offered to e-mail him when Best Buy closes stores.
That hasn't happened yet, but here's what Best Buy thinks about the current economic situation.

"Best Buy cut its full-year profit forecast, citing continued weakness in consumer spending that it says has been exacerbated by the 'recent turmoil in the financial markets.'
'In 42 years of retailing, we've never seen such difficult times for the consumer,' Brian Dunn, president and chief operating officer of Best Buy, said in a statement. 'People are making dramatic changes in how much they spend, and we're not immune from those forces.'"

I guess you could say that DVDs of all the seasons of "Full House" and 60-inch flat screen TVs are quite reasonably the first things to go when times get tough. But I honestly believe this is a warning shot for what's about to happen to consumer spending.
The fact is, millions of people are going to lose their jobs, and many more will suffer sharp drops in their income. Even those who are unaffected financially, will be a little scared and spend less, thereby continuing the vicious cycle of the financial crisis.
And in other countries, it's going to be even worse.

Note: this post was written before I lost my job. How's that for irony.