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Consumers "have stopped spending pretty much altogether," shrugged CNBC's Trish Regan on NBC, depicting "a spending strike." They have "pulled back on spending across the board," noted ABC's Betsy Stark (no link). "With the economy in freefall consumers are scared to spend," was how CBS' Sandra Hughes put it, listing the sectors with declining volume--automobiles, furnishings, appliances, electronics. "The only things Americans are buying more of are groceries and healthcare items," ABC's Stark pointed out, "the bare essentials." She portrayed a "vicious cycle" of reduced consumer spending leading to falling profits leading to increased layoffs leading to consumers unable to spend. Guess what CNBC's Regan called it? "A vicious cycle."
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