Less Than...Non-Manufacturing Index

"The Institute of Supply Management's Index of non-manufacturing businesses including banks, builders, and retailers slid to 52.4, the lowest in almost four years, from February's 54.3."..."the index was expected to rise to 55."

This statistic makes up approximately 90% of GDP. We continue to get data that shows the consumer is beginning to get crunched. There ability to buy is dropping and dropping fast. You have to realize that a large majority of consumer spending was done with debt. Whether it be credit cards, or home equity, that new boat isn't actually your new boat...it's the bank's.

I would like to take a second and talk about a lesser know problem with loans. The term sub-prime isn't limited to housing loans. There are a large number of sup prime loans for cars, motorcycles, and credit cards. We are seeing these loans go bust more and more every day. The consumer is over spent and broke. I would really like to ask Chairman Bernanke where this moderate growth he keeps talking about is going to come from.