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Listening to the politicians you would think Congress found a cure for cancer as they announced…what exactly? They agreed to borrow more money and kick the budget can down the road four months. Nothing has been solved or put on a corrective course, but it did have an impact on the financial industry.
Distrust and Loss of Confidence
Consumers registered their lack of respect and distrust of political leaders, unfortunately there is a slopover of this growing distrust. Consumers are looking at every news story, sale and other information they see with a skeptical eye. In fact, when banks and investment firms are registering above-expected profits, Wall Street applauds; however, consumers have been taught to revile this news because they believe it came off their backs. The media agenda is sticking.
Also, when the government plays politics and predicts impending gloom and doom, consumers tend to lose confidence in the economy and hold on tighter to their spending dollars. After the last five years of constant economic threats being reported, consumers are developing new financial behaviors. Some out of necessity (college graduates carrying significant student debt while being underemployed) and some who are just fearful of what the future holds. In four months, the media will be posting prognostications of doom and gloom as Congress battles once again on budget stop gap measures.
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