I already discussed this back at the beginning of October.

Morgan Stanley is in the business of blowing smoke. They are just preparing their clients for the fallout.

I've looked at the combination of lay-offs, foreclosures and several bell weather markets which indicate the way the wind is blowing. I've watched auto sales, retail store sales and more.

Lots of folks are cash poor right now. They have equity and perhaps some savings or investments that they want to keep intact. The job market for most white collar stuff is looking pretty bleak as corporations tighten their belt from coast to coast. Sales of big-tickets have been slow for too long and its now affecting the rest. Combine that with gas prices and you have a one-two punch that can knock out those who live paycheck to paycheck and those who manage to save just a little.

This is the time when retailers and industrial giants seek overseas markets to balance the domestic recession. That's why you can't get an accurate picture of the real domestic situation - because the smart companies are still earning income from foreign markets.

Stocks will have a day of reckoning again - sooner than later. The smart folks will purge while their still high and return to buy after the recession inspired firesale on share value.

When will it all end? Well, if the "brains" at the big companies can use the recession to import enough foreign wealth during our currency disparity and convert it into other durable equity - we can siphon the wealth from other nations the way they often do from us.

So, right now, the US consumer is, for all intents and purposes, invisible to a large portion of the movers and shakers.