Bagels now cost a dollar a piece in New York — one dollar for a bagel! And we all know about gasoline prices. Well everyone knows apparently, but the President. That $4 a gallon barrier is just made for breaking. It took a while, but those high energy prices impact everything we buy — since our country imports more and more, and in any case ships stuff we purchase a long way — using more energy.

In short, consumers are getting hit hard and that’s why the economy is sinking since we are all about consumption. It’s been pounded in to us that it is better to spend and support the economy than save. And 70% of our economy has been consumer based, since we do not produce as much as we once did, and have become a net importer country. Until the housing slide, rising home prices and the refinancing wave fueled massive spending. But as we know — that’s over. And now inflation has kicked into gear, hammering all of us on the basics — bagels (food). And how’s your heating bill been this winter?

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