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Economic News

Wall Street Giving Consumers the Shaft – Roughly

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Just some quick thoughts on how consumers are seeing the state of things…

Oil

What excuse do you have this week to raise oil prices

  • Increases in gasoline
  • Increases in consumer products
  • Increases in heating oil
  • Increases in natural gas

Mortgage Rates

What excuse do you have this week to raise mortgage rates or tighten guidelines

  • Cannot qualify even with great credit
  • Higher rate for great credit
  • Higher down payment requirements on everything

The fact is, industries seem to shoot consumers in the foot when the economy gets to firing on all cylinders. Political spin & opinion spread like a wildfire whether true, false, or half truth corrupting consumer confidence, and eating into grocery budgets. The average consumer sees right through the BS or market overreaction as a chance to gouge, and I for one am betting on the consumer to punish wall street for playing games with their Christmas money & their dreams of a better life. I think consumers see one excuse after another to inflate something only to see it come down in a few months- analyst call it a correction on an over reaction- consumers call it shaft me hard while you can.

I’m pretty fed up with it myself and hope consumers sit out the drama in the credit market. I hope they sit out so long that large controlling forces have to bend over and take it themselves- roughly.

Consumers ask, do I believe the sky has fallen on the economy? No. Am I being charged for the perception that it is? Yes.

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Benn Rosales is the Founder and CEO of The American Genius (AG), national news network. Before AG, he founded one of the first digital media strategy firms in the nation has received the Statesman Texas Social Media Award and is an Inman Innovator Award winner. He has consulted for numerous startups (both early- and late-stage), and is well known for organizing the digital community through popular offline events. He does not venture into the spotlight often, rather he believes his biggest accomplishments are the talent he recruits and develops, so he gives all credit to those he's empowered.

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