Saturday, November 01, 2008

Yes, this is a somber time.

Stephen,

Yes, this is a somber time. Just in the past two weeks, I have been
told by my advertising agency contact that most of their clients have cut
back between 20%-75% of their spending on advertising. I guess companies
figure the consumer won't buy any products or services now, so why waste
money on advertising to an unwilling audience. Google is likely seeing the
same kind of cutbacks. With this will come more layoffs, more unemployed,
less consumer confidence, lower home prices and fewer people who can afford
anything? I saw a story on the news last night about dozens of workers in
Ohio who actually have a job, go to work each day, but then spend the night
in the street/camping as they can't afford housing!

I hope I'm wrong, but I believe no matter who gets elected President next
week; it will take many years to get the economy back to health!

Lorenzo

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