What’s Happening to Consumers?

This is interesting, and not in a good way:

NEW YORK (CNN/Money) – Consumer confidence plunged last week, matching its steepest drop on record in more than 18 years of weekly polling by ABC News and Money magazine.

This follows a sharp fall in the consumer confidence by the University of Michgan that was reported last week. What’s happened in the last month to shake consumer confidence so much? I honestly don’t know. But it can’t be good.