When “Up” Is Still Heading Down: Why Bubblevision Is Clueless About Consumer Confidence Surveys
The long term trend is still down. Note that the index is based on the average reading in 1985 being 100. The peak reading of around 185 was reached at the end of the tech bubble. Another peak around 140 was reached at the top of the housing bubble, when virtually everybody had a home equity ATM. The current reading remains below the 1985 average at about half the peak level.