I believe the specific scenario being worried about is the following:<p>People are not going out to eat more often or buying that HDTV. Instead, they are saving the money. Normally this would stimulate investment, but due to uncertainty no one is borrowing.<p>I don't know if this is correct, but it seems to be the worry. There also seem to be some cultural attitudes at play: "When you buy something cheap, you lower the value of your own life."