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The most important spending trend may be that people simply aren't doing it as much. In September consumer spending experienced its largest monthly drop in 14 years. October saw the biggest increase in unemployment in more than 20 years: 415,000 jobs lost, with the prospect of more layoffs to come, which alone was bound to have an impact on people's sense of economic health. Throw in shrinking 401(k)s and a woozy stock market, and it all makes for a reverse-wealth effect. "With Sept. 11, you magnified those economic fears and put personal-safety fears on top of it," says Steve Miller, CEO of Bethlehem Steel, America's third largest steelmaker, which declared bankruptcy last month. "People are scared to death, and that means they're not going to buy a new refrigerator or a new house."

Kylie Noble and her husband Allen, a partner in a machine shop in Scappoose, Ore., have been watching their finances more closely since Sept. 11. "I'm a coupon person and a rebate person. I don't buy what's not on my list," she says. "We haven't been out for a while. We are going to see a movie this weekend for the first time since Sept. 11. It's not that I'm afraid. I would call it discernment, watching things a little more carefully. I am more aware of recycling things. And we just sent some blankets to one of the homeless shelters downtown. When the economy is bad, those on the bottom are hurt the most."

And of course there's the opposite live-for-today impulse. A wealthy physician in Chicago, formerly renowned among his friends as a world-class tightwad, suddenly had the urge to buy "a ridiculously expensive" surround-sound stereo system, notes a longtime acquaintance. He has also been adding feverishly to his wine collection. Another acquaintance, an Illinois auto repair-shop manager, suddenly decided that he and his wife needed to gut their kitchen and install $6,000 granite countertops, a $4,000 convection oven and a Sub-Zero fridge. He also plunked down $4,000 for the fastest computer and latest high-tech screen. "His wife is a nervous wreck because of his wanton spending," their friend says. "This is a man who normally drives 20 miles to save a quarter on a jar of pickles. He has always lived within his means until now." Lately he wants the best of everything, "and it's all on credit cards. He has told his wife not to show him the bills. He thinks they may as well spend their money on their home since they're going be holed up there anyway."