Everywhere you look, people seem to be trying to spend less. It started when the average national gasoline price hit $4.00 per gallon. Then, frightened by a fall in 401(k) assets, the collapse of housing prices, and a weakening in the availability of financing for big-ticket purchases, consumers suddenly turned very cautious. Even the elite were hit. What’s going on? Why is this happening? What are the implications? When, if ever, will this “new frugality” come to an end? We’ll show you.