Consumers, retailers in "death spiral"

So says retail industry analyst Howard Davidowitz. Some quotes from his Yahoo Tech Ticker interview:

On retail:

* "The retail business is terrible... It's almost all negative."
* "We're going to close hundreds of thousands of stores."

On the consumer:

* "They’re still over leveraged, they're losing jobs, their credit has been cut back."

On America:

* "We are in the tank forever. As a country we are out of control, we're in a death spiral."

View his video interview here.