So this next chart should come as no surprise to you.

This is a chart of Personal Consumption Expenditures dating back to 1959 which was taken from Merrill Lynch (after being pointed out to me by Barry Ritzholtz).

As you can see, we have never once seen personal spending drop as dramatically as it has over the past year. It’s no wonder yearly sales in the auto market have been nearly halved… Starbucks is no longer planning to be on every corner (and in every bathroom)… and Circuit City went bankrupt and liquidated.

THIS IS UNPRECEDENTED.

It also means that other companies which rely on amped up consumer spending are likely to continue seeing tougher days ahead.

Best Buy (NYSE:BBY) I’m looking at you. Because the truth is, anyone can buy what’s at Best Buy for much less money if they simply go to Amazon.com or even walk into their friendly, neighborhood Wal-mart.

Hell, even Target (TGT) is starting to show more spunk when it comes to consumer electronics.

While I’m not saying Best Buy is a goner, they’re going to continue having a tough time in the next two years. Making them a great long-term  short candidate.