Financial crisis?… meh.

I want to know what constitutes a financial crisis. 

From what I can tell no one is canceling their cable or cell phones. 

Saw this headline last week, “Consumer spending drops 1%“, followed by this lead sentence, “Consumer spending fell dramatically in October….”

I’m not an economist, but if all we’ve cut our spending back is 1%…. Could someone please explain this to me?

Oh, by the way, I’m still buying crap I don’t need, or even have room for, while drinking my $12/lb coffee.