So the U.S. looks good in comparison—unemployment is down and corporate profits have been good… Energy finds make us less dependent on the Middle East.

But as we have noted repeatedly—average wages are stagnant while people pay more for benefits; and pensions are shrinking as more baby boomers approach retirement.

Lower gas prices take some of the edge off and may provide families with more pocket cash at Christmas. But overseas markets will struggle to buy U.S. exports and multinational corporate profits could sag. Companies which have been slow to hire and focused on milking technological efficiencies will be even less likely to expand workforces.

Will the Ebola scare now cut into air travel as fear takes hold about the close-quarters on flights? And any further stock market losses could crimp consumer confidence among the approximately 50% of Americans who own stocks. For the other 50% who do not own stocks—that's a leading indicator of their more parlous financial state--they probably do not have savings. And lower energy prices in the U.S., governed by world oil and gas markets, will be felt in oil and gas country. Drillers will cut back, for starters.

On the real estate front:

The early soundings suggest another weak holiday season at malls—lower gasoline prices are offset by the other negatives... Shoppers will be drawn to sales and retailers will move goods by at least appearing to slash prices.

Hotels need to be on guard for slackened occupancies, if travel is compromised. There is nothing like an epidemic to keep people close to home.

Office tenants have been expanding gingerly if at all—the gradual pace of recent vacancy declines may short circuit. Some development projects could delay groundbreakings.

Warehouse markets deal with less export traffic; a stronger dollar makes imports cheaper, but if consumers pull back it's never good.

The lukewarm housing market will struggle to gain further momentum outside the gateways where offshore money gravitates to park cash—the U.S is a better place to be than anywhere else, but affluent foreigners are not interested in suburban homes.

We like apartments, but high-end rental product could feel a chill in demand.

And cities with energy company concentrations could see leasing activity constrained—“Houston, we have a problem.” Well, maybe at least temporarily.