Associated press says rich are spending less.

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digitalcb

Well-known member
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Feb 23, 2007
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http://news.yahoo.com/s/ap/20100801/ap_on_bi_ge/us_wealthy_cut_back

Here are some quotes from the AP story:


"It isn't a good omen for the consumer recovery, which cannot exist without the luxury spender," said Mike Niemira, chief economist at the International Council of Shopping Centers.


"Think of the wealthy as the main engine of the economy: When they buy more, the economy hums. When they cut back, it sputters. The rest of us mainly go along for the ride.


"They are the bellwether for the economy," says Mark Zandi, chief economist at Moody's Analytics. "The fact that they turned more cautious is why the recovery is losing momentum. If they panic again, that would be the fodder for a double-dip recession."

emoUSA
 
They are all scared of what's next in the Congress agenda. Higher taxes, Cap and Trade Bill and everything else these A-holes want to do..... emoScratch
 

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