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
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