It's [likely to be] the Economy, Stupid
Business Week's cover story by Michael Mandel this week is titled "The Consumer Crunch" and reviews the issues facing the economy as a result of tightened consumer credit. "What comes next could be scary—the largest pullback in consumer spending in decades, perhaps as much as $200 billion to $300 billion, or 2%-3% of personal income. Reduced access to credit will combine with falling real estate values to hit poor and rich alike."
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