As spending by wealthy weakens, so does economy

"Economists say overall consumer spending has slowed mainly because the richest 5 percent of Americans -- those earning at least $207,000 -- are buying less. They account for about 14 percent of total spending. "


14% of the rowboat has water, does the rowboat sink? On this site, it does!
 
This counts for more than that story:



We already had 8 years of coddling the upper crust, and that graph through the beginning of 2009 is the result.
Since the beginning of 2009, we stopped digging that damn hole.
We have a long way to go before we make up for the damage done by the philosophy behind that idiotic story, but at least further damage has been stopped.
Also, just for sh*ts & giggles, the result of the Clinton tax hikes:

2lk2plu.jpg


Notice the scale: the zero line is towards the bottom of the Clinton chart, and in the entire Clinton term, hours worked only went below zero on a year-over-year basis very very briefly in 1996. The zero line, by contrast, is near the top of the Bush chart. Bush and his tax cuts had a real hard time keeping things above the zero line.
Selah.
 
Quote from nutmeg:

chelsea's wedding had air conditioned porta potties. Sumbody is spending money.
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Is this true?
 
great father in law for chelsea-


http://en.wikipedia.org/wiki/Edward_Mezvinsky


Mezvinsky was involved in a series of business transactions that ultimately led to his downfall.

In March 2001, Mezvinsky was indicted and later pleaded guilty to 31 of 69 charges of bank fraud, mail fraud, and wire fraud.[6] Nearly $10 million was involved in the crimes. Shortly after his indictment, he was diagnosed with bipolar disorder, but the judge at his trial disallowed a mental illness defence.[2] After serving five years in federal prison, he was released in April 2008.[7]He is expected to remain on federal probation until 2011, and owes substantial restitution to his victims.[8]
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