Friday, May 15, 2009
May 15, 2009
The green shoots story took a bit of hit this week between data on April retail sales, weekly jobless claims and foreclosures. But the whole concept of the economy finding its footing was “preposterous” to begin with, says Howard Davidowitz, chairman of Davidowitz & Associates.
“We’re in a complete mess and the consumer is smart enough to know it,” says Davidowitz, whose firm does consulting for the retail industry. “If the consumer isn’t petrified, he or she is a damn fool.”
Davidowitz, who is nothing if not opinionated (and colorful), paints a very grim picture: “The worst is yet to come with consumers and banks,” he says. “This country is going into a 10-year decline. Living standards will never be the same.”
WASHINGTON (CNNMoney.com) -- What do guns have to do with credit cards?
Not much. Except they both share space on a bill that lawmakers want to deliver to President Obama's desk by Memorial Day.
In a surprising move, the Senate voted 67-29 on Tuesday to attach a measure that would allow guns in national parks to a bill that cracks down on credit card fees.
"It's just wacky," said Jon Houston, an aide speaking on behalf of Rep. Carolyn Maloney, D-N.Y., the bill's chief House sponsor who has been pushing for a crack down on credit card practices for two years.
Sen. Tom Coburn, R-Okla., saw an opportunity to grab on to a comparatively fast-moving target, since lawmakers are under the gun to finalize a credit card bill in the next 11 days. Keeping pressure on Congress, President Obama held a town hall in New Mexico on Thursday inviting consumers who had written or called the White House about their credit card companies.
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