From Yahoo! Finance: American Express CEO: high earners cut spending
The chief executive of American Express Co said on Wednesday that the current financial downturn is strongly affecting the spending of people in high income levels, a departure from prior economic slowdowns.
"It's very different from the last two downturns," Kenneth Chenault said during the Fortune 500 Forum. "The impact on spending has been very strong ... across a range of income levels and high income levels."
He said discretionary spending has dropped substantially and that he sees tough business conditions through next year.
"We think that this is going to continue to be a challenging environment certainly through 2009," Chenault said, adding that until housing prices stabilize, conditions will remain "very, very challenging."
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