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Politics : Ask Michael Burke
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To: Mike M2 who wrote (43152)1/13/1999 11:26:00 AM
From: Mike M2  Read Replies (2) of 132070
 
Sorry, had to take a call. to finish my note consumption as a % of GDP is at record levels when the consumer finally cuts down on consumption the impact will be substantial. In 1930 consumer spending fell the equivalent of 3% of GDP. In 1926-7 construction and business capital spending had stalled but the wealth effect of the stock market combined with credit excesses allowed the consumer to continue to spend until.... Currently investment and consumption by the private sector has exceeded current income by 4% of GDP until now it has never exceeded 1.4% of GDP. Mike
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