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Entry: The Dream team Link: http://www.takimag.com/blogs/article/the_dream_team#16715 Post contents: 70%+ of the American economy is based on "consumer spending." The American consumer is now hoarding gift cards to purchase basic necessities at Walmart. China Inc. depends on the American consumer. Should be an interesting four years, no? http://www.nytimes.com/aponline/business/AP-Retail-Sales.html?_r=1&ex=1360126800&en=667a8f3db724d4e6&ei=5089&partner=rssyahoo&emc=rss&oref=slogin "NEW YORK (AP) -- Here's a sign of how shaky the economy has become: Wal-Mart says its shoppers are redeeming their holiday gift cards for basic items -- pasta sauce, diapers, laundry detergent -- instead of iPods or DVDs. Merchants had hoped shoppers armed with gift cards would provide a lift after a dismal holiday shopping season -- partly because shoppers tend to spend even more than the value of the card. But that didn't seem to happen last month, and retailers are feeling the pain. On Thursday, the nation's retailers turned in their worst January in almost four decades as high gas and food prices, a slumping housing market, tighter credit and a tougher job market pushed consumers to the edge." Sent at: 2008 10 06