From Newsmax:

Wilbur Ross said economic recovery won't happen until well into 2010 because consumers are saving money instead of spending it.

“Every dollar put into savings is good long-term," Ross told CNBC. “But it’s horrible for the economy near-term.”

Consumers, Ross said, used to make up nearly 70 percent of the economy.

“Take six percent (of that) away and put it into savings, that’s around a four percent hit to the economy... even forgetting the multiplier effect,” he said. “That’s a lot to overcome.”

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