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Jan. 28, 2015
Barry Cynamon, a visiting scholar at the Federal Reserve Bank of St. Louis, and Steven Fazzari, professor of economics at Washington University in St. Louis, were included in a Wall Street Journal article looking at the advance of wealthy households and how they are reshaping housing, clothing, beer and other markets. They said the 2009-2012 spending rebound following the Great Recession was largely driven by the wealthiest 5 percent of U.S. households, because spending by all others fell 1 percent per household during the same time period.