Why banking on the rich is a poor strategy
Posted by Dan O'Malley on September 22, 2009 in General
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In the late 1970s, the U.S. economy was in a nasty recession after oil prices spiked worldwide. Car manufactures were hit hard. U.S. car-makers responded by refocusing on customers still willing and able to afford to drive large automobiles. They ceded the market for smaller (but efficient) cars to the Japanese automakers, who introduced the Camry (1980) and the Accord (1976).
