Once in a while, a research note hits the new cycle that is so infused with schadenfreude and backup data that you have to stand back and golf clap.

This note from Goldman Sachs warning of the macro threat posed by spending ennui amongst our ruling class is one of those notes. Of course the rich need to spend like pirates to keep whole sections of our economy afloat. We just like when Goldman says it...

The stock-market sell-off is going to be a significant drag on the U.S. economy this year as wealthy households feel its impact, according to Goldman Sachs Group Inc.

Lower equity prices could take half a percentage point off U.S. gross-domestic product growth in 2019, with overall tighter financial conditions restricting expansion by around 1 percentage point, Goldman economist Daan Struyven wrote in a note Tuesday. In October, he had said the positive wealth effect from equity gains in 2017 and early 2018 had likely evaporated.

Pass the Grey Poupon and avoid a recession.

Goldman Says Rich People Will Drag Down the U.S. Economy by Spending Less [Bloomberg]

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