More disappointing was the economy's unexpectedly weak showing in the second quarter, a more European-style 1.1% at an annual rate.

ECONOMIST: Greenspan keeps his nerve | The

That depressing scenario looks plausible given the unexpectedly weak second-quarter profits from American Express, America's fourth-largest card issuer and the one most geared towards well-heeled consumers.

ECONOMIST: American Express reveals unexpectedly weak results