Mortgage Crisis

A pair of shoes designed by A. Testoni from the Ruby Slipper collection are displayed during New York Fashion Week in this September 5, 2008 file photo. Luxury shoppers make up only a small, elite portion of the U.S. economy, but tend to have an outsized effect on spending. They have kept their wallets open long after middle-income shoppers shut down under the pressure of a housing slump and rising food and fuel prices. But now the last bastion of consumer strength finally appears to be caving due to the global financial crisis that has assaulted investment wealth as well as real estate values. To match feature FINANCIAL/LUXURY REUTERS/Brendan McDermid/files