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Growth Story Is About to Get Worse: CEO

Thursday, 12 Jul 2012 | 2:00 AM ET

"You can't have a growth story unless incomes are going up and if incomes aren't going up you are going to get an inability to spend and no desire to spend, and as consequence you are not going to be able to buy and people are not going to be able to sell," Philip Manduca, CEO at Titanium Capital Partners, told CNBC.