There won't be an oversupply of Margaux or Yquem, but many labels will get caught in a frenzied pricing crossfire. High-priced wines that are merely good are like free advertising campaigns for brands that emphasize great values. The enormous prosperity of the 1990s has lulled us into believing that salaries will always rise and bonuses are guaranteed. That if you raise your prices, people will keep paying. I'm certainly not rooting for a recession, nor do I want people in the wine business to suffer.
Recession impacts everyone.
Wine people have worked hard for their gains. Still, it's impossible for me to believe that things will keep running this smoothly forever. I wonder if our elected officials will turn to alcohol as a target once they're through with tobacco. Or if they'll view wine as a luxury item ideal for taxation. I can't tell when the wine bubble will burst, but it will.