Banks will still develop new products to get new customers, regardless of the economic climate. The type of customer they're after, though, changes with economic conditions.

Chase has undergone the most dramatic shift. They're still the biggest issuer in the United States, but they have begun to aggressively market to the affluent consumer that has been the bread & butter of American Express. The Sapphire Preferred has been their answer to the Amex Gold (and some would argue the Amex Platinum as well). They have challenged Amex on the business-front with their Ink line. These are new products, introduced after the recession began, that are aimed at new customers.

Things are going to change. Opportunities to manufacture spending will disappear. New ones might crop up. This is the nature of the game. Just roll with it