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August Consumer Confidence At 54.1
Consumers now taking their unemployment benefits (which are increasingly running out) and investing all the proceeds into FNM and C. Market rips, confidence goes even higher. Facts and $9 trillion upcoming budget deficit ignored.
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The sheep are excited about something. The question is what.
They saved some money on car insurance?
ROFLMFAO!!!
+10
Well looking at the indicator, obviously American has not learn any lesson... They don't know the word "save"... I mean by God, they are even spending their unemployment benefit?! WTF?! I guess they think there's no tomorrow, just spend spend and spend!
'If we all join hands together and buy a new SUV, everything will be OK,' said Robert McTeer, the president of the Federal Reserve Bank of Dallas. Feb 2001
I've been on unemployment for eight months now, and have more money in the bank than I have had in years.
My wife was unemployed for seven months, almost during the same time period, we managed to save money anyhow.
Of course, knowing the end is March 2010 as it currently stands, makes a good reason to save every last bit you can.
But we have no excess debt, no car payments, no credit cards, just a $750 per month mortgage. So just on my wifes new salary alone we will survive just fine.
I like to think that is the reward for not buying beyond our means for the last decade. Yet we still have two 2006 Suzuki motorcycles, paid for in full, M109R and M50.
Were not all dumbies.
Wiley, Common sense doesn`t seem to support our monetary system following the First Law of Cartoon Thermodynamics but it does, right now mainstream media is promoting the masses running off the cliff following the road-runner, but you surely know how that ends. If i could upload a pic you know what it would be.. lol
Yes. Although having a stack of googly eyed money could be a little unnerving at first. In the end, I can see how it would instill confidence.
BO just saved $262B on bank insurance!
good one
I saved money on my home insurance. When I got the bill and it was $505.00 more than it was last year, I blew a fuse. Went into the office and ranted on them about how bad the economy is, with house prices going down all over the place, and how the hell did my $91,000 home become worth $148,000 in one year? You read that right, a one year jump form the $91,000 we paid for it to $148,000!
I refused to leave until we saw eye-to-eye, and they actually got it down to less than it was last year. $151.00 less. Same coverage. LOL
Heres to ranting!
the question no one is actually addressing is is that number actually a representation of the consumer confidence............
with the little i saw recently visiting ur country, no one seems happy. every one u meet is compalining about one thing or the other.....
so its a question of who's confidence that number actually represents
Only in a world as insane as ours can a survey of 5000 people create or destroy billions of dollars of wealth.
...and that is 5,000 that will pick up the phone either without caller-id or will pick up not knowing who it is.
The 40k someodd eminis that traded on this news looks like one hell of a green shoot.
Social Security runs out in two years. People better hurry up and get what they put in before there is nothing left. </humor>
Bunbucks will still look the same. Paid out via direct deposit to banks that will look the same and will spend like they always have. Zombies doing the dance.
I live in CA - so two IOUs on black and three on FNM please.
The PSYOP continues in the same old way. Sooner or later that dog won't hunt and I fail to appreciate how a new strategy can be smoothly fielded when it does.
Redbook figures dont support this consumer confidence number:
Year-over-year: Week (w/e 8/22/09 vs year ago) -4.4 pct
Year-over-year:Month (August 2009 vs August 2008) -4.4 pct
Month-over-month: (August 2009 vs July 2009) -0.7 pct
I call BS on this. Its almost like they eliminated the negative responses somehow...
I think they cross-referenced the 'list of unemployed' with the 'consumer survey call list', assuring a clean list that included only those people who were employed or independently wealthy. I agree it is BS... I think Geithner and Rahm made the 5000 calls themselves last night coming up with this magical number.
The Conference Board's consumer confidence indicator soared above the consensus forecast of 47.9 by posting a strong rebound to 54.1 from 47.4 in August. The jump follows two consecutive dismal results... The increase in consumer confidence was due to the Expectation Index increasing from 63.4 in July to 73.5. The index is at its highest level since the beginning of the recession in December 2007... The Present Situation index rose a more modest 1.6 units to 24.9. The number of respondents who think business conditions are currently "bad" declined approximately 1 percentage point to 45.6%... Consumers are also a little more upbeat on the job market with 45.1% of respondents believing jobs are hard to get, a decline of 3.4% from June, and 4.2% of respondents saying jobs are plentiful, an increase of 0.5%. It's no surprise that the consumer confidence numbers were pushed higher by the Expectations Index. The index is highly correlated with the number of positive/negative news reports. All of the talk in the media about economic growth returning by the beginning of Q3, including a Newsweek magazine cover announcing the end of recession is here, helped alleviate a lot of the consumer's concern about the future... The more telling sign of the consumer holdback is from the Present Situation Index. Consumers are currently not seeing strong growth and they may continue holding off on major purchases until they witness evidence of the economy rebounding.
That was interesting... the index is highly correlated with the number of positive/negative news reports... just don't stop pouring the Kool-aide or the jig will be up for Ben and Tim.
Waiting for actions or the GS survey of the higher school of thoughts the contrarians?
good articles; good articles 4 slow news day ..http://www..
hat tip: finance news & finance opinions
Turn them around today and post a key day reversal and the game is up.
Green clunkers.
Well, the government is guaranteeing 27 trillion (or so) in debt. And by extension, guaranteeing the insurance products sold and held on that debt. And by extension, the companies that hold those products and their trading partners. And by extension all the people who invest in those companies. How can we lose! Everyone in the pool.. now! haha
Work backwards, what level does the market need to be at in order to support the debt or near term debt target as a % of assets. We are being engineered for a healthy V shaped recovery, the only thing that can stop it now is a case of the flu.
Yup, first we have the tech bubble and then the housing bubble, so now we have the grand daddy-o bubble, the government bubble (so call the FED balance sheet)... So how big this bubble will get?! We'll see... Maybe just big enought to do another V shape and topple 1575!
Oops did someone say the flu... the market will rally on that also... because I heard that over the summer the virus was being specially engineered to affect only those who are unemployed, underemployed, in foreclosure, late on their mortgage payments, filing for bankruptcy, or simply don't support 'the new grand plan'... and by getting rid of that dead weight the market will be limitless.
Quiet consistent sentiment,feelings and trust, readings
From individuals
Report Reveals Marked Upswing In European and American Investor Confidence
Published on:
Friday, August 14, 2009
Written by:
Jacob Gaffney
From larger aggregate of individuals
Forbes
Survey Says ...
Fund Managers Fight For 2009 Gains
Steve Schaefer, 08.21.09, 04:10 PM EDT
Merrill Lynch survey shows they have been putting cash back to work in equity markets.
Caught flat-footed when U.S. equities rebounded off their March lows, many investors and asset managers prescribed a cautious strategy and waited for a correction to provide another entry point. But now it's more than five months later and the market has had only a few minor stumbles, leaving many on the sidelines with a dwindling amount of time to pretty up their portfolios by year's end.
Waiting for actions or the GS survey of the higher school of thoughts the contrarians?
The American people are suckers for a good marketing campaign. Hey, it got Obamalamadingdong elected.
the plot thickens
good articles; good articles 4 slow news day ..http://www..
hat tip: finance news & finance opinions
Oh, it's the consumer investing their unemployment benefits that's causing FNM and C to rise? I thought you'd said before it was all the GS PT HAL9000 SPARC HFT basterds causing these moves? Now I'm terribly confused!
ABC consumer confidence falls but that doesn't cos it is reported when no one is looking.....shhhhhhh
ABC. Always Be Consuming.
I guess I'll trade in my old pickup truck for a brand new Cadillac so it can depreciate $20,000. the day I drive it off the car lot!