August Consumer Sentiment Declines To 63.2 From 66 In July

Tyler Durden's picture

It seems consumers are focusing on more than merely their 401(k) these days. Now it may be time for the administration to focus on jobs, wages, deflation, budget deficits, tax rates, burgeoning sovereign debt, sticky consumer debt, bankrupt states dispensing IOUs, wealth destruction and other items that actually impact the day to day lives of the US public.

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Mos's picture

Bah, what do consumers know?  It's not like they matter to the US economy....

bpj's picture

I think people are realizing what a trillion is.

 

Anonymous's picture

The new billion is the trillion.

MinnesotaNice's picture

And what comes after a trillion... isn't that quadrillion... better get used to that one also... isn't trillion and quadrillion what we used to say when we were 7 years old and that we wanted to express an amount of money that could never possibly exist but make sure everyone the point that we meant the most money anyone had ever thought of...

bpj's picture

Don't leave out a gazillion.

 

Anonymous's picture

It's free, only $1.

OBRon's picture

Timmy's new debt ceiling.  After all, if no one knows how big it is, how could govt spending ever exceed it?

Gibbs (at future pressie): "No worries - we're staying WELL below the new debt ceiling."

 

nogeithner's picture
nogeithner (not verified) bpj Aug 14, 2009 2:12 PM

U6 may actually be the high, but only based on higher workforce participation rates, not from birth-death assumptions.

His message was being spread and gaining even more support...therefore he needed to be censored.

Until we have guys like Black back as regulators nothing will change. We just

good articles; good articles 4 slow news day ..http://www..
hat tip: finance news & finance opinions

bchbum's picture

Maybe its the white house with their trillion dollar overhaul of the health care system, while hiding the details of the plan, that is making them nervous.

MinnesotaNice's picture

Whoops... consumer sentiment went in the opposite direction of analyst expectations... Rosenberg will be all over this... this has been his mantra... and I think he is very right.

Anonymous's picture

Obama just shat his pants

Anonymous's picture

i wondered where his brain went.

OBRon's picture

How would you know?

Soros & Immelt haven't taken him out of the closet yet this morning.

Too busy dumping the rest of their shares.

Anonymous's picture

"Now it may be time for the administration to focus on jobs, wages, deflation, budget deficits, tax rates, burgeoning sovereign debt, sticky consumer debt, bankrupt states dispensing IOUs, wealth destruction and other items that actually impact the day to day lives of the US public."

Definitely the quote of the week!

Sqworl's picture

This is plan D...looking for home in Cabo..

djchill2's picture

Hell ya...put that shit on a T-shirt!  I' ll buy a couple...as long as you are accepting dollars as payment that is.

Anonymous's picture

I've got it, how about an "OBAMA CARD"

It works just like a Visa or Mastercard

It has a 0.25% APR

It has a $10,000 USD credit limit

Every American Get's one

Nobody has to make any payments for 4 years
-or- until OBAMA is out of office.

michigan independant's picture

Lagging indicator to decades of locust's farms. Debt serfs top to bottum. Gravity being asserted in economics lessons. Real problems and no discernable moral compass.     

Anonymous's picture

Black Friday

Anonymous's picture

ECRI propaganda

US recovery could be steepest since 1980!

LOL

That guy with the t-shirt idea

Plan D... looking for a house in Cabo

is on to something

that's American entrepreneurism.

Anonymous's picture

In order to create good new jobs, the USA will need some companies that can win in the arena of international trade.

I do not mean winning a la Boeing by putting factories all over the world. Good American jobs can only be created if U.S. factories win.

How this can possibly happen, I do not know. The deck is stacked against the U.S. worker by foreign mercantilists, by domestic parasites, and by the big NY banks with their internationalist agenda.

When the export businesses, such as manufacturing, fail, all the service jobs go down with them. In a factory town, when the factory closes, everything else closes too: banks, barbershops, retailers, law offices, doctors' offices, schools. All those great service economy jobs dead.

I can see no scenario where good jobs will be created in the U.S.

Anonymous's picture

the only way to protect american jobs is through
repudiation of nafta and other free trade drivel....

those were programs designed to export american
jobs overseas - it has worked spectacularly...

Anonymous's picture

Seriously, that's why it's so comical to hear some pols froth at the mouth about cap-and-trade sending "millions" of jobs overseas.

Hello? Where they hell have they been for the past 20 years?
They didn't seem to concerned about it when companies funding their campaigns were doing it.

chunkylover42's picture

Economies advance and grow by creating new, better jobs, not by rehashing the same old ones.  We can put thousands of people to work in the energy industry by exploiting our own sources of oil and natural gas (my home state of Michigan has ENORMOUS reserves of natural gas, think they could use the jobs?).  We have a manufacturing infrastructure and a fairly well-educated and skilled workforce that should be developing high-tech machinery and solar panels, not frigging cars that Asian companies can do twice as good for half the cost.

Yet none of this happens because as much as politicians talk about "creating jobs" and "putting Americans to work", so few have any idea how to actually do it.  Instead, they cling to what has worked in the past, even though foreign companies are kicking our ass at it.

Anonymous's picture

politicians don't and can't create jobs....those
things are created through capital formation...
however, usa policies have destroyed capital...
major capital flight has been in motion for 3 decades
and has only accelerated over the last year.

chunkylover42's picture

You are correct that politicians don't and can't create jobs, but they have a huge influence on the capital formation via legislation that you mention.  I was perhaps a bit careless in the language, but my argument remains valid.

Anonymous's picture

"Now it may be time for the administration to focus on jobs, wages, deflation, budget deficits, tax rates, burgeoning sovereign debt, sticky consumer debt, bankrupt states dispensing IOUs, wealth destruction and other items that actually impact the day to day lives of the US public."

I think the administration is ultimately much more interested in this- but this has been the problem. It seems to me that the Obama attitude towards the financial crisis has been "ok, let's just paper over this nonsense and get on to other things". It is obvious he is much more interested in health care, energy policy and so on and so has handed the reins on the finance issue to a bunch of the Wall Street usual suspects. Unfortunately for him, the regulatory capture of these people are what led to the current financial mess in the first place.

So the US is freakin' stalled right now- the issues that actually matter are being blocked by an attempt to inflate another consumer binge/stock spec bubble. When you think about it, there is tons of business opportunity in the US- infrastructure is crumbling, energy policy is a disaster and crying for transformative investment. Heck, the country needs to be effectively rebuilt, and that would be more than a few jobs. Unfortunately, by going lazy on genuine financial reform, the administration is fostering the same sort of financialized paper economy that just hit a wall.

There is no way around it- for the States to hit restart, the financial sector has to take some real pain and downsize and stop making trades on itself.

Anonymous's picture

"It seems consumers are focusing on more than merely their 401(k) these days. " What 401K? I think most of them took them out and used it up or borrow against it already! Market rise has nothing to do with average joe six-pack!

Anonymous's picture

the market rise has been due to large scale
government intervention directly and through
proxies such as goldman sachs, jpm, morgan
stanley et al.

. . .'s picture

It seems consumers are focusing on more than merely their 401(k) these days. Now it may be time for the administration to focus on jobs, wages, deflation, budget deficits, tax rates, burgeoning sovereign debt, sticky consumer debt, bankrupt states dispensing IOUs, wealth destruction and other items that actually impact the day to day lives of the US public.

---------

Most people don't have much net worth except in housing, so 401(k) value doesn't really impact their sentiment much.  Current and anticipated wages, social sec, medicare, are way more important.

Anonymous's picture

One day we will wake up to the DOW being 92,768. 1000% inflation and the bulls will be happy. ;)

Anonymous's picture

"WASHINGTON (MarketWatch) -- The U.S. consumer sentiment index unexpectedly declined"

ROFL, unexpectedly..... joke of the century that.... and who didn't expect that the consumer is feeling pretty rotten right now? Jobless that have given up looking that don't count in the jobless numbers still haven't got a job even if they don't count and they don't spend either!
Fiddling the headline figures doesn't work with real people and real joblessness.
It is al pretend and hide your head in the sand

nogeithner's picture
nogeithner (not verified) Aug 14, 2009 2:12 PM

His message was being spread and gaining even more support...therefore he needed to be censored.

Until we have guys like Black back as regulators nothing will change. We just

good articles; good articles 4 slow news day ..http://www..
hat tip: finance news & finance opinions

Anonymous's picture

Time to front run shorts closing now and squeeze a few out

mule65's picture

Bears are flushed out.  Bulls are fleeing today.  Dollar looking good.

chunkylover42's picture

I would argue they are already focused on wealth destruction by trying to ram job/wage killing cap-and-trade and health care bills and higher taxes through Congress.

 

 

 

Anonymous's picture

This is a bad, bad number. The performance of the stock market usually has an influence on consumer sentiment, so how bad must consumer sentiment be if the a huge run up in the stock market doesn't lift it? How bad would it of been if the stock market had gone down or was just flat?

Anonymous's picture

And they are trying to hold the market up as usual, in the old days this would have tanked 200 at least by now!

Anonymous's picture

perhaps they are just realizing that after the
spectacular pump dance that they are still down
30% from peak...

maybe some of them are realizing that there are
no earnings justifying the current price level...

e1even1's picture

"Now it may be time for the administration to focus on jobs, wages, ..."

i'm expecting a WPA type program. my grandfather said they called it "We piddle around". they'll just scheme up ways for 5 people to do 1 person's job. it fits this government's pattern of expanded deficits and a synthetic economy.

Anonymous's picture

Maybe Joe Sixpack and Herby Homeowner are waking up to the fact that they have been thrown under the bus by the FED banking cartel and whores who work for their Wall Street pimps over in the District of Corruption.

Anonymous's picture

Yes, use the tarp money to trade the market instead of giving it to the people, then the banksters pocket the profits for themselves

Handle with care's picture

Consumers are obviously too dumb to understand the Trickle Down Theory.

 

With enormous bonuses back on Wall Street the rich are again getting much richer, and any day now they'll start to use that money to create good paying American jobs.  Any day now ...

 

As Obama continues, and indeed accelerates  the work done by Reagan and Bush in ensuring that the productive surplus of America is diverted into and retained by fewer and fewer hands America is on the verge of unprecedented prosperity.

 

If only the liberals and unions hadn't ruined the nation with their socialism, all the money could by now be in just one person's hands and that would make us all rich!  Somehow

 

Warren Buffet walks into a bar full of economists, they all immediately jump up and order the best champagne shouting, "We're all rich!"

Anonymous's picture

One would love to see the pitchbooks rham put together for his Perella payday - about says it all

Neophiliac's picture

JPMorgan's forecast for a v-shaped recovery looks very moronic in the face of these sentiment and CPI numbers.  They were even talking about "pent-up consumer demand".  Epic fail.

Anonymous's picture

Probably just a lackey wheeled out that they can say was one of their juniors after the event and sack them, but use them to get out of their longs and go short!

Like the GS call on oil at the top saying it was going higher and also at the bottom saying it was going lower