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Beige Book Released: "Japan Is The New Snow" In Explaining A Slowing Economy

Tyler Durden's picture




 

According to the just released Beige Book, there was slower growth seen in New York, Philadelphia, Atlanta, Chicago districts. Only Dallas reported acceleration. And yet the denials continue: "wage growth generally remained modest", and there was "widespread improvement reported in credit quality." We wonder where they get these imaginary data feeds from. More from the report: "Manufacturing activity continued to expand in most parts of the country, though a number of Districts noted some slowing in the pace of growth. Activity in the non-financial service sectors expanded at a steady pace, led by industries related to information technology  and business and professional services." Shockingly, the Fed admits there is food price inflation: "Elevated food and energy prices, as  well as unfavorable weather in some parts of the country, were said to be weighing on consumers’ propensity to spend." Lastly, Japan is the new snow: "Widespread supply disruptions—primarily related to the disaster in Japan—were reported to have substantially reduced the flow of new automobiles into dealers’ inventories, which in turn held down sales in some Districts. Widespread shortages of used cars were also reported to be driving up prices....Many Districts indicated that supply disruptions, primarily from Japan, have contributed to lean inventories, which have impeded auto sales somewhat....Inventory levels are mixed, with one retailer explaining inventory has been temporarily increased due to global supply concerns, such as output disruptions in Japan." And so forth. Key word count of the word: Japan - 25 times; Inflation - 1 time; Deflation - zero.

Full report:

Beige Book June

 

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Wed, 06/08/2011 - 14:09 | 1351669 Cognitive Dissonance
Cognitive Dissonance's picture

Don't eat the yellow (radioactive) snow.

Wed, 06/08/2011 - 14:12 | 1351680 augie
augie's picture

Don't snort it either all you JPM/GS Trollz.

Wed, 06/08/2011 - 14:36 | 1351802 CPL
CPL's picture

Don't you understand the street value of this mountain!!!

Wed, 06/08/2011 - 15:08 | 1351922 Josh Randall
Josh Randall's picture

+++ --- Is Meyer your main WEINER Man ? 

Wed, 06/08/2011 - 14:12 | 1351681 camaro68ss
camaro68ss's picture

I was thinking radioactive snow was neon green. Now we can have snow ball fights in the middle of the night

Wed, 06/08/2011 - 14:23 | 1351733 bugs_
bugs_'s picture

watch out where the bunnies go

don't you eat that orange snow!

 

Wed, 06/08/2011 - 16:03 | 1352121 Miles Kendig
Miles Kendig's picture

Breakfast is always better at Saint Alfonzo's Pancake Breakfast House.  Especially after trudging across the tundra, miles after miles.  Just about the only commercial establishment that tops the W/awful House in the scattered, smothered & covered department.  :D~

http://youtu.be/Ws5Xeu3BEQk

Cog, ya think Chef Ben is the new Father O'Blivion??  (That snow shoe lead fillin' mofo)

Wed, 06/08/2011 - 14:13 | 1351684 Gubbmint Cheese
Gubbmint Cheese's picture

ROR (raff out roud)

Wed, 06/08/2011 - 14:11 | 1351690 buzzsaw99
buzzsaw99's picture

There were only about a thousand cars and trucks down at the Nissan dealership this afternoon. Excuses, assholz.

Wed, 06/08/2011 - 14:15 | 1351691 Racer
Racer's picture

Widespread shortages of used cars were also reported to be driving up prices.

 

Nicely helped by the Cash for Clunkers scheme of course

Wed, 06/08/2011 - 14:12 | 1351694 Hondo
Hondo's picture

What nonsense.  I know for a fact the OCC is at banks discourging lending and that problems loans are not being cleared as fast as expected.  These guys have lost so much credibility that you really have to expect them to lie every time they open their mouths.

Wed, 06/08/2011 - 14:46 | 1351696 Highrev
Highrev's picture

Elevated - 15 times.

Rising - 19 times.

Prices - 140 times.

 

JLTB

 

Wed, 06/08/2011 - 14:14 | 1351698 carbonmutant
carbonmutant's picture

 It's amazing that the decline in the dollar has no effect on commodity prices... lol

Wed, 06/08/2011 - 14:20 | 1351710 TruthInSunshine
TruthInSunshine's picture

I can't wait until The Bernank's (aka Shakey Twitching Lip McShakester) next press conference, where I am confident he'll mention the very real and very transitory 'Japan effect' when it fits the portrait he tries to paint, yet ignores completely the 'Japan effect' when it happens to completely contradict and undermine the insinuations of that portrait.

Wed, 06/08/2011 - 14:17 | 1351712 AldoHux_IV
AldoHux_IV's picture

The economy is recovering and depressing depending upon where you stand in terms of social class-- key stats/headlines today to further illustrate central banking/policymaking genocidal actions:

- Marco Mattiacci, chief executive officer of Ferrari North America, says 2010 was the best year ever for the company in the U.S. (Bloomberg Surveillance)
- 44million+ are now in the food stamp program

Wed, 06/08/2011 - 14:43 | 1351840 sabra1
sabra1's picture

so, they sold one ferrari, big deal!

Wed, 06/08/2011 - 14:24 | 1351723 gwar5
gwar5's picture

Blaming the weather continues the meme that global warming is the root of all problems. Only a global tax on energy and prosperity will ultimately solve all our problems.

Wed, 06/08/2011 - 14:22 | 1351725 gwar5
gwar5's picture

Blaming the weather continues the meme that global warming is the root of all problems. Only a global tax on energy and prosperity will ultimately solve all our problems.

Wed, 06/08/2011 - 14:29 | 1351768 Village Smithy
Village Smithy's picture

We need to really instill the sense that you are on you own in our children. This bull shit is making me sick. Instead of telling the country that we are in for a long cold winter, better gather lots of firewood and lay down alot of preserves, they still want us all to go out and act against our own best interests. Buy more crap, borrow more money...etc.  

Wed, 06/08/2011 - 14:35 | 1351799 Pinefox
Pinefox's picture

How do you tax volcanic eruptions?

Wed, 06/08/2011 - 14:37 | 1351809 ursus.peracto
ursus.peracto's picture

Done. It's on the cable/satellite bill.

Wed, 06/08/2011 - 20:53 | 1353164 poor fella
poor fella's picture

Who cares, just trade 'em!

Wed, 06/08/2011 - 14:30 | 1351777 alexanderstollznow
alexanderstollznow's picture

funny, i could have sworn i read a story on ZH itself, flagging the wide range of electronic and auto parts manufacturers, sidelined in march and april in japan.  i am also pretty sure i have been reading stories elsewhere all along, referring to auto plant shutdowns in the US for lack of parts.

still, i dont suppose any of that could have had any effect; it is only computers, cars, and electronic control equipment affected. 

Wed, 06/08/2011 - 14:38 | 1351798 firstdivision
firstdivision's picture

Harry Wanger was spotted holding his buy anything and everything button.

Wed, 06/08/2011 - 14:43 | 1351824 Seasmoke
Seasmoke's picture

how many USED cars is Japan producing each month ?

Wed, 06/08/2011 - 14:46 | 1351831 Eireann go Brach
Eireann go Brach's picture

Here is all we need to know....No president has ever been re elected with unemployment over 7.2% apart from FDR( we are at 9.1% right now)! Now that the wheels of the economy are coming off again, Obama will throw one last hail mary stimulus plan at the economy to buy some more votes for 2012 re election year. Period! That stupid motherfucker does not give a shit about kicking the can down the road and does not understand anything about economics, so why not print a few more Bama Bucks and see if he can rent a room at the White House for another 4 years.

Wed, 06/08/2011 - 14:54 | 1351873 ursus.peracto
ursus.peracto's picture

This.

 

They will be sending out stimulus checks again. Quid pro quo.

Vote buying.

Wed, 06/08/2011 - 21:36 | 1353294 max2205
max2205's picture

If so I will mail mine unsigned back to obamarama and tell him to shove it up his asshole.....

Wed, 06/08/2011 - 15:43 | 1352105 cramers_tears
cramers_tears's picture

I checked on that reelection stat... you're right and now I truly do have hope and change.  The Obot is not FDR.

But as far as the Obot... there's no rent... IT'S ALL FREE, BABY! (Dick Vitale).  http://www.youtube.com/watch?v=e0ensQKH4VU

 

Wed, 06/08/2011 - 14:46 | 1351833 buzzsaw99
buzzsaw99's picture

OT - it sure is fun watching the financials drift lower day after day.

Wed, 06/08/2011 - 14:44 | 1351834 pauldia
pauldia's picture

 Surely  there is a job at the SEC waiting for Weiner... Click for pic of Weiners circumcised 4 inch erect member taken at his Congressional office while sexting. Sad but true.

http://yfrog.com/z/h3b3sfej

Wed, 06/08/2011 - 14:46 | 1351837 lizzy36
lizzy36's picture

Expecting that the heat wave the east is currently experiencing, will be the reason why June will suck.

I mean heat in june, who expects that?

Wed, 06/08/2011 - 14:46 | 1351848 Cognitive Dissonance
Cognitive Dissonance's picture

Pretty soon they will be blaming jaywalkers.

"Save your country.....only you can stop jaywalking."

Wed, 06/08/2011 - 15:00 | 1351879 carbonmutant
carbonmutant's picture

You mean they're not driving cars?

This could have a serious impact on GM's numbers... :-)

Wed, 06/08/2011 - 15:14 | 1351981 RunningMan
RunningMan's picture

I'm sure this is coming. They will cite a need to maintain a sense of morality and adherence to American values, which includes making sure people don't cross the street other than at the corner, with the appropriate signal. Everyone else is either a communist or an anarchist.

Wed, 06/08/2011 - 15:00 | 1351847 John McCloy
John McCloy's picture

By the way..That is your POMO hard at work from 2pm on as the market went 90 degrees upwards. I love the desperation. Meanwhile FAZ calls Shenanigans.

Wed, 06/08/2011 - 14:56 | 1351869 RacerX
RacerX's picture

"Japan is the new snow".

Lol.. +1

Wed, 06/08/2011 - 14:53 | 1351870 Piranhanoia
Piranhanoia's picture

Tourism has generally improved though. Foreigners appear to want to see several national monuments and have heard to be muttering "one last time" as they purchase their tickets.

Wed, 06/08/2011 - 14:57 | 1351882 Bam_Man
Bam_Man's picture

And next the summer heat waves will be the "new" new snow.

And then the winter blizzzards will be the "new" new new snow.

Wed, 06/08/2011 - 15:09 | 1351928 brew
brew's picture

liesman's assessment is the downside issues are mostly transitory...what a douchbag

Wed, 06/08/2011 - 15:18 | 1351985 Cognitive Dissonance
Cognitive Dissonance's picture

Can someone please send LIESman back to Russia on permanent assignment?

Wait a minute. Maybe we should stick with the devil we know.

Wed, 06/08/2011 - 15:15 | 1351955 sbenard
sbenard's picture

Did Bubbles Bernanke acknowledge that the misguided "cash for clunkers"  was the primary cause of elevated used car prices? Of course, Obama would encourage us all to just write a small check from our bank account to simply buy a new one, since so many Americans have the same style and size of digs as he and Michelle Antoinette at the moment.

Wed, 06/08/2011 - 15:26 | 1352022 CrashisOptimistic
CrashisOptimistic's picture

Except . . . except . . . wasn't Japan's slowdown supposed to reduce oil demand?

These economics and finance guys can't bring themselves to accept that their day is done and physics and geology now rule the Earth.

That's forever, too.  Inventing a new piece of paper like credit default swaps won't put any more oil in the pipelines.

The party is over.  The cops are coming.  On horseback.  Four of them.

Wed, 06/08/2011 - 15:35 | 1352056 FranSix
FranSix's picture

You have to wonder now at the extent of printing press abuses in aggregate, whether commodities prices have not settled into a new higher very long term average and that this reflects a near total collapse of all currencies. Or that the decimal place has actually moved one over to the right since 1997.

Wed, 06/08/2011 - 15:47 | 1352107 cognus
cognus's picture

Yet another reason for Obama to HATE Texas.

Draft Rick Perry....

Wed, 06/08/2011 - 17:06 | 1352440 slewie the pi-rat
slewie the pi-rat's picture

t.y., tyler.  + 25  becquerelZ

radioactive Beige Book BiChFlation.

YouTube - ?Frank Zappa - Don't Eat The Yellow Snow, Live In Sydney 1973

Wed, 06/08/2011 - 19:27 | 1352926 moofph
moofph's picture

...(beige book spoiler)...the fat lady sings at the end.

 

 

 

 

 

 

 

 

 

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