Consumer Confidence Is Now Lower Than During All Recent Financial Crises And Tragedies

Tyler Durden's picture

One chart stands out in today's Breakfast with Rosie: the comparison of yesterday's surprisingly weak Consumer Confidence number with comparable prints taken at financial crises and tragedies of the past such as the October 1987 markets crash, Desert Storm, LTCM, the dot com collapse, September 11, Katrina, and Lehman. No surprise: yesterday's was the lowest. And as a reminder, the president's reelection campaign kicks into higher gear in a few months...against the backdrop of the most unhappy popular sentiment in recent years. Just how do QE 3 skeptics believe he will succeed, when still faced with consumer confidence that two years into the "recovery" is lower than during any other previous economic "expansion", even as congress is about to unleash the most brutal wave of fiscal consolidation (aka austerity) in recent American history.

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Everyman's picture

That graph should be good for about 245 points to the upside for the DOW tomorrow.

These "financial guys" make me wanna puke.  How asinine can they actually be?  This is a recovery?  Kudlow calls this shit "green Shoots"???

I call it BULLSHIT!

narapoiddyslexia's picture

And as bizarre as it sounds, Kudlow and Obama are on the same team.

downwiththebanks's picture

Along with Ron "John Birch Society" Paul.

Go team.

jaffi's picture

Last I checked, Ron Paul is not a John Bircher.  Ron Paul is an individualist libertarian who subscribes to the Austrian School of economics.  Far from a John Bircher, indeed.  If anything, I would call Ron Paul a Misesian with some Rothbardian tendencies.  

Thomas's picture

At least the EU guys act apologetic before a Death by Bongo ceremony. BTW-Anybody know that song from the twenties about "strange fruit" in reference to lynchings? I think I am going to need it for a blog.

jdrose1985's picture

You might want to check again. Of course, you'll most likely hold tight to whatever cherished delusions it is that you currently hold.

Disclaimer: I voted for Ron Paul in 2008

Medea's picture

Silly rabbit, voting is for kids.

downwiththebanks's picture

To what political party does he affiliate himself?

jdrose1985's picture

You're battling cognitive dissonance.

So I wouldn't plan on making too much progress here.


ihedgemyhedges's picture

One of the two allowed by TPTB..................

jeff montanye's picture

considering how different from bush obama claimed and seemed to be, one might well entertain the possibility that ron paul would prove to be a fraud as well.  only the event will tell, but he has spent a very long time in the wilderness being ignored and mocked.  seems less likely that he is lying about his intentions. 

Bob's picture

True enough.  The problem I see is that he would have virtually no ability whatsoever to make good on his campaign promises.  One guy, even the POTUS, is gonna end the Fed?  Remove the US military from the rest of the world?  Let the TBTF's BK? 

Sorry, that takes a like-minded, willing and committed congress.  Ain't gonna happen. Face it: It's a wet dream.

Hell, if he could do it, I'd be willing to risk it and sort out the social welfare issues later. 

TheTmfreak's picture

I've never heard Ron Paul make "promises" other than to try. He openly states that there is "only so much he can do."


But then again with congress willing to give the executive branch pretty much complete and total control who knows... Although thats only to progress the statist cause.

tarsubil's picture

Yeap. I think Ron is just telling it like it is. He probably doesn't expect things to be fixed before everything falls apart. Maybe he is laying the ground work for after everything falls apart. Or maybe he is just another politician who has found his niche.

I think I need to buy a gun's picture

they are on the same team but armstrongs 72 year bottom is june this year so gold revaluation must be soon

MolotovCockhead's picture

And as much as you want to laugh at their foolishness, we probably end up crying.

Alienated Serf's picture

so rosie is free again?

jdrose1985's picture

Serf's up.

You still frequenting RJ?

Alienated Serf's picture

na, haven;t checked it in months.  anything of value there?  lots of clowns on this site these days..

Milestones's picture

There is never a right time to die--- or bite the bullet;- but sometime in our lives you gotta do what ya gotta do. We keep putting it off because tomorrow will be a better day to do it --right?    right!           Milestones

ParaZite's picture

Green shoots always spring up from horse shit, or something dead for a long time. 

Our economy is a perfect combination of horse shit and death for a few green shoots to pop up... when the light of day actually hits them though, they quickly wither and die. 

CH1's picture

Yeah, but everything sufficiently new or different is punished.

Regulations smother actual green shoots.

Village Idiot's picture

"Green shoots always spring up from horse shit..."

And in the right conditions, brown mushrooms spring from cow shit.  Maybe we're high on the wrong metaphor?  Anyone ever consider that?  My new thesis: It's a shrooming economy!

Yes_Questions's picture

Shroomshoots make for some really fun visions of recovery!

+ice-cream bars..

JW n FL's picture



Good Sir, for thou unknown to thee for more now than a fortnight for reason of Love or Vanity.. let it be known thou’s presence bring such color to gloomy times, the light that does break the darkness.. please do allow a spare moment, lest forgotten we shall float.. victim to our own sense of lacking.




Get your ass back here once in a while Fucker! We miss ya!


Manthong's picture

Well that could explain a lot. Most everybody out there has to be tripped out big time to buy the wagon load being dished out by TPTB.

razorthin's picture

flush the toilet and clean water can refill it.  but we just keep pissing in it.

Alienated Serf's picture

nikkei is gettin hammered.  -1.72% so far.  tomorrow is gonna be fun.

sasebo's picture

I'll say it again -

I've got news for the stupid asshole bankers, delusional asshole two bit politicians & dumber than dumb Fed trying to run this country - IT AIN"T WORKING.

It's all about results & there AIN"T NONE.


Glitch's picture

Depends on what results you want.

buzzsaw99's picture

I slammed my wallet shut when the criminals started operating in broad daylight. Screw obama, bernanke, jpm, gs, buffett, munger, and every other a-hole running this country into the ground. A pox on all their globalist houses. I'm glad the consumer eCONoME is in the toilet.

gwar5's picture

Ditto! Couldn't have said it better.

JW n FL's picture

I wish I could say this and mean it..


"and so it began"

lizzy36's picture

The surprise is that consumer confidence has held in so well. Hope is a strange beast.

80% of Americans largest investment is their house (we can argue later about whether a home should be viewed as an investment). Since peak housing prices (2006) total home equity lost amounts to an average of $105k per home owner. There was a $9k drop in the first quarter alone.

Bernanke has done SFA for these people. And some might suggest that the "animal spirits" reinforced through access to cheap money has actually hurt these 80% as their cost of food and fuel has risen on average 30%-40% in a year.

I don't know where this ends, i just know how.

Cursive's picture


Who knew the BS artists could have gotten us this far since March 2009? But the beginning of the end does fell very very close. The cliff we are approaching looks really steep. Good luck to us all, especially the ZH oldtimers.

Hephasteus's picture

Steepness is not the problem. It's the depth.

Alienated Serf's picture

how about calling a primary residence an asset.

mayhem_korner's picture

Residences are not assets, but "bunkers" might be...

Diablo's picture

FYI; consumer confidence was in the 30's in the beginning of 2009


Founders Keeper's picture

Ah yes. But, Diabo, don't forget to factor in inflation. Thirty points was the nominal Consumer Confidence number.

True Consumer Confidence numbers---accounting for inflation---in the beginning of 2009 was somewhere between "Is this my '08 year-end statement?" and "Where can I sign up for this $10k gov't cash rebate if I buy a house?"



Eireann go Brach's picture

Can one man put his own selfish re election needs over the better good of 350 Americans and initiate more rounds of stimulus to buy a few extra votes?...why you better fucking believe Obama is selfish enough!

Eireann go Brach's picture

350 million Americans....

web bot's picture

Glad you're quoting Rosie again. His expertise is not picking stocks... its on the BIG picture.

web bot's picture

If we see QE3... then KNOW THIS FOR CERTAIN, we're totally and completely #ucked. It would have to be that bad. My guess is that we'd see Bernake leave before the implementation of QE3. We say a lot of things on here about him, but he is not Paul Krugman, er... I mean stupid.

Subprime JD's picture

The QE3 denial is part of the con game. They want us to believe that the recovery is real. Shit, THEY want to believe its real because the powers that be have the most to gain from keeping the ponzi going. In the end, the numbers dont lie as the federal government cannot finance its operations with the fed lending the fiat digits. Throw in some GDP misses and the deficit just got a whole lot bigger. Shit, another technical recession and the deficit will jump close to 2 trillion per year. Imagine that!

web bot's picture

If Obama was a man of foresight and wanted to secure his place in history and not in some sort of I Spy picture book, he would hold an emergency conference tomorrow morning, announce that due to unprecedented times, he is scrapping health care reform, cutting the US military by $300B, implementing Glass-Steagall and raise taxes. He would message that he is tackling the problems head on, regardless if he gets re-elected or not. He would say that he intends to balance the budget by 2015. He would say that there is still time, so the markets don't need to over-react, but that time is running out unless something is done. The markets would have a line in the sand which would restore normalcy, albeit a deep recession.

People would respect the man for his forsight in seeing that the US is on the precipice.

I follow web bot predictions and I am sickened by what is coming... and we're talking months, not years until the collapse. 

<not associated with web bot project>