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Consumer Confidence Plummets: Down 15% To 52.9, From 62.5 Consensus, 62.7 Prior
The Conference Board is on fire today. First it killed the Shanghai after revising its China propaganda massively as reported previously, and now it indicates it surely has no credibility whatsoever, after its June Consumer Confidence number came out at 52.9, compared to 62.5 expectations, and a 62.7 previous (revised down from 63.3). And in keeping with recent tradition, we won't be surprised if this number is also massively revised down subsequently. CNBC warns to take consumer confidence numbers, when declining, with a grain of salt, and to gobble them up when rising, wholeheartedly.
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A little fuel for the smoke=fire? debate of yesterday...
http://www.debka.com/article/8879/
Best way to pull out of a depression....world war.
Also the best way to levitate your 40% approval numbers.
you and your family sign up first.
Idiot!
Do you mean Obama and his family or me and mine?
I'm not hoping for war, I'm just pointing out the signs.
I think Michelle is the only one in the family who could handle herself in combat. Barry would only be functional if he had teleprompter goggles.
It's not gonna be war until they deploy the Raptors...
"CNBC warns to take consumer confidence numbers, when declining, with a grain of salt, and to gobble them up when rising wholeheartedly."
Disclosure from Cann Hoe Of Hoe Brothers Management
Everyone you see or hear from has different incentives to tell you what to buy or sell. CNBC has a very optimistic viewpoint about where markets are headed because if they do not then advertisers (financial institutions) who buy commercial time (and place their analysts on their show to be interviewed) will not spend ad dollars.
Thanks for copying this, CD. I was just about to do the same!
What is it exactly that you're hiding in that hat? :>)
An over-inflated sense of self-worth.
Keep inflating my friend, keep inflating.
I love that quote.
One must always be cognizant of the agenda of the source of information.
Be it "reported" or "opinion", everything is distilled through the individual or the collective that is spewing it.
Implicit, explicit; truthful or fabricated. It's all a matter of degrees.
Seems like somebody forgot the add the prozac to the tabwater...
"B"-cups is just absolutely beside herself...at a total loss of words.
I recommend she upgrade to tea cups
Could be time for her to change careers, if you know what I mean.
Change careers? We are talking about "Hot tub" Burnett aren't we?
what about Mandy? XD
Mmmmm. Mandy.
"Oh Mandy, you came and you gave without talking. But I sent you away oh Mandy, you kissed me and shook me and da da da oh Mandy."
The accent gets me every time.
I guess we aren't the only ones that like Ms "MI5" Drury.
http://www.google.com/imgres?imgurl=http://forbestadvice.com/Fanclubs/Mi...
It's things like this that make me wish I still had cable. Then again, it's probably better that we don't.
Don't worry, it'll be all over youtube shortly. The revolution won't be televised, but it will be blogged. :)
As long as the White House doesn't throw the killswitch... to protect the economy from bloggers who post negative numbers.
http://www.prisonplanet.com/obama-can-shut-down-internet-for-4-months-un...
I have been thinking about this. Has anyone thought about running some lines along the national trails like the Appalachian and other such thruways? Instant NPFO internet.
I was thinking about trying to set up a stand-alone/syncronized Apache-MySQL-PHP (AMP) blogging server platform. Still have most (or all) of the functionality, but sneaker-netting the server updates (i.e., snail-mailing flash drives, dvds, etc.).
Much slower but would survive the take down, as everyone would have their own copy of their desired site.
Plus, there's the whole internet via shortwave/amateur route, too.
Communities with clusters of routers can network lillypads.
A little Wimax can go a long way...
Que the CB to state that last months number forgot to carry the 2 and was actually 57.5.
Maybe the farm prices will help those living in the land of the unicorn find their salvation?
Things are getting tough, even in the land of the unicorn.
http://www.thinkgeek.com/stuff/41/unicorn-meat.shtml
CNBC warns to take consumer confidence numbers, when declining, with a grain of salt...
It'll take more than a grain of salt to get down the shit sammy they're going to be eating. They. Know. Nothing.
The government is trying to regulate sodium and sugar anyway so you'll have to eat that shit sandwich with a grain of salt substitute.
The more "bread" ya have the less shit ya taste.
Hey, no worries - home prices, juiced by the last of Uncle Sugar's crack-mixture, rose a statistically insignificant 0.8% and Case-Shiller is telling us "it's all better" when it comes to RE.
So what's with all this gloomy gloom talk? It's all good! Rally on!!
Get out there and buy more iPads, sheeple!
< /cnbc >
so what was that U of Michigan report all about. the economy is like WMDs, just cherry pick the data you want to confirm your decision.
there a number of older buildings in my town, built more than thirty years ago, first they were banks, then in they were taco bells, and then they were banks again, and finally they will be thrift stores i think
The state of Michigan is entirely populated with douchebags.
But their National President resides in Destin, Florida.
UMichigan sells its consumer sentiment reports to whoever is willing to pay for that statistically meaningless garbage, and also releases them to its subscribers a few minutes before the official announcement hits the wires (ever noticed those moves in ES 2-3 minutes prior?)
Who would trust that kind of organization?!?
Instead of wasting your hate on us Michigan douchebags maybe you could reflect upon the economic terrorists in DC and New York or the Chicago Zionist gangsters in the execuitive branch. Think bigger Turd.
Churches, more like it. They're the only things filling up the empty retail centers around here.
The First Church of Walmart.
Homeless shelters.
Sorry, "shelters".
What else would you expect from an economy lead by a "community organizer"?
Zing! Zing zing xa xa zing!!!
I bet it was really under 50, and they had to make sure it was over the magic 50 line as to not show the disaster it really is. I bet we see 35 next month, which is very bad.
Cramer say buy-buy! So easy even caveman can do it! Ugh!
On another note, this is proof that everyone is starting to hunker down. I've noticed this all year long. The company I work for, which sells specialty high-end lighting and hardware (not exactly a necessity) has seen its sales drop from customers here in the USA. Most people are buying small pieces of hardware that they need and little else. Our larger orders have come from restoration projects across the country that received grant money from the federal government and, surprisingly, customers from Canada. As a family, we have imposed our own "austerity measures" and we are waiting for the last shoe to drop because I know that my job will be the first to go.
Sorry to hear that Jane, but hopefully we can get the great reset to hit sooner rather than later. Once reset, we will be able to build a sustainable economy :)
Amen. The faster and harder it drops, the more incentive we will have to make things better. When I die I want to be able to say that things are better for my boys than they were when I was around.
Welcome back to the future
I don't understand...Since there are NO MORE CONSUMERS, as everyone is BROKE...How can there be a Consumer Confidence Survey?...There is no one left to survey!
If the unemployment rate is 20%, that means the employed rate is 80%. There are plenty of consumers around. Their purchasing patterns may be changing, but they are still there.
Another factor in this mess-retirees. Many retirees used to have enough disposable income to keep the economy humming and take up some of the slack but with the banksters in charge most are unable or unwilling to let their cash flow as it once did. Pensions are being underfunded so we can't expect them to take up the reigns of consumption like they did in the past.
Gerald Celente said that people are going to be much more careful about how they spend their money and that the future trend was going to be for locally made/quality goods and organic foods. I think this is a step in the right direction for a more sustainable economy.
For those who are in the business of manufacturing confidence it must be quite a shock to realize that the con game does not follow the exponential growth curve in practice, just like the economic theology that gave rise to this particular con game.
".. it must be quite a shock to realize that the con game does not follow the exponential growth curve in practice..."
Call it "natural" shock and awe.
Nothing to see here folks. it is simply scare tactics to justify QE2, which will be great for the stock market and banksters. You can bet Bernanke is telling Obama to launch QE2 trillions ASAP to reinvigorate the economy. Afterall, the big voting season is just around the corner and all that.
The Conference Board had better borrow UMichigan's rolodex or they're going to end up on Obama's "Americans for Assassination" list.
Consumer confidence correlates perfectly to the number of bearish articles posted on ZH. :)
(the masses are fickle!)
Just remember that I'm going to hold you to yesterday's "and make no mistake about it the recovery is taking hold" call.
Wait your turn. I'm still holding Leo to his Hellenic Bonds call.
Does this mean my chinese solars are not a sure thing??
2 months of oil spill coverage will erode any little consumer confidence.
for fuck's sake this is not rocket science folks.
who do you think is behind the propaganda that is labeled "The Conference Board".
we're being played - again.
we're being played - always.
There, fixed it for you.
I hope Rick Santelli gets hired by Bloomberg TV soon, so there will be absolutely no reason for me to watch those CNBShit charlatans ever again.
+3 on Bloomberg +10 on Fox.
I think the problem is that CNBC has a contract with the pits. If Rick leaves CNBC he won't be able to report from the floor. It would take a network with bigger pockets to cut the deal with the exchange and they may not see the demand from their viewers.
Hope and Change
I think Obama really meant "Hoop & Charge"...
Code for: Opium and Ganga.
As first suggested on June 23, looks like the equity counter trend rally has ended.
http://stockmarket618.wordpress.com
http://www.zerohedge.com/forum/latest-market-outlook-1
Wow! Its GS again. Leaping into the fray, bringing us superior insight on the matter at hand. Yes, and the content level of his submission in relation to the CCI is .... Zero.
Oh and this has never happened before! I am at my wits end. Is GS ill? GS always has something witty to say. (Never).
Well, GS I will try to keep up with your repartee as it pertains to the article of the moment.
Ta ta!
He is easily the best poster here!
He stirs controversy with wit, and makes gutsy market calls! We follow his ever lasting light with diligence and reverence!
All hail the Grand Supercycle!
'Consumers are fickle'...yea and bankrupt, unemployed, and foreclosed on.
Exactly. The game is fickle, the consumer is beat.