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Foodstamps Soar By Most In 16 Months: Over 1 Million Americans Enter Poverty In Last Two Months

Tyler Durden's picture




 

And we thought last month's delayed foodstamp data was bad. The just reported foodstamp number for September was a doozy, with 607,544 new Americans becoming eligible for foodstamps, as a record 47.7 million Americans are now living in poverty at least according to the USDA. The monthly increase was the highest since May 2011, and with August's 421K new impoverished America, over 1 million Americans made the EBT card their new best friend. It is unclear just which atmospheric phenomenon will get the blame for this unprecedented surge in poverty, which comes at a time when the pre-election economic data euphoria was adamant that the US economy was on an escape velocity to utopia. Instead what we do know is that in August and September, over three times as many foodstamp recipients were add to the economy as jobs (324,000). We also know that with the imminent impact of Sandy, which will send foodstamp recipients soaring, it is now looking quite possible that the US may end 2012 with just over a mindboggling 50 million Americans living in absolute poverty and collecting the $134.29 average monthly benefit per person, instead of working. Welcome to the recovery indeed.

Individual Americans on foodstamps:

Foodstamps at the household level rose to a record 24 million:

Aggregating foodstamp, disability and nonfarm payrolls data shows that since the start of the Depression in December 2007, 21.8 million Americans have shifted more or less permanently to the entitlement line, even as the US still has to generate 4.4 million jobs just to break even.

And the same shown on a monthly basis:

Source: SNAP

 

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Mon, 12/10/2012 - 09:23 | 3048265 GMadScientist
GMadScientist's picture

What? Ayn Rand was lying? We are actually dependent on each other?

Doh. There goes your whole conservative thesis.

Sun, 12/09/2012 - 23:45 | 3047803 williambanzai7
williambanzai7's picture

I have been reading the MSM stories about GE and Apple repatriating factory jobs to the US. The most recent being in Forbes.

What is most interesting is the apparent revelation that in many respects it makes no sense to manufacture many products in China.

The China manufacturing meme was apparently a fad accelerated by the short term share value enhancement sought by Wall Street and C Suite management with comp tied to short term share performance.

As a matter of long term strategic thinking, moving jobs to China en masse turns out to have been yet another example of economic strip mining by the powers that be.

Now, ask yourselves, what the fuck is an unemployed middle aged factory worker supposed to do? What business is he or she supposed to start? A hardware store, a dry goods shop, a newspaper stand?

Who designed the economy that converted millions of productive people to realtors, mortgage brokers and Walmart guards?

Certainly not the people who are forced to suffer the humiliation of being modern paupers because they find themselves unemployed.

Now the people who did design our broken factory are complaining the loudest about the safety net.

Let them dismantle the net and see what happens next. Something the Chinese worry about all the time.

Sun, 12/09/2012 - 23:45 | 3047814 Yen Cross
Yen Cross's picture

 Let's look at the real reason jobs might be repatriated/  Lack of demand comes to mind.   Getting fingered Eg;( intellectual property theft) by the Chinese comes to mind/

Sun, 12/09/2012 - 23:50 | 3047825 williambanzai7
williambanzai7's picture

Energy costs have trended upwards. Is that a surprise.

It makes more sense to have design and marketing teams in close proximity to production teams, all speaking the same language.

Time to point of sale is shortened from 4 weeks to thirty minutes.

IP management.

Upward trending Chinese labor cost.

Sun, 12/09/2012 - 23:54 | 3047838 Yen Cross
Yen Cross's picture

And you say you aren't a trader? Passive?

Sun, 12/09/2012 - 23:57 | 3047845 williambanzai7
williambanzai7's picture

There is much more to trading than fundamentals, as we now know.

Mon, 12/10/2012 - 00:36 | 3047888 Yen Cross
Yen Cross's picture

You never cease to amaze me Mr. William Banzai-7. Technically speaking/ that is exactly what I'm trading in these thin markets.

 Volatility is your friend, if you do your homework :-)

Mon, 12/10/2012 - 00:39 | 3047920 williambanzai7
williambanzai7's picture

If I were trading on volatility, would I have time to do artwork?

Mon, 12/10/2012 - 00:58 | 3047957 Yen Cross
Yen Cross's picture

A brillant artist you are. The "Vatican" should commission you... You are that good/ You have the ability to insert ideas in-to visual art in ways that remind me of some other very special proletarians/

Mon, 12/10/2012 - 01:01 | 3047966 williambanzai7
williambanzai7's picture

Now if I could only find a way to remote taze Bernanke, Geithner and Blankfein everytime someone looks at one of my pictures.

Mon, 12/10/2012 - 02:12 | 3047994 Yen Cross
Yen Cross's picture

 Never mess with an Artist/

Mon, 12/10/2012 - 09:33 | 3048281 GMadScientist
GMadScientist's picture

Better to inspire others on to their own tazing adventures.

http://www.youtube.com/watch?v=FY8GGLI4Sdg

Mon, 12/10/2012 - 01:19 | 3047987 Anusocracy
Anusocracy's picture

"It makes more sense to have design and marketing teams in close proximity to production teams, all speaking the same language."

You forgot research and engineering.

China is producing ten times as many scientists and engineers as the US.  The US undoubtedly beats China in lawyers and social workers, though.

Sun, 12/09/2012 - 23:53 | 3047837 dark pools of soros
dark pools of soros's picture

Globalization and bringing women in the workforce both did their effect.  They can bring the jobs back here now since they already widen the wage gap between worker to executives over the last 40 years. 

As long as they push healthcare onto the people and not a worker benefit for labor level jobs they will bring them back. 

 

Mon, 12/10/2012 - 00:01 | 3047852 Dr. Engali
Dr. Engali's picture

First of all they aren't going to bring any meaningful jobs back. Sure they will bring a few thousand back for public relations to make it look like they are taking meaningful action, but I will bet you dimes for dollars ( not silver dimes) that for every one job they create here, they will create ten in another third world country.

Mon, 12/10/2012 - 00:13 | 3047878 williambanzai7
williambanzai7's picture

It doesn't make sense to bring every job back of course.

But the rubric became send all jobs to China.

Perhaps the next iteration will be why aren't you in Mombasa?

Mon, 12/10/2012 - 00:42 | 3047930 Dr. Engali
Dr. Engali's picture

No it doesn't make sense to bring them all back, but when I here GE is going to bring 5,000 back over so many years it makes sick that people buy into that crap when you consider the fact that GE buys up companies to offset the jobs they are shipping overseas. This keeps their number of domestic employees look stable when in actuality they moving jobs overseas as fast as they evere were.

Mon, 12/10/2012 - 00:58 | 3047959 williambanzai7
williambanzai7's picture

Yes, GE is one big net job exporting juggernaut. And now the MSM has been paid to publicize the job importing phenomena.

Nevertheless, I am sure that corporate America went way overboard on job exporting, simply because the idea of operating in China became such a Wall Street sponsored fad.

How much do you think it costs to manage quality in the China supply chain? It certainly is supporting the karaoke entertainment industry in Shenzen.

Mon, 12/10/2012 - 01:03 | 3047970 infinity8
infinity8's picture

ISO-what?!

Mon, 12/10/2012 - 01:05 | 3047974 williambanzai7
williambanzai7's picture

You can get that in the foot massage parlors.

Mon, 12/10/2012 - 01:09 | 3047977 infinity8
infinity8's picture

They're massaging feet to ISO standards? That's news to me.

 

*edit: not defending ISO

Mon, 12/10/2012 - 01:34 | 3048002 Mr Pink
Mr Pink's picture

ISO oorrrrnnnnyyyyy

Mon, 12/10/2012 - 01:46 | 3048006 infinity8
infinity8's picture

Thank Bejesus somebody got it.

and a lot of these fags don't know what ISO even is...

Mon, 12/10/2012 - 10:20 | 3048363 Vendetta
Vendetta's picture

The math for the long term financial viability of the US in a lets-outsource-all-wealth-production-to-slave-wage-labor-markets meme has never stood up to unbiased scrutiny.  As fond the gov is with a massive and technologically advanced military and the ever-loosening export control of its development, it takes a strong broader manufacturing based economy to simply sustain it.  Aside from the simple fact that no one can point to a 'service based' economic model employed by some nation that ever thrived over the long term in all of history. 

 

 

 

 

Mon, 12/10/2012 - 00:46 | 3047925 newengland
newengland's picture

Dr Engali,

I agree. Wall St owns Washington. It is a matter of crowd control, keep the sheeple in a quiet state. 

The USA will only save itself when people who live in the USA buy local, even if it costs more to employ an American.

The Republic is an expensive virtue.

Sin is a cheap hell, as experienced by dollar workers sleeping on factory floors in most of the world.

The Republic can make good things at prices neighbors can afford if we stay close to home. After all, the USA is a huge market that can make, buy and sell here.

There is still more genuine community spirit and safety and prosperity in the USA than most places in the world. But the clock is ticking. Time is a fierce task master. We must stay close to home.

Mon, 12/10/2012 - 00:51 | 3047944 Dr. Engali
Dr. Engali's picture

I agree it's people are going to have to support the local community , but I don't think that will happen until there has been a big reset. Since 2008 I decided that I was going to support the local businesses and shun the big box stores .The problem is thath they can't compete on pricing. Now I am blessed where I can afford to pay a bit more so I do, but not everybody has the same capabilities so the big box stores can crush the local merchant. Until there is a reset we will unfortunately continue down this path.

Mon, 12/10/2012 - 00:53 | 3047950 williambanzai7
williambanzai7's picture

Evidently, food stamps and "entitlements" are embedded in the box store business model.

Mon, 12/10/2012 - 08:18 | 3048187 DavosSherman
DavosSherman's picture

+1 Willam.  The EBT buttons on the credit card machines, and this ZH article from 2010:

Stunning admission by none other than the CEO of Walmart on what modern day bread lines look like.

I don't need to tell you that our customer remains challenged…You need not go farther than one of our stores on midnight at the end of the month. And it's real interesting to watch, about 11 p.m. customers start to come in and shop, fill their grocery basket with basic items – baby formula, milk, bread, eggs – and continue to shop and mill about the store until midnight when government electronic benefits cards get activated, and then the checkout starts and occurs. And our sales for those first few hours on the first of the month are substantially and significantly higher.

Talk about shopping only for necessities. The mid-night trip for baby formula says it all.

 

And we all know that Jamie Boy's crew charge and skim off the cards each month making billions...

Mon, 12/10/2012 - 11:49 | 3048626 MachoMan
MachoMan's picture

This doesn't happen anymore...  In reponse to complaints by retailers of the first of the month hordes, the SNAP (et al) benefits have been rolled out over the course of the month, often times based upon last name.  In other words, at one point in time, everyone could go witness the modern bread lines even in an EBT world.  However, this too has been obfuscated.  I suspect though, like virtually all other measures, the law of diminishing returns will make another appearance and we'll be back at square one.

Mon, 12/10/2012 - 01:55 | 3048015 newengland
newengland's picture

Dr Engali,

One step at a time. I do as you do: buy local. You and I are fortunate. By this way, local people are employed and they can buy local eventually.

I love my land, my people, my Republic, no matter what it costs. I am happy to be home.

Mon, 12/10/2012 - 02:00 | 3048021 williambanzai7
williambanzai7's picture

There is currently a great need for carpenters in NYC.

Mon, 12/10/2012 - 10:53 | 3048441 tip e. canoe
tip e. canoe's picture

unfortunately, you either have to pledge your first-born child to the Carpenters Union or be an skilled but undocumented immigrant willing to work for peanuts in order to get any work.

Mon, 12/10/2012 - 01:21 | 3047989 AGuy
AGuy's picture

"that for every one job they create here, they will create ten in another third world country."

No they are simply building automated factories. They want to cut out the labor as much as possible. In the past it was cheaper to off-shore to cheap Chinese labor with workers making 10 to 20 cents an hour. Because of Inflation in China, wages are rising. and this makes domestic automated factories cheaper than Chinese labor.

 

Mon, 12/10/2012 - 01:49 | 3048009 williambanzai7
williambanzai7's picture

I could show you some articles about the mad rush to send Chinese students to American universities and how the American science degree means much more in China.

Mon, 12/10/2012 - 15:03 | 3049229 Aurora Ex Machina
Aurora Ex Machina's picture

They're going to be part of the new wave, along with Amazon (look to which company Amazon bought, and wonder at deals being made for production, and with whom). Since Foxconn is switching to using them, the same model will work in America, without the messy unpredictable bother of dealing with non-compliant workers raised on McDonalds and Fox News in their trailers.

What am I talking about?

 

iRobots.

Mon, 12/10/2012 - 00:09 | 3047869 williambanzai7
williambanzai7's picture

There was a period when you were automatically considered a fool for thinking you could manage labor in the US. The MSM blindly perpetuated this meme.

Meanwhile the Japanese and German auto makers seemed to have been able to do it. What do they teach the Japanese and Germans about factory management that they don't teach the Harvard-Soviets?

In two words, cooperation and respect.

Mon, 12/10/2012 - 00:19 | 3047886 Id fight Gandhi
Id fight Gandhi's picture

WB7, REQUEST. Can you please do up some artwork showing the EBT card like an ad for a credit card, maybe a "black card" version a la Amex? Obama edition?

Thanks, I love your satire, always Gives me a smile!

Mon, 12/10/2012 - 00:37 | 3047917 williambanzai7
williambanzai7's picture

EBT Card...do they give frequent pauper miles?

Mon, 12/10/2012 - 01:47 | 3048008 Yen Cross
Yen Cross's picture

frequent pauper miles / I just fried my keyboard! I think, I just lost a lung on that one!

Mon, 12/10/2012 - 02:56 | 3047889 williambanzai7
williambanzai7's picture

I got junked by Thomas Friedman's dog Flatso.

MERRY JUNKMAS

Mon, 12/10/2012 - 03:21 | 3048068 Yen Cross
Yen Cross's picture

No junks from me! never ever/ Iceland comes to mind?

  Bill #7 if you have a trading terminal, I'm giving you some inside info. Short risk in 2-3 hours/ you will get pumped(stop hunters). Add to your posistion and be really quiet. You are welcome/``

  Don't set S/L, trailing stops are ok

Mon, 12/10/2012 - 01:18 | 3047985 AGuy
AGuy's picture

"I have been reading the MSM stories about GE and Apple repatriating factory jobs to the US. "

These factories will be nearly completely automated. They will hire very few workers, and the majority of workers they hire will be skilled engineers to design and operate the machines. At best there will be a few  unskilled workers to load the machines with raw materials and to ship out the finished products.

"The China manufacturing meme was apparently a fad accelerated by the short term share value enhancement sought by Wall Street"

This is happening because of rising wages in overseas and worker revolts.  And they aren't bring back the majority of manufacturing, just the small portion that can be fully automated.

Mon, 12/10/2012 - 01:57 | 3048013 williambanzai7
williambanzai7's picture

Read about the GE boiler plant. It's interesting.

If you have 10 jobs managing robots, better have them in the US.

Mon, 12/10/2012 - 05:58 | 3048129 slackrabbit
slackrabbit's picture

 

Bang on.

As I said to my local MP, 'you got what you the socialist corptocracy wanted and suddenly realised you have run out of tax payers and consumers. It took you 30 years to break and it'll take 30 years to fix. So what do you think this  unemployed mob is going to do in the meantime?'

Don't forget the burger robot

http://www.geekologie.com/2012/12/burger-robot-can-crank-out-360-bph-bur...


 FORWARD !

 

Mon, 12/10/2012 - 08:26 | 3048199 StychoKiller
StychoKiller's picture

So, who's the next slave-labor camp?  Vietnam?

Mon, 12/10/2012 - 10:48 | 3048429 tip e. canoe
tip e. canoe's picture

all good points, however, is the answer to get americans back to working for those very same corporations who shipped those jobs out in the first place?   (those very same jobs will be for lower wages than they were before they were shipped off due to wage arbitrage.)   is the answer to reindustralize America under the very same debt-based ponzi system (gone global) that existed before all for the sake of creating "Jobs"?

sorry, but i smell a long con.

Mon, 12/10/2012 - 11:34 | 3048571 williambanzai7
williambanzai7's picture

No that is definitely not the right answer. But people need to understand that this has been a very long drawn out application of vampire capitalism and the vampires anre now busy trying to steal the narrative with the physical cliff.

Meanwhile they are trying to brainwash the masses with the hopium pipedrwam that some sort of recovery is underway. Shit we've been hearing it for almost four years now.

Mon, 12/10/2012 - 15:05 | 3049233 Aurora Ex Machina
Aurora Ex Machina's picture

The simple answer is that it won't be Americans working (apart from for the glossy PR walk-a-bouts & brochures).

Sun, 12/09/2012 - 23:45 | 3047815 Goldilocks
Goldilocks's picture

Johnny Cash - Sixteen Tons
http://www.youtube.com/watch?v=tfp2O9ADwGk (2:44)

Sun, 12/09/2012 - 23:46 | 3047816 Alcoholic Nativ...
Alcoholic Native American's picture

I just lost mine, fuckers found out I work.  I have vices..., doritoes, ginger ale, rising crust pizza's and slabs of meat.   What the fuck am I going to do now?

Sun, 12/09/2012 - 23:51 | 3047831 Yen Cross
Yen Cross's picture

Lots of Sandy RATS looking for a new home /

Mon, 12/10/2012 - 00:05 | 3047860 petolo
petolo's picture

NEXT..........Ration Stamps 

Mon, 12/10/2012 - 02:05 | 3047897 Yen Cross
Yen Cross's picture

Manhattan Rat souffle... BYOB   ( Bring your own bankster)... ;-}

  I'm mental/   Quentin Tarantino flix keep popping into my mind/ go figure

Mon, 12/10/2012 - 10:53 | 3048439 foodstampbarry
foodstampbarry's picture

Go buy a flat screen and a pack of menthols. KFC has a good deal going on also.

Sun, 12/09/2012 - 23:48 | 3047819 reader2010
reader2010's picture

The money that they spend on your food stamps is peanuts compared to the money they spend on the corporate food stamps.

Mon, 12/10/2012 - 00:36 | 3047915 tmosley
tmosley's picture

Especially given that the entire food stamp program is a JPMorgan subsidy.

Mon, 12/10/2012 - 00:45 | 3047938 toomanyfakecons...
toomanyfakeconservatives's picture

JPM... the company that profited off WWI before anyone knew what modern day war profiteering was.

Sun, 12/09/2012 - 23:50 | 3047822 Miffed Microbio...
Miffed Microbiologist's picture

I was contemplating who was going to pay for all this when I unfortunately noticed my reflection in the window. Oh what a good time to be a wage slave.

Miffed:-)

Sun, 12/09/2012 - 23:50 | 3047824 yellowsub
yellowsub's picture

That's 1 million more people contributing to the economy again!

Sun, 12/09/2012 - 23:56 | 3047827 Dr. Engali
Dr. Engali's picture

The sad thing is that even though the system is designed to hide the soup lines they are still starting to form because people are running out of food stamps. I can't believe some of the lines I'm seeing at the help shelters lately. It's really pretty disturbing.

Mon, 12/10/2012 - 00:11 | 3047874 DavosSherman
DavosSherman's picture

Nice of you to volunteer.  Interesting reading your comment.  Thank you.

Mon, 12/10/2012 - 01:16 | 3047961 Dr. Engali
Dr. Engali's picture

I live in a city of about 35,000 people so chances are pretty good that if your semi involved in the community you are going to run into somebody you know. I bring this up because I see people I would never have expected to see in the food lines waiting for whatever assistance they can get.

Mon, 12/10/2012 - 01:22 | 3047986 newengland
newengland's picture

Yes. Weird that anyone would junk his/her comment...unless they were a government PR, unhappy that truth leaks out.

'davossherman's comments are usually rational ZH. I guess it's upsetting for PRs to see s/he has a heart.

Mon, 12/10/2012 - 08:22 | 3048192 DavosSherman
DavosSherman's picture

Thanks NewEngland.  It's the ilene bullshit.  Probably that fucking skank, Orly, LadyEconomist or some other clueless troll that I had to clue in on the fact that economicially they were clueless fucking morons.

Mon, 12/10/2012 - 00:31 | 3047892 newengland
newengland's picture

Dr. Engali,

We see that too here in my part of the world, and I'm reminded of my mother's advice: charity begins at home. Genuine community gives time. There is never enough money.

Wall St owns Washington: they both take most and give least...because they are 'worth it' in their minds, with their celebrity freak pals.

There are record numbers of people turning up at pantries here because no government assistance programme can feed their family sufficiently after so very long unemployed or working fewer paid hours due to the ongoing depression which the elites and their media deny exists.

And I live in a place with one of the lowest official unemployment rates in the USA.

Mon, 12/10/2012 - 00:40 | 3047924 DaveyJones
DaveyJones's picture

been noticing and thinking the same. probably not a good sign eh?

Sun, 12/09/2012 - 23:55 | 3047839 tooriskytoinvest
tooriskytoinvest's picture

Impending Stock Market Crash: Time Is Short, Too Many Problems To Solve. The Fiscal Cliff Negotiations Are Failing. If US Can’t Avert Fiscal Cliff, Everything Will Collapse!

http://investmentwatchblog.com/impending-stock-market-crash-time-is-short-too-many-problems-to-solve-the-fiscal-cliff-negotiations-are-failing-if-us-cant-avert-fiscal-cliff-everything-will-collapse/

Mon, 12/10/2012 - 00:11 | 3047872 DavosSherman
DavosSherman's picture

The "fiscal cliff" means shit.  A Moron Bernanke coined POS term.

They won't do shit, Bernanke will continue to print, these fucking dickless assholes will continue to spend more than they take in with revenues.

The states is where your eyes should be.  They can't print, they have to balance, revenues will dip and they'll tax you up the ass.

Sun, 12/09/2012 - 23:57 | 3047843 monopoly
monopoly's picture

We have our own 1930s style soup lines. But now it is all done electronically. Just swipe the card and off you go. Absurd.

Mon, 12/10/2012 - 00:08 | 3047864 DavosSherman
DavosSherman's picture

So the fucking dickless asshole bankster morons like JPM Chase can profit off the disaster they made and you and I paid for.

Sipe the JPM Chase issued Obummer ebt card and Jamie Dickless Asshole profits.

Who is your White House Chief of Staff???

Mon, 12/10/2012 - 11:02 | 3048473 Everybodys All ...
Everybodys All American's picture

Could you imagine the optics if they didn't have the EBT card? No way in hell would Obama have been re-elected.

Sun, 12/09/2012 - 23:58 | 3047850 Bansters-in-my-...
Bansters-in-my- feces's picture

"Chow,chow...chow......

Love my wiskis.

Mon, 12/10/2012 - 00:03 | 3047857 booboo
booboo's picture

The Government will give  you a fish before it will allow you catch one, has anyone been paying attention to the new fish and game regulations. Fucking government does not want you to be self sufficient. They promote dependency. 

 

Mon, 12/10/2012 - 00:07 | 3047865 magpie
magpie's picture

...but the more you have to deliver, the more broken promises there will be.

Mon, 12/10/2012 - 00:35 | 3047862 DavosSherman
DavosSherman's picture

We ain't seen nothin yet...

Just wait to the "dawler" goes.

This shit is totally fucked, that is all there is to it.

Part II: A fucking dawler crises of BIBLICAL proportions!

Want to end up like Job and suffer, read ilene verse redux http://www.zerohedge.com/contributed/2012-12-07/hidden-dangers-gold#comm...

 

Unemployment is 22.8 percent.

From Jim Quinn's the Burning Platform:

 

  • There are 16.9 million 16 to 19 year olds and 4.3 million of them are employed. That means 75% of them are NOT EMPLOYED.
  • There are 21.9 million 20 to 24 year olds and 13.5 million of them are employed. That means 38% of them are NOT EMPLOYED.

No matter how the BLS spins the data, the truth is that the youth unemployment rate in the United States of America is 54%.

Some more facts:

38 million earn less than $10,000 per year

50 million earn less that $15,000

61 million earn less than $20,000 annually

Simply put: 100 million wage earners, or 2/3 the entire workforce, earn less
than $40,000 per year.

There are roughly 127 million people dependent on government transfers: 61
million recipients of Social Security and Medicare

Medicaid for the 11 million people drawing lifetime SSI Social Security
disability

66 million people receiving welfare (SNAP food stamps, housing credits,
Medicaid, etc.)

Mon, 12/10/2012 - 01:13 | 3047979 newengland
newengland's picture

The $ amount only makes U.S. citizens poor if the cost of living is much greater. What is that cost of living crushing many families? It is the cost of food, fuel, 'health' insurance, car insurance,  tax and government. It is the cost of government paid most by biggest banks, Wall St, insurance companies, and the pharmaceutical industry  - all the construct of the shadow world government Trilateral Commission.

Fake prosperity lured people into the debt maker's trap. They are global marauders, and every country will suffer. This too shall pass.

Stay close to home. Defend the person stood next to you.

'Do You Hear What I Hear?' A Christmas carol.

Mon, 12/10/2012 - 10:29 | 3048389 blunderdog
blunderdog's picture

It's housing.  The increase in fuel-prices is rough, but food and insurances haven't changed enough.

What happened is the RE bubble drove housing costs in the stratosphere, and now that wages have started correcting and the Feds can't permit housing to correct, everyone's pretty much fucked under impossible rents/mortgages.

Mon, 12/10/2012 - 00:13 | 3047870 newengland
newengland's picture

Loadsamoney for the issuer of food stamps: JP Morgue.

No wonder Obama puts a dog on his 'holiday card'. 

'Here, boy. C'mon. There's a good boy, Obama.  Mush.'

Endless holiday for the debt issuers. The House slave is no different than the field slave, except the modern House slave gets paid more to betray his wife's kith and kin.

Mon, 12/10/2012 - 00:12 | 3047875 sbenard
sbenard's picture

Meanwhile the WSJ has a headline tonight that consumer spending is weakening. These two stories are not coincidental!
But wasn't it Nazi Pelosi that assured us that more welfare was a great way to create jobs?

Mon, 12/10/2012 - 00:17 | 3047882 newengland
newengland's picture

Tsk. Pelosi. The broad fraud from a bankrupt state of fools and chancers. The whore of Wall St.

Mon, 12/10/2012 - 00:39 | 3047921 Yen Cross
Yen Cross's picture

It's my turn to upvote you/ That was a really good post!

Mon, 12/10/2012 - 00:53 | 3047947 newengland
newengland's picture

And it is always my turn to admire 'yen cross' and his family :-) I know that you will come home to us, one day. Keep safe, meanwhile. Happy trading.

Mon, 12/10/2012 - 01:06 | 3047963 Yen Cross
Yen Cross's picture

I'm home.  I like my neighbors, and I'm looking forward to the New Year/

Mon, 12/10/2012 - 01:11 | 3047980 newengland
newengland's picture

Good :-)

Mon, 12/10/2012 - 00:12 | 3047876 Tom Green Swedish
Tom Green Swedish's picture

A business that makes nothing but money is a poor business.

 

Henry Ford

Mon, 12/10/2012 - 00:43 | 3047932 Id fight Gandhi
Id fight Gandhi's picture

He was wise. It's controversial but his publications of the international ... are worth the read.

Mon, 12/10/2012 - 01:44 | 3048004 newengland
newengland's picture

Ford also warned that if people understood modern money manipulators, then there would be a revolution by morning. The shadow world government of the Trilateral Commission are new to the USA.

They are  hateful money lovers and warmongers. They are Talmudists, fake jews, and old monarchists.

Ford warned that money revealed the nature of the person wielding it, whether they be 'selfish, arrogant, greedy.'  Or not. “The Money doesn't change men, it merely unmasks them. If a man is naturally selfish or arrogant or greedy, the money brings that out, that's all.”Money doesn't change men, it merely unmasks them. If a man is naturally selfish or arrogant or greedy, the money brings that out, that's all.”“Money doesn't change men, it merely unmasks them. If a man is naturally selfish or arrogant or greedy, the money brings that out, that's all.”“Money doesn't change men, it merely unmasks them. If a man is naturally selfish or arrogant or greedy, the money brings that out, that's all.”

Mon, 12/10/2012 - 03:59 | 3048018 Yen Cross
Yen Cross's picture

F has some smart financial people, and some luck going for it/  Ford had secured financing just before the 2007 meltdown.

  Ford was never bailed out, and had [auto•nomy] with it's share holders/ Ford  could do better/

Mon, 12/10/2012 - 11:46 | 3048615 WillyGroper
WillyGroper's picture

Read a book review on AMZN yesterday on Ford's collected essays. The reviewer had an original & went to the library to view their copy. Not only was she escorted, observed and ask why she wanted to read it, upon a stare & compare the book had been edited. Wonder why?

Mon, 12/10/2012 - 00:12 | 3047877 brown_hornet
brown_hornet's picture

Goldi-

Tennessee Ernie Ford version much better...No disrespect to JC.

Mon, 12/10/2012 - 00:24 | 3047896 Goldilocks
Goldilocks's picture

Tennessee Ernie Ford Sings 16 Tons
http://www.youtube.com/watch?v=Joo90ZWrUkU (3:04)

Mon, 12/10/2012 - 00:26 | 3047900 Glass Seagull
Glass Seagull's picture

Thanks for using the "D" word...much more fitting.

Mon, 12/10/2012 - 00:33 | 3047908 chump666
chump666's picture

"We do what we have to do. Others bury their heads between the swollen teats of indulgence and gratification, piglets squirming beneath a sow for shelter... But there is no shelter... And the future is bearing down like an express train."
~Rorschach, pg. 26 (Chapter/Issue 2)

Summed up by Alan Moore. 

 

Mon, 12/10/2012 - 00:44 | 3047936 Yen Cross
Yen Cross's picture

 You are not crazy chump666    

    Watch the DAX melt down this week/  ASX200 will get toasted also/   metals will spike/ $ will spike/

  The hedgefund [ROACH] Motel will turn on the " vacancy light"...

Mon, 12/10/2012 - 00:49 | 3047945 chump666
chump666's picture

I agree, but...we will need Asia to slam hard, it's overbought as is Europe, ASX200 is a nice short.  I need the DXY to show a bullish move, so far 50/50.  The market tried to correct in Nov, but was underwritten by HFTs which kept a check on volatility.  But hey this is market chatter between dirty traders...

America going down the toilet is tragic, f*cking tragic...

Mon, 12/10/2012 - 01:02 | 3047969 Yen Cross
Yen Cross's picture

DXY did a head fake on Friday.  The overall trend is long. That daily candle was puzzling,  shooting starish. The trend is up/

Look at the weekly spinning top?

Mon, 12/10/2012 - 00:48 | 3047934 dust to dust
dust to dust's picture

 Happy Holliday Season on $134.29.  Maybe we can invite the extended family. No need to bring gifts our Goverment has already provided. 

Mon, 12/10/2012 - 00:44 | 3047937 holdbuysell
holdbuysell's picture

In other news, JPM is reporting record profits on surging EBT card issuance and servicing. /sarc

Mon, 12/10/2012 - 00:46 | 3047940 AgShaman
AgShaman's picture

If you forced 48 "meal-ion" amerikwans to wear around a bird beak to show their solidarity at being fed by their govt masters...

how many more would like to join their ranks?

I'm thinking this nightmare is more of a dream for the kamikaze's steering this american experiment.

The Ministry of Plenty is poised to cradle their children in the bosom of ____________________________ (insert favorite)

Mon, 12/10/2012 - 00:49 | 3047943 newengland
newengland's picture

I pity the rest of the world. The USA is a big enough country to make everything it needs. The only thing it needs now is for Wall St gangster banksters and federal government to die by their own hands. That is likely.

Mon, 12/10/2012 - 08:41 | 3048209 StychoKiller
StychoKiller's picture

Ahh, good ol' MiniPlenty!  Hey, they just increased the chocolate rations to 28 grams!  Praise Big Brother!

Mon, 12/10/2012 - 01:08 | 3047976 tnquake
tnquake's picture

Wonder how many in this crowd carry an EBT or maybe a black Amex card?

http://www.10tv.com/content/stories/2012/12/08/columbus-apartment-applic...

 

Mon, 12/10/2012 - 08:45 | 3048214 StychoKiller
StychoKiller's picture

The winning comment (on that article):

"The cops didn't need to use pepper spay.  All they had to do was threaten to find jobs for the people in line and they would have stopped chimping out immediately."

Mon, 12/10/2012 - 01:17 | 3047983 q99x2
q99x2's picture

Ok I'm going to go to work finally. Enough people are now participating in the take down the banksters by eating into their profits and it looks like catastrophe is near enough now that I'm ready to go out and make more money than I can get from the NWO. Not that I haven't been working on my own and that includes about 40 miles average jogging per week. Oh I hate money.

Mon, 12/10/2012 - 01:18 | 3047984 cherry picker
cherry picker's picture

Problem is, once on food stamps, when will they ever come off?

It is a vicious circle isn't it?  Earlier on in this blog it was stated that for 315 million Americans only 115 are employed by the private sector and these are the Americans who are shouldering the bill payments aside from the loans and the printing press.

Doesn't look good for freedom or democracy or capitalism.  We know what happened to the USSR, Germany, China before they allowed free markets and competition and so on.

Why our leaders are continuing on this path is mysterious to me, unless they are so foolish to believe they can achieve this thing called elitism, which is really a pedestal made from fragile glass.

Mon, 12/10/2012 - 01:26 | 3047993 Anusocracy
Anusocracy's picture

It was Putin who asked why the US was going in the direction that Russia had just come from.

Mon, 12/10/2012 - 01:28 | 3047997 newengland
newengland's picture

Putin who puts pop girls into horrible jails, just for singing against him and his?

Mon, 12/10/2012 - 01:27 | 3047995 newengland
newengland's picture

It is my sad task to say that  the Trilateral Commission rules the West...for now.

That fragile pedastal will be shattered by their own hands, soon. What is unsustainable will not be sustained. It will end, by their own hateful hands, turning upon each other, as that is their venal nature.

Happy Christmas.

 

Mon, 12/10/2012 - 01:38 | 3047999 Dr. Engali
Dr. Engali's picture

Is it really a mystery? I can tell you why they are doing this. It's because for years they have been buying their way into office through offering a little bit more than what the system was previously offering. They offered welfare to the corporations and to those who had little so they wouldn't cause trouble. After 50 years of taking advantage of being the worlds reserve currency status they know we are at the end game , so they will do whatever it takes to slow down the final day of reckoning. Just as those who are in tune are getting their preps in place so are the elites. There is a show down coming , I hope it gets directed at the right people.

Mon, 12/10/2012 - 02:08 | 3048025 Yen Cross
Yen Cross's picture

It's late in "fly over country"...   A man with your skills?

Mon, 12/10/2012 - 01:59 | 3048017 AGuy
AGuy's picture

"It is a vicious circle isn't it? Earlier on in this blog it was stated that for 315 million Americans only 115 are employed by the private sector and these are the Americans who are shouldering the bill payments aside from the loans and the printing press."

I suspect as usual that the BLS data on Private Sector jobs is misleading. I suspect they only count Federal Gov't and state gov't employees, and don't include gov't contrator jobs, such as Military contractors, business that sell good and services only the Federal and state gov'ts. The current estimate is that gov't spending (Federal, State & Local) accounts for at least  1/3 of the economy, and I seen recent articles stating it may be as high as 46%. Its likely that at least 1/3 of the workforce has a job either directly or indirectly working for the gov't. So out of the 144M workers, only about 95M are private sector jobs.

I also wonder if the BLS is double counting workers, since a large number of workers now have more than one job because they can only get part time hours and work  two or more jobs to get enough hours to meet ends. Federal taxes reciepts are still down +20% from 2008. I seriously doubt there are now 144M employed workers, or they are making considerable less money.

If you go to the IRS stats, at the peak in 2007, only 120M filers reported Wages and Income (out of 142M returns). That would include Federal, State & local Gov't workers. Unfortunately the IRS has not updated there data for 2011 yet. I think its fair to say the BLS data is pure fiction.

 

 

 

 

Mon, 12/10/2012 - 08:54 | 3048221 StychoKiller
StychoKiller's picture

bySocialSecurityNumber = 0;

jobCount = 0;

while (notDone == TRUE)

{

  if (FICA_TaxGenerated( bySocialSecurityNumber ) > 0)

     jobCount++;

  if (bySocialSecurityNumber >= 999999999)

     notDone = FALSE;

  else

     bySocialSecurityNumber++;

}

jobCount -= redundantTaxPayers();

// Just WHO needs the BLS again?

Mon, 12/10/2012 - 01:24 | 3047992 Oldwood
Oldwood's picture

If incomes and employment continue to fall the government will be forced to tax wealth. As with income tax the wealthy will of some bracket will be selected to pillage. As they quickly discover its not enough they wll start moving that bracket down. It will be suprising that in the middle of a depression that we would find ourselves with so many rich. The wealth tax will ultimately just be a federal property tax...on everything. Real estate, personal property and investments. What they haven't been able to steal from us through the banks and inflation they will let the taxman take care of. Our ability to provide for ourselves outside of government wiol be gone. Renters and moocher, one and all.

Mon, 12/10/2012 - 02:16 | 3048031 seek
seek's picture

Liquid wealth is already taxed via inflation -- based on gold pricing, the tax is likely between 9 and 17% per year, with just a few asset classes escaping this tax by growing at/faster than the real inflation rates.

At its very core, all of these problems (housing crisis, unemployment, foodstamps, etc) are due to an economic depression, which in turn has been caused by taxation and deficit spending far in excess of what can be supported.

When all the taxes that already exist are combined, we're well to the right on the Laffer curve, and things simply get worse. I don't think they'll successfully enact a true wealth tax, for several reasons. One, by the time this is needed, they likely won't have enough time on the clock to both pass the tax and collected it; two, money goes where it is treated best, and a wealth tax would absolutely kill any investment in the US (indeed, any wealth tax would have to be paired with capital controls -- likely controls enacted well before the tax, as one whiff of such a tax will drive capital outside the US instantly), and three, and most importantly, there is nothing a wealth tax can do that inflation or outright custodial seizure of bank accounts can't do. Wealth tax rates generally have to be pretty low to have any hope of collection -- that bastion of economic sanity known as Argentina has a wealth tax, and that rate is 0.5% to 1.25% per year -- laughably below the inflation rate.

Given our position that the Laffer curve, the core problem is simply there's nowhere near enough money left that's untaxed to support the spending that's been promised/planned. Foodstamps are chump change compared to everything else going on, and as disgusting as the FSA is, I won't begrudge a fairly small program that keeps the legitimately unfotunate from starving; we can cover its costs easily with current revenues.The problem lays with all the other FSA entitlements.

There is no tax level or system on earth, from a totally free market to pure communism, that can deliver on the promises made by the US to its citizens with respect to retirement, medical care, and maintenance of quality of life. The excitement starts when the truth dawns on even the slowest among us that we've been lied to.

Mon, 12/10/2012 - 04:25 | 3048091 SanOvaBeach
SanOvaBeach's picture

Speaking of "whiff's". Back in the good ole 80's, there was talk of taxing savings accounts in congress.  22 armored trucks full of cash to fund the withdraws from the banks came rolling down Hwy. 5 to San Diego.  That talk went away real fast, when that sort of thing started happening all over the country.

Mon, 12/10/2012 - 05:10 | 3048113 spooz
spooz's picture

The depresssion was caused by banksters gaming our debt based monetary system, not spending.

And the Laugher Curve is a joke, despite what Glenn Beck tells you. Evenright wing economists have discredited it:

http://marketmonetarist.com/2012/08/06/arthur-laffer-youre-embarrassing-...

Mon, 12/10/2012 - 11:39 | 3048577 Oldwood
Oldwood's picture

When it comes down to it all economic theories Are a joke, as they attempt to use metrics to predict the future, but there are just too many variables. We can predict most of the big things using the seat of the pants intuition. The problem is specifics of date and magnitude. Many have suggested that we have already collapsed yet most in the world would deny it. Predictive science only works until it doesn't. We each thing we can predict either on history or the belief that we know what the PLAN is. The obvious thing is that the developed world spends more than it produces, and those costs will be realized to the loss of some if not all. The game always has been how to end up on top. Sometimes it pays to be smart but it seems mostly its best to be lucky. Given my luck, I fully expect to be somewhere near the bottom when TSHTF.

Mon, 12/10/2012 - 13:15 | 3048839 spooz
spooz's picture

Unfortunately, luck is more about having the right connections these days.  Cronies win, those that play by the rules lose. And I agree about economic theories, and especially their wonkish models.   They, and those who design them, are enablers for the elite agenda. But what do I know, I'm a lowly beancounter who holds no allegiance to any economic theory.  Maybe if I had taken some advanced economics classes I would have stars (or $) in my eyes. 

I have spent some time considering the possibilities of The Chicago Plan, but find it is a taboo subject on both "conservative" and "liberal" blogs.  Both sides are entrenched in their dogma and refuse to think outside the box.  Problem is, when the ponzi implodes, there will be no backup plan because anything that wipes out the banksters must not be spoken of. 

One blogger, connected loosely to MTM blog Mike Norman Economics, dared to discuss it, but he could only use his initials, perhaps because speaking of taboo subjects could destroy a career. It seems the banksters decide which theories are allowed to be discussed.  Shocking, really, that The Chicago Plan, Revisited came from a working paper out of the IMF, albeit with little or no fanfare.

http://mikenormaneconomics.blogspot.com/2012/12/jkh-banking-in-abstract-...

Mon, 12/10/2012 - 06:45 | 3048149 lakecity55
lakecity55's picture

They will, in the not far future, take all 401(k)s.

Mon, 12/10/2012 - 01:52 | 3048012 JamesBond
JamesBond's picture

Lord of the Flies Bitchez

 

jb

Mon, 12/10/2012 - 02:00 | 3048022 TheObsoleteMan
TheObsoleteMan's picture

All is going according to plan, no need to worry comrades.You re-elect a devout communist along with a Senate to match, what do you expect? This has been in the works since Jeckyl Island. And there is still a ways to go, but it shouldn't take too much longer.

Mon, 12/10/2012 - 04:35 | 3048097 SanOvaBeach
SanOvaBeach's picture

How much canned food do you have saved-up in your cave?  How much ammo for your shotgun?  Do you generate electricity in your cave or do you use candles?  What provisions have you made for medical care?  Where is your cave located?  I'm so glad some prople on this blog really have their shit together.

Mon, 12/10/2012 - 03:49 | 3048057 Yen Cross
Yen Cross's picture

 Its been fun BITCHEZ/  Let's trade 

Mon, 12/10/2012 - 03:40 | 3048072 q99x2
q99x2's picture

Wow I just realized that the Federal Government is standing in the way of multi-national corporate profits and that a lot more wealth could be generated by allowing each state to act as its own country. That is big because the technology of today makes it a very easy transition. Since it is both a natural and profitable transition into the future I assume that that is what we will soon see take place. The elimination of the Federal Government.

Mon, 12/10/2012 - 05:47 | 3048128 Colonial Intent
Colonial Intent's picture

Hmmm.... divide and conquer tactics using secession to play each state off against the other....it could just work.

My mate in china govt says he'll give most favored trading nation status to any state that sends his mother in law some gold slippers.

Mon, 12/10/2012 - 04:10 | 3048081 bobthehorse
bobthehorse's picture

I'm poor.

I'm stupid.

And I'm ugly.

I'm also worried about losing my job.

But I don't care anymore.

Strange, huh.

Mon, 12/10/2012 - 04:38 | 3048100 SanOvaBeach
SanOvaBeach's picture

Drink some warm milk and go to bed.  U well be ok.

Mon, 12/10/2012 - 04:12 | 3048083 SanOvaBeach
SanOvaBeach's picture

Everbody is really quick to put down the gov.  I HAVE A SOLUTION.  START ANOTHER WAR!  That well get the economy moving again.  $1000.00 cash to the first person that says on this blog who said this.  "When all else fails, America then does the right thing."  Hope the reward in US dollars is okay!  I can also pay in Euros, Yen, or BitCoins.  I prefer paying in BitCoins since that crypto hash is going up in value more that any fiat I know about.................................

Mon, 12/10/2012 - 05:43 | 3048127 Colonial Intent
Colonial Intent's picture

"Americans can always be counted on to do the right thing...after they have exhausted all other possibilities."

Mr Churchill.

 

Keep the cash, if you still reside in america you need all the help you can get.

Mon, 12/10/2012 - 04:15 | 3048087 Yen Cross
Mon, 12/10/2012 - 04:16 | 3048088 Dave Thomas
Dave Thomas's picture

I wanna talk to Yen Cross.

 

Mon, 12/10/2012 - 05:31 | 3048094 Yen Cross
Yen Cross's picture

I'm here Dave. Just waiting for my entry pointe.

 

 Earth to Dave? is there any intelligent life out there?

Mon, 12/10/2012 - 04:33 | 3048095 hugovanderbubble
hugovanderbubble's picture

Spanish Covered Bonds are Junk

 

Spain is in default

 

Italy is in default

 

Eurozone is a farce

 

Whole Italian Banks are fraudulent

Vatican City Bank is in like Banco Ambrosiano II

Mon, 12/10/2012 - 07:22 | 3048161 Notarocketscientist
Notarocketscientist's picture

And Israel is a devil state that owns America... watch the Israeli General's Son expose it - forward this to EVERYONE

http://www.youtube.com/watch?feature=player_embedded&v=TOaxAckFCuQ

Mon, 12/10/2012 - 05:10 | 3048112 bobthehorse
bobthehorse's picture

Foodstamps are cool.

I've never been on them.

But who knows the future.

Better than starving.

Peace.

Mon, 12/10/2012 - 05:16 | 3048115 hugovanderbubble
hugovanderbubble's picture

SELL SPAIN,

SELL FRANCE

SELL ITALY

SELL FINLAND

Mon, 12/10/2012 - 05:27 | 3048122 Yen Cross
Yen Cross's picture

Don't sell anything/ be patient/  Relax

Mon, 12/10/2012 - 05:20 | 3048119 adamas
adamas's picture

Obummer is jealous of Kenyan poverty rates and dreams of delivering America the same living standards as his father

Mon, 12/10/2012 - 05:23 | 3048120 spooz
spooz's picture

Almost half of SNAP recipients with children are working families.  Food stamps support elderly, disabled and the working poor as well as unemployed. It works out real well for Walmart, whose employees earn less than a living wage.  Their impoverished employees are eligible for food stamps, which they spend at Walmart!  A double bonus!

"We also know that with the imminent impact of Sandy, which will send foodstamp recipients soaring, it is now looking quite possible that the US may end 2012 with just over a mindboggling 50 million Americans living in absolute poverty and collecting the $134.29 average monthly benefit per person, instead of working."

Mon, 12/10/2012 - 06:15 | 3048136 Yen Cross
Yen Cross's picture

do not sell anything/

Mon, 12/10/2012 - 06:02 | 3048125 Yen Cross
Yen Cross's picture

FX risk is pinging the 200hour bar/    we are almost there.

 LOng  "Komodo Dragons"...

 Now I'm averaging in. the 200 crossover needs to confirm/ This is just a small  Trade/

Mon, 12/10/2012 - 06:15 | 3048137 MFLTucson
MFLTucson's picture

FORWARD- to the CLIFF

Mon, 12/10/2012 - 06:40 | 3048148 lakecity55
lakecity55's picture

Forward, Soviet!

Mon, 12/10/2012 - 06:28 | 3048141 wally_12
wally_12's picture

I was in Wal-Mart early morning Friday in the check out lane.

In front of me was a young couple paying for their order. She used her SNAP card then needed $159.00 to complete order. She counted out $150,00 and didn’t have the balance.

He reached into his wallet and gave the clerk 2 $100.00 bills. The clerk returned the change to the young man, I have worked at a job for 46 years and all I had in my wallet was $10,00.

Mon, 12/10/2012 - 12:27 | 3048749 spooz
spooz's picture

Sounds like easy propaganda to me.  Even if it isn't a lie, you know nothing about the couple other than what you assume.

Mon, 12/10/2012 - 06:30 | 3048142 Yen Cross
Yen Cross's picture

ORLY?  That 5 point (Gartly Thing a ma jig)

Mon, 12/10/2012 - 06:57 | 3048151 Yen Cross
Yen Cross's picture

Still there Dave> NOW is the time to short FX risk. The 200 hourly bar was crossed. GET ER DONE

London options are done/ Short risk! I already made 50 pips/ aud/usd is riding the 200 hour bar /

 Nap time I did my business/ 50 pips

Mon, 12/10/2012 - 07:19 | 3048160 Notarocketscientist
Notarocketscientist's picture

But China's exports are back in growth mode!  

In spite of the fact that the EU, Japan and the US are all fucked.  

Pray tell which countries are driving this miraculous China recovery?

Mon, 12/10/2012 - 08:22 | 3048194 Incubus
Incubus's picture

the planet-x lizards

Do NOT follow this link or you will be banned from the site!