This page has been archived and commenting is disabled.
March Consumer Confidence Plunges As New Home Sales, Richmond Fed Miss
Houston we may have a problem: with the DJIA trumpetedely hitting new all time highs day after day in March, one would expect that its traditional second derivative - US Consumer Confidence, would be at all time highs as well, or close thereby. One would be wrong, because according to the Conference Board, March consumer confidence plunged to 59.7 from 69.6, and well below expectations of a 67.5 print. Both components of the index dipped, with both the present situation and expectations indices sliding from 61.4 and 72.4, to 57.9 and 60.9, respectively. And just to make sure the S&P ramps to all time highs on ongoing miserable economic, corporate profit and, of course, sovereign insolvency news, we got both New Home Sales, dropping from 431K to 411K, missing expectations of 420K, and the Richmond Fed also missing expectations of a 6 print, dropping from last month's 6 to 3. All in all, if this latest round of ugly and rapidly getting worse economic data doesn't send the S&P to new all time highs, nothing will. Well, perhaps another European country going broke may do the trick...
Consumer Confidence biggest miss since June 2010...
and Richmond Fed missed expectations...
and New Home Sales missed too (its biggest miss in 4 months)...
»
- 12162 reads
- Printer-friendly version
- Send to friend
- advertisements -
Consumer confidence just confirms the old news that yes indeed, the middle class is toast.....
In other news, gay rights people are pleased that the Supremes have mandated that anal arguments will come after oral arguments....
CNBC is lying their asses off today about how the economy is "firing on all cylinders".
Today?
The chronic pathological cheerleaders lie every day, but today’s CNBC spin is ridiculously extreme.
Now more then ever is a better time to buy.
Trust us, we're your friends
"Buy now! ...before the price drops another 40%."
And the lowlife from S&P, David Blitzer, knows well that Phoenix home prices shot up secondary to Blackstone and Wall Street (committed as much as $10 billion for REO-to-rental) bided up home prices parabolic in Phoenix, yet the asshole was lying today and attributing Phoenix home prices spike to “the economy is firing on all cylinders" B.S.
Read where the same gig was happening in southern cal. Don't have the link. But it fits with the strategy of all assests will be owned by the Banks,.
Your New Landlord Works on Wall Street
Hedge funds are snatching up rental homes at an alarming rate.
http://www.newrepublic.com/article/112395/wall-street-hedge-funds-buy-re...
Agree, cult, the average person is on the sidelines even with these zero-down loans....fewer and fewer people want to 'lock in' for 30 years no matter what the rate. Why tie a lead weight around your ankle for 30 years?
What happens to house prices when rates go up?
How about knowing that the average American moves every 4-5 years?
Many are wising up. As for rentals, they can have them. Usually those turn into slum hoods within a few yeras since renters have no stake in the house they don't take care of it. Brings the entire neighborhood values down like a rock. Gravity always wins.
If I was a tenant and found out my landlord was a hedge fund, I would be so tempted to completely trash the place, sell all the appliances, strip the copper pipe, ruin all the carpets, paint everything in a hideous color they will never be able to paint over and make sure I adopt several feral cats to piss everywhere. I would not have any guilt about it either like I would a regular landlord as these parasites only got the property by gaming the system in the first place. They deserve to suffer full consequence of being a landlord.
An elegantly articulated Schadenfreude fantasy :-) Thumbs up!
There's a ton of shadow inventory from the fallout of the house building boom. The homes aren't occupied now, so where are are they planning on finding this large group of renters? It sounds just like the NAR cheerleaders trumpeting how all the new housing was needed and high prices were justifed in Florida due to the vast migration of Boomers to the Sunshine state. Just more rah-rah to keep Ben's housing ponzi 2.0 going.
They are trying to instill the confidence that you know that both District of criminals and Fraud are full of shit. I'm very confident of that.
Cramer told me through the tv he wants to help me make money and i for one do believe him. You can see it in his eyes, a man of honesty and integrity who sincerely cares for the financial well being of others. If it were up to him he would personally make each and everyone of us millionares trading our accounts, but he is only one man and can't be at al places at once so he is trying his best to educate us and tell us where to put our money.
Sincerely,
Sheep #9886551
US orders for business investment goods fell 2.7 percent in February, biggest drop in 7 monthshttp://news.yahoo.com/us-business-investment-orders-drop-123903033.html
Baa-Yaa!!!
Sheep #9886552
you cant be talking about diane o BOOTlicker,or stevey LIESman.
I am officailly starting the I want to bitch slap cramer club!!!!
EVERYDAY!!!
As long as the FED prints a few billion a day. This market ain't going down much. But, one day, it won't work any more.
Liquidity. Trap.
Game over man! Game over! - Hudson
Must be a bull market in asses...just around the corner.
The Bill and Note auctions don't give two shits about the fucking consumer.
RALLY..
That is all..
Yeh everybody on the street is either speaking like a real estate agent or quoting Krugman lately.
It seems like the bolsheviks running MSM are trying to replace "Hope and Change" mantra, which hasn't worked, to Scream and Shout...at the white straight man.
Pelosi, Boner/Dick, Reid, Cantor, Obama, McDonnel, et al. All White men!
Please spare the oppressed white straight man crap. We are all in this together being screwed and the TPBT just love to see dumbasses like you blame blacks, gays, women, gays, Mexicans - anyone but them. I would hope you can do better than that.
They're worried if they tell the truth all the retirees watching will off themselves and their audience will vanish.
Speaking of gay, at least Obama gets another vacation.
The economy can't be THAT bad.
When you spend almost 4 trillion a year shopper's fatigue starts to set in and you need a break.
google who has taken the most vacations and what a presidential vacation is really like. Would do it for ya. But then I'd be accused of being a liberal son of a bitch. Until we shake ourselves out of the republican/democrat/left/right wing divide we are all fucked!
Holy fuckin shit Bernankeman- that news be bullish!
Like they talk to actual consumers, right
When I saw that they are ruling on gay marriage today, I rolled my eyes. Not THIS fucking shit again.
Listen, there are alot of social initiatives that we have to work on as a society. Can we, just for once, NOT make them a priority, and focus on economic freedom for once? For fucking once?
We can talk about abortion, gays, rascism, sexism, and all of this other crap right after you know, we fix the inequal economic system that has us living in consumptiontration camps under stagnant wages, lessening safety nets, rising health care costs, and stealth inflation. Never mind the copyright cartel us our collective asses.
Fix the economic rights of the people, you fix the rest. It's really that simple.
"We can talk about abortion, gays, rascism, sexism, and all of this other crap"
Bingo this is Church stuff not Federal Government shit. It is the slippery slope of total group think/control.
"Fix the economic rights of the people, you fix the rest. It's really that simple."
It really is that simple. But only "IF" the people fucking demand it!
Deviants seeking acceptance from an unapproving society, and not finding it, must force their will on the unapproving society through subjugation by law... "If you refuse to accept my beliefs, I will force you to accept my beliefs by making it a law that you must accept it." this is classic Progressivism.
RE:
It's actually "Statism" - and it doesn't see ANY political belief, left or right.
That's like me saying that the Patriot Act was a scheme planted by classic conservatism trying to control the people under the guise of a police state.
Anyone who has ever met a true conservative (a libertarian, most likely), knows that personal freedom trumps "laws" that espouse to protect these freedoms.
Both Stalin (Communist) and Hilter (Fascist) used the same meme as above to push their agenda - at gunpoint. In the Dark Ages, when the Church or the Muslims were fighting over control of Europe, they used the same thing, fear as a solution to problems, to control the people.
The use of force has NOTHING to do with conservatism or progressivism, which are (in principle), sound ideologies that CAN be a part of a healthy democracy.
Just because some "elites" decided to hijack movements for their own political, and financial, gain.......doesn't mean the ideas they hijacked are bad. It just means they are plutocratic assholes who are taking advantage of a lot of dumb corporate serfs who can't understand the motherfucking system.
When you take part in the partisanism, you contribute to the Soros (who was once a Republican) and the Kochs (who ran as a Democrat) and Jew Banksters (who own everything) of the world who make money from political gridlock.
Don't fall for it - it's a scam.
I used to not give a f--k about deviants,but when they start telling you that you have to accept it........no f--king way.
I'm all for the separation of commerce and state. Something like "Congress shall pass no law interfering with unfettered commercial interchange between consenting citizens. Nor shall the President issue any regulations or executive orders regarding such, nor shall SCOTUS make even the sligthtest peep regarding such. Violations of this will be punishable by either twenty lashes across the eyeballs with a wet noodle or a one-way trip to the guillotine. And WE MEAN IT!"
"Congress shall make no Law abridging the freedom of production or trade." -- "Atlas Shrugged"
Unfortunately the TPTB love the idiotic social issues shit. Who do you think PAYS for all the mega churches, "advocacy" groups, talk radio, ect. designed to keep the little people at each others throats. Whenever you see some mall sized church or see some issue ad paid for by some "foundation" ask yourself where they got the money for it - NOT FROM YOU. Then ask yourself Cui Bono? - NOT YOU. Treat these things with the disrespect they deserve and see your mental health improve.
+1000
"Missed it by > that < much." - Maxwell Smart
Agent 86 from Control. With kinda hot Barbara Feldon as his trusty sidekick....
hot at 80 yrs old LOL
http://2.bp.blogspot.com/-dSzX3KXq8oM/UTuUNnC5mKI/AAAAAAAAKtA/eLv1YWScyR...
Back in the day, when I was 14. MILF wasn't a term then.......
Don't spoil our cherished memories youngster!
Hope I look that good when I'm 80. I'd still totally hit it.
Still better than Nazi Pelosi.
Zee tranzmizzion devize iz brokenz.
These kinds of things used to have an influence on the markets. Not now.
It does have an influence, on the Bernak and his wiring money he hasn't printed to his banks for the market. I would not be surprised if he's putting in more than the 3 billion today.
Still does...on the upside only. Guess the PPT desk only has one button now...the buy button...but they probably have another button in a thick glass case that is only used for emergency exit.
The lipstick and dress are already on the pig, time for the left shoe.
Sounds like date night is fast approaching.
Date night? We're heading for a taudry encounter with a toothless tranny in a seedy, hourly rate hotel. Bend over and don't forget the lube!
I hear more and more people freaking out about the price inflation at local stores. They are starting to get it...
Just what is it they are starting to get that they couldn't have got oh say about 5 years ago? What did they do back in the 70's gas lines? They took there place in line and waited and waited and waited..........
If they are anything like our family, they are intentionally not buying things they bought 3 months ago because they simply can't afford them anymore.
Yes, and waited in their "Humble Hovel".
I love how this was put at the END of the Reuters article:
Consumers' assessment of the current labor market picture was mixed. Those reporting jobs were hard to get edged down to 36.2 percent from 36.9 percent the month before, but those saying jobs were plentiful fell to 9.4 percent from 10.1 percent.
Consumers felt worse about price increases with expectations for inflation in the coming 12 months rising to 5.9 percent from 5.6 percent.
This sounds about right. They complain about small dollar items, but have no problem signing up for the 30 year ball and chain mortgage of several hundred thousand dollars on an overpriced Mcmansion with high property taxes.
But CYprus is cured?
... Is that cured like in a cured ham, cured?
How long can this rigged shit last?!!? Bueller, Bueller, Anyone?!?!
Rigged, like Rigged-a-Mortise, Rigged?
Drive across the US right now. You will see reality and it's not good. Ghost towns and shuttered stores. The NY bubble needs to pop too.
Bullish, bitchez.
Things have only one direction to go...UP!
I did in Feb and your statement is very true - it looks real bad out there along I-40.
Even Santa Fe is in bad shape!
compare the east side of the grand canyon to the west side. It's always been economically diverse. And not in a good way.
Just came back from Texas and things really ARE great there.
The problem is the elite live in the areas propped up by gov't in one way or the other and they think that the rest of country is doing just fine too. They don't leave their comfy locale to know any different. Even if did would not care!
The future so bright, I gotta wear shades.
http://image.blingee.com/images17/content/output/000/000/000/646/5700767...
who cares about eco figures, when we have Cyprus, closed banks and everything is doing fine?!
Who cares! the market is up!!!! (oops... Did I say market?)
yes you did, but I upped you because you caught yourself
S&P UP another 8 points, bitchez.
good for another 20+ on the s&p and all is well in the land of oz
Ugliest fucking algo-move I have ever seen. Check out DAX. What a broken fucking scam market.
Woohoo, I was long spy hoping for bad economic data.
off topic but certainly a head scratcher
http://washingtonexaminer.com/obamavote-healthcare-application-registers...
Obamavote: Healthcare application registers voters, tooThe 61-page online Obamacare draft application for health care includes asking if the applicant wants to register to vote, raising the specter that pro-Obama groups being tapped to help Americans sign up for the program will also steer them to register with the Democratic Party.
On page 59, after numerous questions about the applicant's identity and qualification for Obamacare, comes the question: "Would you like to register to vote?" The placement of the question could lead some to believe they have to register to vote to get health care.
In the introduction of the document, the Centers for Medicare & Medicaid Services declare: "This document-the 'questionnaire'-represents each possible item that may need to be asked for successful eligibility determinations."
In a letter to Health and Human Services Secretary Kathleen Sebelius Monday, Rep. Charles Boustany Jr., chair of the House Ways and Means Oversight subcommittee, said HHS is overstepping its bounds by a mile.
"The draft documents wander into areas outside the department's purview and links applications for health insurance subsidies to voter registration," he wrote in the letter provided to Secrets. "The position of the question could lead some to think voter registration is somehow tied to subsidy eligibility," he added.
Boustany, a Louisiana Republican, said the application raises two alarming issues: What does HHS plan to do with all the information it collects on each applicant and will pro-Obama groups like AARP and Families USA that might be tapped as "navigators" to sign people up to Obamacare, steer them to register as Democrats. Others have indicated that groups like Planned Parenthood and ACORN could also act as a navigator.
In his letter, Boustany demands from HHS guidance for the navigator program, especially whether they will be encouraged to ask applicants about their voting status. He set an April 8 deadline for HHS' response.
He added that the Affordable Care Act does not let HHS probe into an applicant's choice to vote. What's more, he said the Paperwork Reduction Act requires that federal agencies seek only information needed to do their job.
"While the health care law requires that government agencies collect vast information about Americans' personal lives, it does not give your department an interest in whether individual Americans choose to vote," wrote Boustany.
http://www.scribd.com/doc/132265184/Obamacare-Draft-Application
Until politicians are held accountable for their actions then voting is just another little cog in the scam machine
Most be all those consumers enjoying inflation w/o the benefit of wealth effect.
Is it countries going broke or is it the banks going broke? Which is it?
you forgot to add bankers and politicians
Both...
Neither!
Sovereign gov'ts can't go broke - they have a printing press.
Banks can't go broke - they control the gov't.
Bullish!
I don't know who Ben thinks he is fooling..I have yet to talk to a single person who thinks the market is a reflection of the economy.
College kids living off of student loans seem to think everything is just peachy!
Um, they actually don't (unless they are also insulated by the mommy and daddy). They know on the inside the job market is only going to get worse.
But hey: where do I sign away my economic freedom for some piece of ppaper that certifies my corporate serfdom!
"I have yet to talk to a single person who thinks the market is a reflection of the economy."
Unfortunately I know to many people for which Walmart defines both
He will be fooling even less people when the dow is 19k....but I am starting to realize he may not give a shit if he is fooling anyone or not.
That dieselboom guys comments are a distant memory and with QE as far as the eye can see and Cyprus off in their own hell it looks like it is a smooth ride higher from here.
dieselboom guys comments are only relavent to some who know what a Cyprus is
It's too simple, doc.....the motherfucker bernanke is lying and no one is calling the fuck out on it.
TPTB keep him in the high chair. The media float the lie.
It can get to you......it's fuked
"Antreas Artemis complained that authorities rode roughshod over him and his board of directors by moving unilaterally to sell off units of the bank in Greece and planning to hit big depositors to pay for losses."
http://www.nytimes.com/2013/03/27/business/global/europe-officials-seek-...
Thanks for the link. We all know the situation is much worse than they are letting on...
New home sales drop and the language they use is "takes a breather" gotta love the spin
you're right mate if all those ugly news don't send the S&P over the moon we might have to turn on Kim il whatever for good !
Could be the economy is causing consumers to skip a month of prozac use. Or maybe the economists are having to skip their meds.
Prozac & other meds are cutting into insurance company profits and have been discontinued. Each patient will now be sent six bullets to swallow delivered in person by your local DHS representatives.
BULLISH!
And thats only because DHS guys/gals can't get the job done with one. Thus the massive purchases of ammunition. You have to account for the misses.
Silly akarc, those billions of rounds are simply for target practice. Don't start to worry until, instead of being called for jury duty, you're called for target practice.
Just took the ES short on all the bad news and got stopped out 2 pts higher. You'd think I'd learn....all news is "good" news. I need to stand on my head to trade from now on....or install some of those crazy mirrors around the walls of my office.
POMOOOOOOOOO!
140 odd points higher than yesterday's low on the Dow and the data is worse. Makes sense. This market is truly a miracle. Bad news = buy stocks, good news = buy stocks faster.
yeah but yesterday it was bad news for Cyprus, today it is bad news for us. Make sense now?
And therein lies the problem with Bernanke's asset bubble policy, only a tiny segment of the population has any meaningful exposure to the stock market.
Yep. All this data does is tell the rich oligarchs their murder of the middle and lower classes is going according to plan. Bank account is fat from all the stolen wealth, so buy some stocks!
This is just doomer speak. Everything is fucking great. The EU is fixed, US Banks are well capitalized and have fortress balancesheets, the percent jobless is falling, and the TSA is allowing knives on planes.
The people who aren't confident don't matter.
THe people who are confident don't matter. Go ahead and scratch competent too cause people just don't fucking matter anymore. Not to Kleptocrats
To think this is all registering when the Fed is monetizing the entire budget deficit. This is going to end so badly. People have no idea whats coming.
YEAH! RIGHT!!
ASK A BUNCH OF MORONS IF THEY'RE CONFIDENT!!
THEY DON'T EVEN KNOW WHERE THERE ASS IS LOCATED!!
They technically have to bring the SP to new highs first...
If people ever have to start paying mortgages again , than it will be game over.
Supervalu Inc. (SVU), the grocery-store operator that sold five brands to a private-equity led group last week, plans to eliminate 1,100 jobs as it trims costs amid falling sales.
http://www.bloomberg.com/news/2013-03-26/supervalu-to-cut-1-100-jobs-to-...
Just insane. Buy NFLX, sell gold and silver. This too shall pass.
When this baby cracks its gonna go hard. The over-use of algos has completely detached the market from reality. Bad news = good. Good news = good. GDP down = buy, GDP up = buy.
The economy is not doing poorly but it is also not anywhere near as good as the market would make you think.
We have now come to the point where "corrections" only last a few hours and are limited to about 0.5% dips.
Welcome to the 0bama economy.
Right and Romney would have fixed it? How about congress and the fed and the supreme court with FEC vs Citizens United? Anyone thing one man, republican or democrat can fix this mess is not looking at reality.
"The economy is not doing poorly"
Hmmmmmm, those in my neck of the woods that can get a job are taking hellish wage cuts. But then thats gott a be good for some one. Wonder who?
Life is good for some of us:
"Alameda County supervisors have really taken to heart the adage that government should run like a business — rewarding County Administrator Susan Muranishi with the Wall Street-like wage of $423,664 a year.
For the rest of her life."
from http://blog.sfgate.com/matierandross/2013/03/25/alameda-county-administr...
But why are prices rising? I know a LOT of responsible folks who've been turned down for loans these past couple years. It seems that the houses that ARE selling are having nominal increases in prices because those who can take out loans can afford the 5-10K increase. Once, however, investers get priced out of this market due to a decline in rental prices as people double up or move back in with family then it truly is game over there as well.
It has to come down, historically rents were lower than ownership costs because people who offered their place out for rent usually did so fully owning the property and could thus charge a reasonable price. Now that investers (or Joe blow off the street who thinks Landlording is an easy gig) have mortgage costs they have to pass that along with the rent. Also the initial downturn that forced McMansioners (who walked away) into apartment complexes started this whole thing. It will end, no one wants to live in Barrio/Ghetto apartments forever which is why low-end properties are getting snatched up while high-end sit vacant.
RE:
Easier said than done - it's because people aren't buying homes that the rents are rising (as well as the landlords having to keep up with rising taxes, utility, and energy costs). Add the fact that the jobs being created are in cities, and the younger population favors public transit (due to the fact they are in debt, and can't afford cars based off of a stagnant wage) will only mean good things for rentiers:
Leverage.
More on this:
And they say PEOPLE are buying these places? More like JP Morgan and Blackrock.
http://www.boston.com/realestate/news/2013/03/25/micro-apartments-tight-...
lets all remember that big ben cannot now have too much good news................he must temper the good with the bad to maintain complete and utter control...........
DJIA is a global index. Most activity under DJIA, and even S&P 500, happens outside the U.S. We really should not expect strong correlation between Wall Street and the U.S. economy.
Capital flight into the USD is just going to make it worse.
BULLISH!
This can't be true because there is absolutely no mention of this on the CNBC and Marketwatch sites. If this were true, they would be all over it. They are covering the factual news like:
U.S. house prices rise at fastest pace in six years
Home prices are soaring
Jets set the pace as orders for big-ticket U.S. goods jump 5.7%
American Dream Is Back, So Are Stocks
Home Prices Up, Best Yearly Increase Since 2006