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US Savings Rate Near Record Low, Per Capita Disposable Income Almost Back To December 2006 Level

Tyler Durden's picture





 

There was some good news for headline scanning algos this morning, when both personal incomes and spending came in modestly higher than expected, with incomes rising 1.1% compared to an estimated 0.8% increase, while spending was up 0.7%, also higher than the 0.6% expected. But while the superficial headline grab did indicate a modestly better climate for both spending and incomes, it was a look under the cover once again that revealed the full extent of the pain that US consumers continue to find themselves in, over 5 years since the start of the second great depression.

First, the bulk of the bounce in spending was driven by a surge in Non-Durable Goods, which rose by $48.5 billion in one month, and amounting to 61% of the total increase in personal outlays in February. This was the biggest monthly jump since the onset of the financial crisis: hardly inspiring much confidence for those companies which are wondering whether to ramp up capital expenditures and spending, especially since spending on Durable Goods declined by $400 million in February: a drop in discretionary spending due to the payroll tax cut. As Nomura explained, higher energy prices main reason for rise in spending last month. Gasoline, other energy goods consumption +8.07% in Feb., drove non-durable consumption up 1.88%; services spending gain driven by utilities, also reflects higher energy prices.

Second, while incomes did rebound after the plunge in January, the modest increase represented a rise in the personal savings rate to just 2.6% - the second lowest monthly savings print since 2007, excluding only the abysmal January 2.2% print. In other words, there is hardly much if any new room for additional spending with the savings rate nearly at record lows, and with US consumer continuing to reduce their outstanding revolving credit, the Q1 retail sales miracle will hardly be repeated in future months as US consumers seek to rebuild some cash buffer.

For those claiming there is something called a "recovery" underway, perhaps they can point out just where on this chart of Real Disposable Income per capita one can find said recovery. Because we are confused: with the average Real Disposable Income of $32,663 per person, or lower than where it was in December 2006 ($32,729), one may be excused for scratching their head.

 


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Fri, 03/29/2013 - 09:35 | Link to Comment Jason T
Jason T's picture

those are the first two items i checked as well... Bernanke started in December of 2006 .. his legacy will be he destroyed real per capita income.  Greatest inflation record of any fed chair.. give me a break.

Fri, 03/29/2013 - 09:49 | Link to Comment SheepDog-One
SheepDog-One's picture

Remember when they're discussing 'Bank Liabilities' they're talking about 'customer deposits, savings accounts, CD's and MM funds' first and foremost according to the Palgrave economic dictionary.

Fri, 03/29/2013 - 09:54 | Link to Comment Urban Redneck
Urban Redneck's picture

What is sad is that the people weren't sheeple- PSAVERT would still be collapsing, but instead because savers would be pulling their money from banks and going to the mattresses.  But no, their dutifully lining up for the sheeple shearing by uncle Sam and uncle Ben, like a bunch of uncle Toms...

Fri, 03/29/2013 - 09:55 | Link to Comment buzzsaw99
buzzsaw99's picture

This post = BULLISH!

Fri, 03/29/2013 - 10:01 | Link to Comment Careless Whisper
Careless Whisper's picture

The Careless Whisper MORE SANDY HOOK LIES UPDATE & Threadjacking

The Media has been reporting that Nancy Lanza gave Adam Lanza a Christmas Card with a check in it to buy himself a gun, (sans permit). This story came DIRECTLY from the CT State Police. The Christmas card and check were listed as part of the inventory gathered as a result of a Search & Seizure Warrant of the residence. Oh, BTW, what specifically wasn't found in the Lanza residnce was Cash, "None" to be exact. Back to the gun money. This is from the CT State Police; "Exhibit #612 - One (1) holiday card containing a Bank of America check #462 made out to Adam Lanza for the purchase of a C183 (Firearm), authored by Nancy Lanza." Never heard of that firearm, so I did a little research. Found an owner who gave a review: "...good outdoor shots... blown up nicely..."  Starting to sound bad ass. Except the full name of the C183 is "Kodak EasyShare C183". Yes, it's a camera.  

The next Sandy Hook lie comes off the pages of a sworn Affidavit submitted to the Judge in order to obtain a Search & Seizure Warrant for the Honda Civic. (They wanted fibers, hairs, finger prints, etc,. except they didn't bother to get any of that). From the Affidavit from two Detectives with 43 combined years experience with CT State Po: "4. A shotgun was noted in plain view to be in the interior of the vehicle."    Oh really.

And from the Affidavit to get the Search Warrant for the residence: "5. ...numerous school children and school personnel were located deceased from apparent gun shot wounds..."    "Numerous"? Perhaps that's better than getting locked in to a number.

Lastly, why hasn't the Coroner released the autopsy and toxicology reports? What were the medications? Is the Coroner being threatened to withhold the report? or to alter the contents?

https://www.documentcloud.org/documents/628233-search-warrant-dated-dece...

https://www.documentcloud.org/documents/628231-search-warrant-dated-dece...

https://www.documentcloud.org/documents/628232-search-warrant-dated-dece...

https://www.documentcloud.org/documents/628230-search-warrant-dated-dece...

https://www.documentcloud.org/documents/628229-search-warrant-dated-dece...

 

 

 

Fri, 03/29/2013 - 10:36 | Link to Comment TrumpXVI
TrumpXVI's picture

Yeah, and the bullshit reporting on the evening news last night about, "the VAST arsenal of weapons".  The "vast arsenal" was comprised of a few firearms; a few rifles, a shotgun a few handguns and ONE THOUSAND ROUNDS of ammunition.

Give me a break.  

SMALL firearms collections here in PA may include as many as fifty weapons.

Any avid target shooter likely has tens of thousands of rounds of ammunition on hand at any time.

One of my friends owns hundreds of weapons.

Fri, 03/29/2013 - 11:24 | Link to Comment SheepDog-One
SheepDog-One's picture

Hell I have a thousand rounds in just sub-groups of ammo, such as 1,000 00buckshot, 1,000 1 oz slugs, 1,000 BB shot, etc.

Fri, 03/29/2013 - 12:05 | Link to Comment de3de8
de3de8's picture

Trump, yeah, if that's an arsenal then I have a depot.

Fri, 03/29/2013 - 12:34 | Link to Comment GeezerGeek
GeezerGeek's picture

If each serious gun owner (how many fit into this category?) has more than 1000 rounds, maybe the DHS will need more than it's meager stash of less than 2 billion. If 15 million gun owners have 1500 rounds each, that equates to 22,500,000,000. Holy batshit, Batman! That represents quite a pile of dough.

Maybe that explains all the armored vehicles, too. 

Fri, 03/29/2013 - 11:25 | Link to Comment Muddy1
Muddy1's picture

BULLISH, NO, just more insider transactions like the Russians and Brits did in Cyprus.  This is more like: BANK RUN BITCHEZ here in the US by those in the know.

Fri, 03/29/2013 - 12:24 | Link to Comment Creepy Lurker
Creepy Lurker's picture

That was the first thing ran through my mind too, Muddy. How many folks who read ZH (or something like it) are quietly emptying their accounts over the next few weeks? And surge in non-durable goods sounds a little like putting the finishing touches on preps, yes?

Fri, 03/29/2013 - 10:17 | Link to Comment Kaiser Sousa
Kaiser Sousa's picture

i jumped in here cause i thought this deserves ZH'ers attention...Tylers can we get some digging on this????? it appears they got plans for all those with their debt coupon dollars in the ZomBanks...

"The 15-page FDIC-BOE document is called “Resolving Globally Active, Systemically Important, Financial Institutions.”  It begins by explaining that the 2008 banking crisis has made it clear that some other way besides taxpayer bailouts is needed to maintain “financial stability.” Evidently anticipating that the next financial collapse will be on a grander scale than either the taxpayers or Congress is willing to underwrite, the authors state:

http://s0.wp.com/wp-content/themes/pub/digg3/images/bg_blockquote.gif); background-color: #fffada; color: #736926; font-family: Arial, Helvetica, Georgia, sans-serif; font-size: 12px; line-height: 18px; background-position: 5px 7px; background-repeat: no-repeat no-repeat;">

An efficient path for returning the sound operations of the G-SIFI to the private sector would be provided by exchanging or converting a sufficient amount of the unsecured debt from the original creditors of the failed company [meaning the depositors] into equity [or stock]. In the U.S., the new equity would become capital in one or more newly formed operating entities. In the U.K., the same approach could be used, or the equity could be used to recapitalize the failing financial company itself—thus, the highest layer of surviving bailed-in creditors would become the owners of the resolved firm. In either country, the new equity holders would take on the corresponding risk of being shareholders in a financial institution.

No exception is indicated for “insured deposits” in the U.S., meaning those under $250,000, the deposits we thought were protected by FDIC insurance. This can hardly be an oversight, since it is the FDIC that is issuing the directive. The FDIC is an insurance company funded by premiums paid by private banks.  The directive is called a “resolution process,” defined elsewhere as a plan that “would be triggered in the event of the failure of an insurer . . . .” The only  mention of “insured deposits” is in connection with existing UK legislation, which the FDIC-BOE directive goes on to say is inadequate, implying that it needs to be modified or overridden."

http://webofdebt.wordpress.com/2013/03/28/it-can-happen-here-the-confisc...

Fri, 03/29/2013 - 11:22 | Link to Comment Muddy1
Muddy1's picture

"It begins by explaining that the 2008 banking crisis has made it clear that some other way besides taxpayer bailouts is needed to maintain “financial stability.”"

Here's is what the Canadians are planning, (clearly it's been months in the planning so Cyprus and the EU were NOT the sudden victims of a crazy scheme):

http://theeconomiccollapseblog.com/archives/cyprus-style-bank-account-confiscation-is-in-the-new-canadian-government-budget

Link to the bugetary document, "Econimic Action Plan" see pages 144 and 145.  http://www.budget.gc.ca/2013/doc/plan/budget2013-eng.pdf

In a nutshell,

"The Government also recognizes the need to manage the risks associated with systemically important banks — those banks whose distress or failure could cause a disruption to the financial system and, in turn, negative impacts on the economy.  This requires strong prudential oversight and a robust set of options for resolving these institutions without the use of taxpayer funds, in the unlikely event that one becomes non-viable."

MORE:

"The Government proposes to implement a "bail-in" regime for systemically important banks.This regime will be designed to ensure that, in the unlikely event that a systemically important bank depletes its capital, the bank can be recapitalized and returned to viability through the very rapid conversion of certain bank liabilities into regulatory capital.  This will reduce risks for taxpayers.  The Government will consult stakeholders on how best to implement a bail-in regime in Canada.  Implementation timelines will allow for a smooth transition for affected institutions, investors and other market participants." 

Fri, 03/29/2013 - 14:14 | Link to Comment macholatte
macholatte's picture

 

(clearly it's been months in the planning so Cyprus and the EU were NOT the sudden victims of a crazy scheme):

 

perhaps Cyprus was just a beta test.

Fri, 03/29/2013 - 16:01 | Link to Comment Muddy1
Muddy1's picture

EXACTLY!

Fri, 03/29/2013 - 16:47 | Link to Comment earleflorida
Fri, 03/29/2013 - 10:18 | Link to Comment Kaiser Sousa
Kaiser Sousa's picture

i jumped in here cause i thought this deserves ZH'ers attention...Tylers can we get some digging on this????? it appears they got plans for all those with their debt coupon dollars in the ZomBanks...

"The 15-page FDIC-BOE document is called “Resolving Globally Active, Systemically Important, Financial Institutions.”  It begins by explaining that the 2008 banking crisis has made it clear that some other way besides taxpayer bailouts is needed to maintain “financial stability.” Evidently anticipating that the next financial collapse will be on a grander scale than either the taxpayers or Congress is willing to underwrite, the authors state:

http://s0.wp.com/wp-content/themes/pub/digg3/images/bg_blockquote.gif); background-color: #fffada; color: #736926; font-family: Arial, Helvetica, Georgia, sans-serif; font-size: 12px; line-height: 18px; background-position: 5px 7px; background-repeat: no-repeat no-repeat;">

An efficient path for returning the sound operations of the G-SIFI to the private sector would be provided by exchanging or converting a sufficient amount of the unsecured debt from the original creditors of the failed company [meaning the depositors] into equity [or stock]. In the U.S., the new equity would become capital in one or more newly formed operating entities. In the U.K., the same approach could be used, or the equity could be used to recapitalize the failing financial company itself—thus, the highest layer of surviving bailed-in creditors would become the owners of the resolved firm. In either country, the new equity holders would take on the corresponding risk of being shareholders in a financial institution.

No exception is indicated for “insured deposits” in the U.S., meaning those under $250,000, the deposits we thought were protected by FDIC insurance. This can hardly be an oversight, since it is the FDIC that is issuing the directive. The FDIC is an insurance company funded by premiums paid by private banks.  The directive is called a “resolution process,” defined elsewhere as a plan that “would be triggered in the event of the failure of an insurer . . . .” The only  mention of “insured deposits” is in connection with existing UK legislation, which the FDIC-BOE directive goes on to say is inadequate, implying that it needs to be modified or overridden."

http://webofdebt.wordpress.com/2013/03/28/it-can-happen-here-the-confisc...

Fri, 03/29/2013 - 10:39 | Link to Comment HD
HD's picture

Interesting, but I wouldn't concern myself too much.

It doesn't matter if the deposits are "insured" or not. FDIC does not have the ability to backstop a financial collapse or anything even close.

 

Fri, 03/29/2013 - 10:43 | Link to Comment Kaiser Sousa
Kaiser Sousa's picture

agreed...it's something we can disseminate amongst the sheeple herd though...

as Normalcy Bias is a plague upon the dead republic.....

Fri, 03/29/2013 - 10:54 | Link to Comment HD
HD's picture

You're a better man than I. 

I've given up trying to explain anything to anyone. Any time I talk about the manipulation and corruption in the financial system people just tune out - they honestly think I'm concerned over nothing.

Fri, 03/29/2013 - 11:38 | Link to Comment dark pools of soros
dark pools of soros's picture

as a reminder...

 

 

Risk

The Contracts and securities purchased for the fund are backed solely by the financial resources of the issuers of such Contracts and securities and are subject to the creditworthiness of the issuer. An investment in the fund is not insured or guaranteed by the manager(s), the plan sponsor, the trustee, the FDIC, or any other government agency. The Contracts purchased by the fund permit the fund to account for the fixed income securities at book value (principal plus interest accrued to date). Through the use of book value accounting, there is no immediate recognition of investment gains and losses on the fund's securities. Instead, gains and losses are recognized over time by periodically adjusting the interest rate credited to the fund under the Contracts. However, while the fund seeks to preserve your principal investment, it is possible to lose money by investing in this fund. The Contracts provide for the payment of certain withdrawals and exchanges at book value during the terms of the Contracts. In order to maintain the Contract issuers' promise to pay such withdrawals and exchanges at book value, the Contracts subject the fund and its participants to certain restrictions. For example, withdrawals prompted by certain events (e.g., layoffs, early retirement windows, spin-offs, sale of a division, facility closings, plan terminations, partial plan terminations, changes in laws or regulations) may be paid at the market value of the fund's securities, which may be less than your book value balance.

 


Who May Want To Invest

Someone who seeks a slightly higher yield over the long term than is offered by money market funds, but who is willing to accept slightly more investment risk.

Someone who is interested in balancing an aggressive portfolio with an investment that seeks to provide stability of price.

 

 

Fri, 03/29/2013 - 10:41 | Link to Comment Kaiser Sousa
Kaiser Sousa's picture

double post was due to computer glitch...apologies

and fuck off to the one who reded me...

Fri, 03/29/2013 - 09:51 | Link to Comment camaro68ss
camaro68ss's picture

so if you increase taxes, savings go down, (gasp) 'shocking'

Fri, 03/29/2013 - 09:53 | Link to Comment SheepDog-One
SheepDog-One's picture

Hmmmm...so if you bankrupt everyone, their savings go down? Yes we'll have to remember that.

Fri, 03/29/2013 - 10:12 | Link to Comment Sudden Debt
Sudden Debt's picture

not according to Krugman... or CNBC... or OBarry...

Fri, 03/29/2013 - 10:31 | Link to Comment dark pools of soros
dark pools of soros's picture

Is there a cap on the future?  Even if the world ends in 1000 years we can still spend money from the next 5000 years today!

Fri, 03/29/2013 - 10:31 | Link to Comment DaveyJones
DaveyJones's picture

WSJ: "North Korea Warned"...that we might go bankrupt

Fri, 03/29/2013 - 10:16 | Link to Comment Sudden Debt
Sudden Debt's picture

Spanish PM Rajoy is BEGGING the EU dictators to increase his Spanish deficit from 4,5% TO 6%!!

and how do you bankrupt the West in total?!!

LOOK AT THE GOLD CHART TODAY!!!!! COMPAIR IT TO YESTERDAYS GRAPH!! WEIRD OR WHAT?!!

http://www.kitco.com/charts/livegold.html

 

Fri, 03/29/2013 - 10:32 | Link to Comment Citxmech
Citxmech's picture

I've been watching Kitco's charts for years almost daily, and I don't think I've ever seen such perfect "square waves" in succession.  That is very weird.

Fri, 03/29/2013 - 10:38 | Link to Comment Sudden Debt
Sudden Debt's picture

ou can say that again. Never seen it either, fucking weird stuff.

Fri, 03/29/2013 - 10:43 | Link to Comment DaveyJones
DaveyJones's picture

think it goes with all the other fucking weird stuff

Fri, 03/29/2013 - 10:55 | Link to Comment ParkAveFlasher
ParkAveFlasher's picture

Didn't see this comment thread before I posted same below .. my apologies.

And it's still moving. 

So there's a market populated by people buying and selling that is moving prices, or do prices just move themselves nowadays? 

Fri, 03/29/2013 - 10:53 | Link to Comment salvadordaly
salvadordaly's picture

Weird, I recieved 2 calls from the bank today. Some kind of debit card fraud alert, they are sending me a new card. All this from a computer generated message. Check the account and all seems well. I wonder if something is going on behind the scenes. You know, screen on computer shows all good, but behind the scenes the govbment is raiding my pockets. Would be a great weekend for SHTF. Every body is destracted. I'm just saying.......

Fri, 03/29/2013 - 11:39 | Link to Comment Temporalist
Temporalist's picture

Jesus Saves (just not from those doing "god's work")

Fri, 03/29/2013 - 15:05 | Link to Comment robertocarlos
robertocarlos's picture

A nice lady gave  me  a Gideon Bible yesterday an I am getting the Watchtower in the mail now so something is up or I look like I need help.

Fri, 03/29/2013 - 16:50 | Link to Comment tango
tango's picture

Salvadordaly,  

No conspiracy or nefarious doings.   Someone broke into a databank of a shop where your card was once used.   Happens all the time and when it does I have to go through a long list of folks paid automatically with the credit card and update the new number.  It has nothing to do with your account. 

Fri, 03/29/2013 - 12:11 | Link to Comment de3de8
de3de8's picture

Camaro68ss
Not in nobama world
BTW, did you catch the new Z/28 reveal?

Fri, 03/29/2013 - 09:52 | Link to Comment TeamDepends
TeamDepends's picture

What is the price of silver right now?  Has this become a rhetorical question?

Fri, 03/29/2013 - 10:07 | Link to Comment ParkAveFlasher
ParkAveFlasher's picture

Do algos take Good Friday off?  Gold and silver doing right angles today.  Not even making look like a market.

Fri, 03/29/2013 - 10:14 | Link to Comment fuu
fuu's picture

The Kitco silver chart looks very etch-a-sketchish today.

Fri, 03/29/2013 - 10:22 | Link to Comment Kaiser Sousa
Kaiser Sousa's picture

no worries chap...

just effecient, free, and fair markets at work in merry old "Dog meat in the CurryTown" London....

Fri, 03/29/2013 - 11:53 | Link to Comment edb5s
edb5s's picture

LOL.  It looks like silver "flatlined" today.  Right angle up to a flat plateau yesterday and now right angle down to a flat line today.  Never seen them like this.  Just another day in the life of a rigged, centrally-planned economy.

Fri, 03/29/2013 - 10:17 | Link to Comment TeamDepends
TeamDepends's picture

So who gets to "assume the position" Monday morning?  These are exciting times.

Fri, 03/29/2013 - 10:40 | Link to Comment ParkAveFlasher
ParkAveFlasher's picture

Per Silver Doctors:

Per the CME the Globex is closed the 28th-31st, and per the HKMEx Hong Kong is also closed Friday the 29th

That's nice.  So...who's trading right now, who's logging prices on which exchange, and why are the (likely) RSS feeds showing movement in price on the kitco widgets?

Fri, 03/29/2013 - 11:18 | Link to Comment TeamDepends
TeamDepends's picture

The Shadow knows....  cue creepy music and maniacal laughter

Fri, 03/29/2013 - 10:07 | Link to Comment 1100-TACTICAL-12
1100-TACTICAL-12's picture

My boots are full of piss, and they keep telling me it's water with unicorn sprinkles.

Fri, 03/29/2013 - 10:13 | Link to Comment Sudden Debt
Sudden Debt's picture

well... on Ebay there's a buyer for everything...

Fri, 03/29/2013 - 11:35 | Link to Comment Silver Bug
Silver Bug's picture

Don't worry mon! A new credit card is in the mail!

 

http://sprottmoneyblog.com/

Fri, 03/29/2013 - 09:50 | Link to Comment max2205
max2205's picture

Ahem, who has 32k of wallet money?

Fri, 03/29/2013 - 10:24 | Link to Comment short screwed
short screwed's picture

that's what I was thinking. I would have guessed $ 3,200 or even $320. but if you average in the .1 %, who knows

Fri, 03/29/2013 - 10:15 | Link to Comment El Oregonian
El Oregonian's picture

Bernanke suffers from the mental disorder known as "Zero Stroke". It's true, look it up...

https://en.wikipedia.org/wiki/Zero_stroke

Fri, 03/29/2013 - 10:46 | Link to Comment ParkAveFlasher
ParkAveFlasher's picture

"The delirium of milliards..."

Walter Rathenau

Fri, 03/29/2013 - 11:25 | Link to Comment Svendblaaskaeg
Svendblaaskaeg's picture

Thanks for the link and warning, read it forty trillion times (bookkeeper)

Fri, 03/29/2013 - 10:14 | Link to Comment Groundhog Day
Groundhog Day's picture

Can't confiscate what the citizens don't have.  When push comes to shove the government will take it from the corporations that bribed them all these years to milk the citizens dry.  It will be comical to watch the tax rates climb on the corporations and the penatly's incurred on the hoards of cash sitting offshore.  

Have your popcorn ready, gold in your pocket and gun by your side. 

Fri, 03/29/2013 - 10:51 | Link to Comment H E D G E H O G
H E D G E H O G's picture

03/28/2013 " Payback Time"  Richard Russell www.321gold.com

Fri, 03/29/2013 - 09:36 | Link to Comment Sudden Debt
Sudden Debt's picture

and what it the average printing speed rate for the moneyprinters in the US?

 I SAY THAT ALL ECONOMIC INDICATORS SHOULD BE EXPRESSED IN RPM!!!

Fri, 03/29/2013 - 09:44 | Link to Comment SheepDog-One
SheepDog-One's picture

Or 'P.P.S.' Pallets Per Second.

Fri, 03/29/2013 - 09:49 | Link to Comment Sudden Debt
Sudden Debt's picture

 

 

Euro pallets?

4 way entry pallets?

Wing type pallets?

Reversible pallets?

... you see where I'm going with this?

 

Fri, 03/29/2013 - 10:28 | Link to Comment holdbuysell
holdbuysell's picture

"and what it the average printing speed rate for the moneyprinters in the US?"

What do you mean? Are you referring to a European-made or African-made printer?

Fri, 03/29/2013 - 10:55 | Link to Comment Sudden Debt
Sudden Debt's picture

almost every money printing machine in the world is German. that's easy :)

Fri, 03/29/2013 - 09:38 | Link to Comment kliguy38
kliguy38's picture

If only we could learn to save like the Cypriots........

Fri, 03/29/2013 - 09:41 | Link to Comment Sudden Debt
Sudden Debt's picture

first of all....

define: "save"...

IF YOU KILL 50 PEOPLE

YOU STEAL THEIR WALLETS

and the next day... YOU COUNT YOUR MONEY

YOU WILL BE ABLE TO SAY YOU SAVED A LOT OF MONEY!!!!

and other people will also say other stuff about you...

BUT YES!! YOU SAVED MONEY!!!

Fri, 03/29/2013 - 09:48 | Link to Comment Temporalist
Temporalist's picture
NY Fed Employee Reverses Testimony on AIG Losses

"A New York Fed employee took back testimony he previously gave in a legal clash between American International Group and Bank of America over about $10 billion in mortgage-investment losses."

http://online.wsj.com/article/SB1000142412788732350100457839019101338653...

 

Bank of America gets most complaints about mortgages, new database shows

"Bank of America is the most-complained-about company when it comes to mortgages, garnering more than 15,000 complaints on issues such as loan modifications and servicing since late 2011, according to information released this week from a federal database of consumer complaints."

http://blogs.marketwatch.com/thetell/2013/03/29/bank-of-america-gets-mos...

Fri, 03/29/2013 - 10:51 | Link to Comment Schmuck Raker
Schmuck Raker's picture

Thanks Tempo

Fri, 03/29/2013 - 09:39 | Link to Comment ramacers
ramacers's picture

wonder if larry kudlow, the Comcast Roberts boy's chief flack, will be reading this.

Fri, 03/29/2013 - 09:41 | Link to Comment SheepDog-One
SheepDog-One's picture

GOOD! Why would any sane person hand over their money to a bank at 0%, with the rist of losing 80% of it at any minute?

Glad people are finally catching on, although the record low saving rate is likely just due to everyone being broke.

Fri, 03/29/2013 - 09:44 | Link to Comment Sudden Debt
Sudden Debt's picture

Why would any sane person...

well... your conversation could have just ended there...

Fri, 03/29/2013 - 10:35 | Link to Comment disabledvet
disabledvet's picture

actually the bigger question is "why would they hand over their savings to an account paying out 12% interest." when all you get is zero percent interest why would a Government Agency have a problem with that? of course if that Government Agency suddenly offers 4% interest then indeed..."Houston we have a problem." the biggest bank in the world is the Japanese Postal Service. hmmm. "good thing those are only in Japan"? http://en.wikipedia.org/wiki/Japan_Post

Fri, 03/29/2013 - 15:20 | Link to Comment RSBriggs
RSBriggs's picture

I just love how the 5.5%-6.0% interest rate on Cyprus savings gets exaggerated and goes up each and every time someone quotes it.  I've seen 8%, 10% and now  we've hit 12%.  In just a couple more days, people will be claiming 85%.

For those who can remember back just a few years, it used to be possible to get better than 7% on a 3 year CD at your local bank.  The interest rates that the Cyprus banks paid - many of them for "time deposits" similar to CDs, is not out of line for a country that doesn't have the Fed priting its currency into oblivion and forcing ZIRP....

Fri, 03/29/2013 - 09:43 | Link to Comment Shizzmoney
Shizzmoney's picture

RE:

Because we are confused: with the average Real Disposable Income of $32,663 per person, or lower than where it was in December 2006 ($32,729), one may be excused for scratching their head.

This is what I make in a year.

The reason they keep wages low is to squeeze as much disposable income out of the plebs as possible.  Add to killing the faith in the banking system, which will lead to bailouts for them in the future.

In poker, we call this the "squeeze play".

 

Fri, 03/29/2013 - 09:52 | Link to Comment SheepDog-One
SheepDog-One's picture

Hey it's all good don't worry...ObaMao is 're-igniting' his pledge to disarm the country....nothing to see here! Get back to panic buying of stawks!

Fri, 03/29/2013 - 09:52 | Link to Comment Sudden Debt
Sudden Debt's picture

40% OF THE US ECONOMY IS GOVERNMENT!!!

so...

if a government worker... "saves money"...

IT'S NOT HIS MONEY IN THE FIRST PLACE!!!

RAID GOVERNMENT WORKER SAVINGS ACCOUNTS!!! THEY ARE THIEFS PILLING UP YOUR MONEY!!

Fri, 03/29/2013 - 09:54 | Link to Comment MFLTucson
MFLTucson's picture

100% due to money printing and a phony stock market wealth affect.

Fri, 03/29/2013 - 10:02 | Link to Comment azzhatter
azzhatter's picture

At least there is no inflation. FUCK YOU BERNANKE

Fri, 03/29/2013 - 09:56 | Link to Comment Debt Slave
Debt Slave's picture

Savings? Why does anyone care about savings rate? This is a CONSUMER economy. We have no need for ridiculous notions of "saving". DEBT and CREDIT baby! Consume like a voracious hog!

Fri, 03/29/2013 - 09:57 | Link to Comment W74
W74's picture

Funny, when I was 19-23 my personal savings rate was 78%.  America is 3%?  This boggles my mind.

Fri, 03/29/2013 - 10:39 | Link to Comment DaveyJones
DaveyJones's picture

The game begins by shaking a covered tray of sixteen cubic dice...

Fri, 03/29/2013 - 10:00 | Link to Comment Fuh Querada
Fuh Querada's picture

Don't worry, "Marc to Market" will publish a dispassionate, institution-quality analysis absolutely free tomorrow.

Fri, 03/29/2013 - 10:58 | Link to Comment fuu
fuu's picture

Krasting will chime in over the weekend claiming that the entire thing was caused by retired USN officers using Social Security hot money.

Fri, 03/29/2013 - 09:58 | Link to Comment q99x2
q99x2's picture

Since savers are saving for banksters that are going to steal their money I expect this number to fall drastically from here out.

Fri, 03/29/2013 - 10:01 | Link to Comment StarTedStackin'
StarTedStackin''s picture

Oh shut up you raaaaaaaaaaaaaaaaaayyyyyycessssssssssssssssssssssss

 

 

 

 

recovery summer 5 is right about to start, fool!

 

 

 

P.S., did Obama send thank you notes to all of you fools who voted for Ron Paul or some other third party candidate last November?

Fri, 03/29/2013 - 11:13 | Link to Comment roadhazard
roadhazard's picture

No, but I would like to give a shout out to Repubicans who have/had absolutely no one worth 10 cents to run against him. 

I voted for Jill somebody running for the Green party. I figure even she could do as good a job as the suits. 

Fri, 03/29/2013 - 10:04 | Link to Comment Cable Guy
Cable Guy's picture

Save for what?  No return on investment.  And if you have savings, you can't get all the free goodies from the gubernment.  Savings Shmavings.  

Fri, 03/29/2013 - 10:07 | Link to Comment Black Markets
Black Markets's picture

Found it...

 

 

[IMG]http://i45.tinypic.com/pts1.png[/IMG]

 

Fri, 03/29/2013 - 10:12 | Link to Comment fuu
fuu's picture

Good eye.

Fri, 03/29/2013 - 10:10 | Link to Comment ziggy59
ziggy59's picture

Low savings, is probably why they haven't initiated Operation: Cyprus here in US

Fri, 03/29/2013 - 10:21 | Link to Comment WTF_247
WTF_247's picture

Don't worry - they will.

 

Step 1.  Ban all paper paychecks, force every employer to use direct deposit.

Step 2.  Upon each direct deposit, the govt will be able to grift 10-20% off of the money before it hits your account.

Fri, 03/29/2013 - 11:30 | Link to Comment SheepDog-One
SheepDog-One's picture

What paychecks?

Fri, 03/29/2013 - 10:15 | Link to Comment gaoptimize
gaoptimize's picture

Suspect the Median chart would be even worse, given the increasingly right-skew of the distribution.

Fri, 03/29/2013 - 10:19 | Link to Comment ziggy59
ziggy59's picture

Seems to me, according to the bankster creed, all of our savings is disposable...

Fri, 03/29/2013 - 10:20 | Link to Comment WTF_247
WTF_247's picture

Amazingly, somehow Americans will find 50-100% more money each month to pay for their new Obamacare premium increases.

From the data it is easy to see where that money would come from ...

Fri, 03/29/2013 - 10:23 | Link to Comment sansnobel
sansnobel's picture

Why Save money when they are going to steal it thru outright bank account levies or inflation thru the Mad printer?  Fuck it I say If everybody started either spending their money on everything that is not nailed down or pulling all their money out of banks and storing it themselves this shit would come to a head real quick.

Fri, 03/29/2013 - 10:23 | Link to Comment Son of Loki
Son of Loki's picture

Non durable goods jacked up by one major item looks like:

 

http://www.privateislandbeauties.com/index.do

Fri, 03/29/2013 - 10:25 | Link to Comment sudzee
sudzee's picture

Can't blame the Bernank for doing his best to grow some hair on the bald market. After all, no "hair" , no cut.

Fri, 03/29/2013 - 10:34 | Link to Comment Debt Slave
Debt Slave's picture

Maybe the number of savers has fallen, but I would wager that the number of stackers has risen.

Fri, 03/29/2013 - 10:44 | Link to Comment Stuck on Zero
Stuck on Zero's picture

Are guns, ammo, sand bags, food stores, and PMs considered to be durable goods?  If not, that would explain the increase in consumer spending.

 

Fri, 03/29/2013 - 10:49 | Link to Comment khakuda
khakuda's picture

Bernanke can go to Disney World now. Cash out refi back, low savings rates back, junk bonds at lowest yields ever, new highs in stocks, dodgy debt deals back, overpriced hot IPOs back, margin debt back, Mila Kunis back, 90 year olds tired of zirp buying stocks back, people buying multiple houses for investment to flip or rent back...

It's all good Ben. Welcome to bubble number 3 and start the clock for the next apocalypse in a couple years at most.

Fri, 03/29/2013 - 10:51 | Link to Comment EclecticParrot
EclecticParrot's picture

Which is more attractive, a certificate of deposit, or a Richard Nixon pez dispenser ?  From a financial standpoint, ZIRP is driving the good citizenry to collectibles, hence the rebound in eBay.  An annuity, or a new-in-box Rockem' Sockem' Robots ?  You make the call ...

(By the way, this "markets closed for Good Friday" BS is rather disquieting for a fledgling trader -- I feel like a lazy-ass banker, who get innnumerable days off, including  Bastille Day, GroundHog Day, etc.  Not wanting my trading skillset to atrophy with this forced holiday, I've decided to do something similar today:  either clean the garage floor with a toothbrush, or a pleasant day of grouting.)

Fri, 03/29/2013 - 10:53 | Link to Comment madcows
madcows's picture

Wo Wo WO.  Who has 32,000 disposable income?  AND, I'd prefer it be called what it is, DISCRETIONARY income.  Only politicians and bankers have DISPOSABLE income.

Fri, 03/29/2013 - 12:06 | Link to Comment edifice
edifice's picture

And by "discretionary" I hope you're referring to the "middle class" man sitting at his kitchen table, wondering which bills to pay and which to skip, this month.  That's the only discretion involved; who the slave gives his earnings to.

Fri, 03/29/2013 - 10:57 | Link to Comment LawsofPhysics
LawsofPhysics's picture

Well, that's good.  Hey, at least Americans have no savings to steal then.  now about that FRN you are being paid...

Fri, 03/29/2013 - 11:25 | Link to Comment ekm
ekm's picture

That's why I am quite suspicious that any theft would be enough to plug the derivative losses holes.

 

Who's got money left over?

Even if they raid the pension plans, it is is still not enough at all, and this assumes that the people won't rebel when pensions would be stolen...which is coming.

Fri, 03/29/2013 - 12:13 | Link to Comment laomei
laomei's picture

You think they'll pay you in paper?

 

Here's how it works.  The banks have backed all their derivitives up abusing FDIC insurances.  If anything goes down hard, the FDIC bails it all out.  They make some nice new zeros for you at a new bank and that's that. 

 

In theory at least.  In reality, the bank makes some shitty investments, the Fed loans or gives them all they need based on the face value of those shitty investments at effectively 0% and the bank continues to make shitty investments.  In the event of failure of this cycle, the bank goes under, the FDIC cannot pay out, so the Fed adds some zeros to the FDIC account and everyone is happy again.  Derivitives pay out and the bank reforms and continues doing what it was doing all along.

Fri, 03/29/2013 - 12:40 | Link to Comment LawsofPhysics
LawsofPhysics's picture

As I said earlier, the dollar dies.  In that process, even physical cash will have some more value, at least transiently.

Fri, 03/29/2013 - 13:05 | Link to Comment laomei
laomei's picture

Nope, I don't see that as being the case at all.  In the event of a currency failure, it all fails.  Pieces of paper don't mean much of anything.

Fri, 03/29/2013 - 11:21 | Link to Comment Fix It Again Timmy
Fix It Again Timmy's picture

With Americans having no money available, the gov't will have to get really creative to come up with stats that support a Roaring, Robust Recovery and the concept that the stock market is poised to Blast Off.....

Fri, 03/29/2013 - 11:54 | Link to Comment alfbell
alfbell's picture

 

 

I've recently read an article asserting that savings rate is going up and it is a deflationary indicator (i.e. A. Gary Shilling). Then I see this. It seems that an author can find whatever stat or chart he needs to make his/her point (i.e. a chart showing US savings going up, a chart showing US savings going down... take your pick, whatever you need for your specific propaganda campaign).

I just don't believe anyone or anything any more. The truth has dived out of sight. I guess I should just keep it simple... when I wake up in the morning if I can get out of bed and feel healthy, if the sun has come up and if there are no mushroom clouds on the horizon... it's a wonderful day and all is well.

Fri, 03/29/2013 - 12:02 | Link to Comment CaptainSpaulding
CaptainSpaulding's picture

I use the garbage truck and school bus indicators. When i hear the town garbage trucks and school buses in the morning, The system cant be that bad.

Fri, 03/29/2013 - 15:00 | Link to Comment hardcleareye
hardcleareye's picture

Depends on what your definition of "that bad is".......  ;) 

Ever ask what they are doing with that garbage and what they are teaching at that school?

Fri, 03/29/2013 - 12:20 | Link to Comment laomei
laomei's picture

Savings are "up"  because people are defaulting on debts.  Just like spending is "up" not because people are buying more, they are just having to pay more for the same stuff.  

Fri, 03/29/2013 - 15:40 | Link to Comment RSBriggs
RSBriggs's picture

They are going to have a BIG fucking surprise at tax time when they find out that a defaulted debt is now treated by the IRS as earned income and taxed....

Sat, 03/30/2013 - 01:51 | Link to Comment laomei
laomei's picture

It's not taxed if you can show insolvency, however I don't reallly expect the common sheep to know about this, and as such they will not have done any documentation.

Fri, 03/29/2013 - 12:25 | Link to Comment swamp
swamp's picture

"Disposable income" is a NWO term. DISCRETIONARY income is not DISPOSABLE.

Fri, 03/29/2013 - 13:09 | Link to Comment Widowmaker
Widowmaker's picture

How to be a stupid fuck on ZH:

Fail to realize confiscation of savings is the only racket in town.

Fail to realize personal savings and confiscation from the risk averse is solely to subsidize fraud and criminal finance and perpetuate the mispricing of risk (globally).

Fascism already owns you fucking pussies.

Fri, 03/29/2013 - 13:29 | Link to Comment Go Tribe
Go Tribe's picture

WE fucking pussies.

Fri, 03/29/2013 - 13:27 | Link to Comment Kreditanstalt
Kreditanstalt's picture

Really?  You'd never know from the MSM.  Here's one from the Associated Press:

http://www.theglobeandmail.com/report-on-business/economy/us-consumer-spending-income-make-biggest-gains-in-five-months/article10550066/

The headline?  "US CONSUMER SPENDING/INCOME MAKE BIGGEST GAINS IN FIVE MONTHS"

Well, it just doesn't look that way here on the ground...

Fri, 03/29/2013 - 14:22 | Link to Comment Shizzmoney
Shizzmoney's picture

Credit card debt in the US has been steadily rising in recent years, rising higher than wages or employment:

Many Americans have become used to using credit cards for essential items, like food.

Jaclyn – she asked her last name remain confidential – is a journalism student in Fort Wayne, Indiana. She has no student loans, but still finds her finances constrained. "A few years out of college and working in a suffering industry, I'm blown away by the poor quality of work life," she wrote. "Living paycheck-to-paycheck, groceries are being paid for on a credit card, bills are being paid late and there is not one dollar spent on 'extras.'"

http://www.guardian.co.uk/commentisfree/2013/mar/29/debt-us-economy-reco...

Fri, 03/29/2013 - 15:03 | Link to Comment Gold N Glocks
Gold N Glocks's picture

Don't you just love Nigonomics!

Fri, 03/29/2013 - 15:08 | Link to Comment robertocarlos
robertocarlos's picture

I am now $1700 above water. What to do, what to do? 

Fri, 03/29/2013 - 15:44 | Link to Comment RSBriggs
RSBriggs's picture

Oddly enough, just about the price of an ounce of gold.   Stay away from boats.

Sat, 03/30/2013 - 09:33 | Link to Comment El Hosel
El Hosel's picture

Buy three guns, while you can.

Fri, 03/29/2013 - 16:58 | Link to Comment s2man
s2man's picture

Low savings rate: Its because everyone here is putting their savings into physical assets, not the banks.

Fri, 03/29/2013 - 19:52 | Link to Comment XRAYD
XRAYD's picture

Meanwhile ...

 

"Consumer spending climbed in February by the most in five months and confidence unexpectedly improved in March, showing job-market gains are helping Americans overcome tax increases and concern about federal budget cuts.

 

http://www.bloomberg.com/news/2013-03-29/consumer-spending-in-u-s-increa...

Sat, 03/30/2013 - 09:00 | Link to Comment El Hosel
El Hosel's picture

"Recovery".... Yes, indeed Ben Bernenke's nose was recovered, said nose was covered in shit after several years of stimulus delivered directly up TBTF fails ass. No Banker left behind as the Fed gets behind ( and in the behind ) big Banking  for a very long time at a very big expense to all but those "Professionals" who destroyed the US economy and banking system.

 

Sat, 03/30/2013 - 09:43 | Link to Comment El Hosel
El Hosel's picture

The Fed "fixed" the debt crisis by issuing more debt and rigging the markets. Turn that into a recovery, huge benefit for the top of the food chain and a tax on most of the population.

Rise up Bottom Feeders.  http://www.youtube.com/watch?v=eNnB4dkVRJI

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