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Election Euphoria For The Poor Evaporates

Tyler Durden's picture





 

While budgets are thrown around that tax wealth in every way possible and transfer payments are ever-increasing, it seems the post-election euphoria among the poor in the USA has worn off just as rapidly as it did in 2008. Bernanke's irrational exuberance has pushed the 'comfort' of the 'rich' (earning over $100k) to its highest since October 2010 while the comfort of the 'poor' (those earning under $15k per year) has slumped back to the lowest comfort in three months. We need moar wealth transfer.

 

 

Charts: Bloomberg

 


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Thu, 04/11/2013 - 10:14 | Link to Comment TeamDepends
TeamDepends's picture

Have some of that, Krugman.

Thu, 04/11/2013 - 10:13 | Link to Comment Bastiat
Bastiat's picture

Because the Fed has been to tight!

Thu, 04/11/2013 - 10:22 | Link to Comment hedgeless_horseman
hedgeless_horseman's picture

 

 

Truth be told, I have more than a dozen debt slaves (consumers) that work for me. the poor sons of bitches.

In my experience, it is their complete lack of understanding of the value of capital that makes them debt slaves (see savings rate), and an amazingly strong unwillingness to learn.

Thu, 04/11/2013 - 10:20 | Link to Comment johnQpublic
johnQpublic's picture

over 100k is rich?

 

in zimbabwe maybe...

Thu, 04/11/2013 - 10:29 | Link to Comment hedgeless_horseman
hedgeless_horseman's picture

 

 

I know many debt slaves that earn more than $100k.

If the monthly interest you pay is greater than your savings, then you are a debt slave.

Sorry to break it to you, boy, but deep down inside, you already knew it.

Thu, 04/11/2013 - 10:30 | Link to Comment Manthong
Manthong's picture

At least those guys have good security.

Thu, 04/11/2013 - 11:08 | Link to Comment hedgeless_horseman
hedgeless_horseman's picture

 

 

Election Euphoria For The Poor Evaporates

Now, where do Obama's elections fall on this chart?

Anyone know where I can find a chart of personal interest expenses?  GM's sales is probably a fairly good proxy.

FRED tracks guns, food, gambling, gas, girl's underwear, recreation, etc., but the Fed doesn't appear to track personal interest expenses; it is not surprising.

 

Thu, 04/11/2013 - 11:18 | Link to Comment malikai
malikai's picture

I know it's silly, but to be fair, girls' underwear is a fairly strong indicator of Japanese growth.

Thu, 04/11/2013 - 11:37 | Link to Comment Don Diego
Don Diego's picture

at least their fellow slaves are not armed....you never know when a fellow slave can go into a shooting rampage!

Thu, 04/11/2013 - 10:30 | Link to Comment malikai
malikai's picture

Yeah, well, as far as I'm concerned, if you make over $5k/yr, you're rich. So you should pay 100%.

Signed,

The government.

Thu, 04/11/2013 - 10:31 | Link to Comment Dr. Richard Head
Dr. Richard Head's picture

Indeed, when one cannot save MOAR than they have to spend to servicing debt, then they are not saving at all.  That was the math that provoked me to withdraw from the market and pay down debt.  Oddly enough, that math is something ever a liberal voter can understand.  I try to transition that math to describe how destructive the policy of ZIRP is and those same liberal voters then call me a gold bug.  Sigh.....

Thu, 04/11/2013 - 10:24 | Link to Comment Dr. Engali
Dr. Engali's picture

Like Zimbabwe, there will  be plenty of starving trillionaires in the near future.

Thu, 04/11/2013 - 11:10 | Link to Comment Freddie
Freddie's picture

Hope and Change rolls on.

Thu, 04/11/2013 - 10:28 | Link to Comment hapless
hapless's picture

The objective is to drive down the cognitive retention of the proles so that they can remember who they voted for last time (easy), but can't remember why (alas, also easy).

Thu, 04/11/2013 - 11:45 | Link to Comment Freddie
Freddie's picture

The objective will also be to brainwash the public into forgetting what it was like to have a job or how people had a chance to actually find a job.   F TV and F Hollywood.

Thu, 04/11/2013 - 11:19 | Link to Comment Go Tribe
Go Tribe's picture

How much you paying them?

Thu, 04/11/2013 - 11:25 | Link to Comment azzhatter
azzhatter's picture

Think about it. The rich will gladly give up a little more in taxes if they are allowed to plunder the system freely. The extra 10 can help shower crumbs on the peasantry. It's all good. Corruption is king

Thu, 04/11/2013 - 10:13 | Link to Comment Dr. Richard Head
Dr. Richard Head's picture

The old bait and switch of both political parties as seen in graph form.  Nice.

Thu, 04/11/2013 - 10:16 | Link to Comment Cognitive Dissonance
Cognitive Dissonance's picture

Rich man, poor man. Who says there is no class system in America?

<The American myth says so.>

Thu, 04/11/2013 - 10:29 | Link to Comment NoDebt
NoDebt's picture

Every society has a class system.  Just that in some societies you're allowed to move from one class to another.  In some, you're not.

Thu, 04/11/2013 - 10:31 | Link to Comment Spastica Rex
Spastica Rex's picture

Everyone is middle class in the US.

Middle class means you deserve a a 2,000+ sqr ft home, a pickup truck, an SUV, meals at Red Lobster once per week, a kitchen remodel for the wife at least every 5 years, an airplane vaction at least once per year, a trailer with quads, snowmobiles, or PWC, and four years of college for the kids.

Thu, 04/11/2013 - 10:35 | Link to Comment Dr. Richard Head
Dr. Richard Head's picture

Off topic, but related to Red Lobster.  Samual Adams claims that they made some special sort of glass for drinking beer and I have found that Red Lobster had it first.  https://twitter.com/FamilyRotten/status/317088255759749121/photo/1

Thu, 04/11/2013 - 10:55 | Link to Comment Dr. Engali
Dr. Engali's picture

Well yeah they are completely different...one clearly has a lobster on it and the other has a Sam Adams lable........that completely changes the drinking experience. Sheesh...I would think that you might have noticed that :)

Thu, 04/11/2013 - 11:13 | Link to Comment Meat Hammer
Meat Hammer's picture

Now THAT'S cutting-edge research, Dr. Dick.

Thu, 04/11/2013 - 10:42 | Link to Comment Dr. Engali
Dr. Engali's picture

I deserve that and a lot more. I'm an Amerkun dagumit!

Thu, 04/11/2013 - 10:46 | Link to Comment hairball48
hairball48's picture

You forgot all the free iShit

Thu, 04/11/2013 - 11:11 | Link to Comment Stuck on Zero
Stuck on Zero's picture

Middle class in America also includes 450 hours a month spent watching Oprah, the Kardashians, and American Idol.

 

Thu, 04/11/2013 - 10:16 | Link to Comment Winston Churchill
Winston Churchill's picture

The marks have buyers regret.

Bah bah bah.

Thu, 04/11/2013 - 10:14 | Link to Comment Bearwagon
Bearwagon's picture

"For to everyone who has will more be given, and he will have an abundance. But from the one who has not, even what he has will be taken away."  (Matthew 25.29)

There happens nothing new under the sun.

Thu, 04/11/2013 - 20:03 | Link to Comment StychoKiller
StychoKiller's picture

"As ye believe, so is it done unto thee."

Fri, 04/12/2013 - 03:04 | Link to Comment Bearwagon
Bearwagon's picture

Now, that is really deep. Do you know how right you are?

Thu, 04/11/2013 - 10:16 | Link to Comment Shizzmoney
Shizzmoney's picture

Please stop saying, "wealth redistribution".  It's a buzz word that only confuses the serfs.

"Held up by invisible gunpoint" is a more apt term.

Thu, 04/11/2013 - 10:17 | Link to Comment Bearwagon
Bearwagon's picture

It's called robbery!

Thu, 04/11/2013 - 10:20 | Link to Comment Seasmoke
Seasmoke's picture

I dont want to hear it. It is the poor people's fault for not being in the market.

Thu, 04/11/2013 - 10:21 | Link to Comment Hohum
Hohum's picture

At its core, QE is the greatest redistribution of wealth (or claims on it) in American history.  Quite a weird sort of socialism, isn't it?

Thu, 04/11/2013 - 10:29 | Link to Comment GeorgeHayduke
GeorgeHayduke's picture

QE is typical socialism in the US of A. Socialism for the wealthy and well connected. Add the President's Working Group on Fonancial Markets into the mix and you have the stock market socialized for the folks who invest in it. But hey, it's all those poor welfare queens who cause ALL the trouble with the economy. Forget that their welfare is usualy spent in their local economy instead of reinvested into more speculative paper.

The more I think about it, this economic shitpile cannot collapse soon enough.

Thu, 04/11/2013 - 10:41 | Link to Comment toady
toady's picture

Sometimes I imagine what it would be like if that 85B per month was sent to the bottom 1% instead of the top.

Thu, 04/11/2013 - 14:32 | Link to Comment BooMushroom
BooMushroom's picture

Cadillac would have a banner year, as Escalade sales outpace bicycle trailers for the first time EVER!

Also, the price of steak and lobster would skyrocket.

http://en.m.wikipedia.org/wiki/Reversal_of_Fortune_(2005_film)

Thu, 04/11/2013 - 10:33 | Link to Comment toady
toady's picture

That 85B a month just isn't trickling down... So they will go after it in other ways.

Thu, 04/11/2013 - 10:20 | Link to Comment QQQBall
QQQBall's picture

Weirdly worded. The pressure on the poor is increasing. People earning over $100k in many parts of the country do not have an elevated level of comfort, particularly if self-employed with kids in college and are underwater in the casa.

Thu, 04/11/2013 - 10:23 | Link to Comment Dr. Engali
Dr. Engali's picture

Maybe, at some point in time, these idiots will figure out that politicians don't really have their best interests at heart....maybe, but I doubt it.

Thu, 04/11/2013 - 10:27 | Link to Comment malikai
malikai's picture

What?!

Say it ain't so..

Thu, 04/11/2013 - 10:31 | Link to Comment NoDebt
NoDebt's picture

Doubting is unnecessary.  They won't get it.  Period.

Thu, 04/11/2013 - 10:24 | Link to Comment Sandmann
Sandmann's picture

Bernanke is simply taking the pressure off the two political parties whose main goal seems to be looking after the Finance-Media Elites. Only by creating New Political Movements and taking control of States can the Establishment be shattered. Americans should be reading De Tocqueville:

Ancien Regime and the French Revolution

to find out how it goes from here

Thu, 04/11/2013 - 10:23 | Link to Comment irie1029
irie1029's picture

I am so sick of this government... fuck them all.  Fuck the loser nonworking 47% as well.  Having to do taxes this weekend has me in a very foul mood.  

Thu, 04/11/2013 - 10:23 | Link to Comment q99x2
q99x2's picture

And where does that Bernanker think the money he's giving to banksters and crooked politicians (not to mention Eric Holder) comes from? They know they are bleeding the working people that's why they are building a civilian military called Dept. of Homeland Security. Hitler did the same thing. Instead of Hitler though, this one appears to be run by a masculine lesbian which I thought seemed a little odd. Anyhow the money for the war against the world has to come from somewhere and unless it comes from the Rockefellers and Rothschilds it will come from working mom's paychecks. Looks like little Johnny will be eating a little less this year.

Sincerely,

Fuck You Bernanke

Thu, 04/11/2013 - 10:30 | Link to Comment GeezerGeek
GeezerGeek's picture

Speaking of Janet, she apparently likes bagpipe music. Bagpipes are often used at funerals. Is she preparing for the funeral of American liberty?

Thu, 04/11/2013 - 11:20 | Link to Comment Go Tribe
Go Tribe's picture

No, she's preparing for the day when she dresses all of us in kilts.

Thu, 04/11/2013 - 13:15 | Link to Comment Taffy Lewis
Taffy Lewis's picture

she's preparing for the day when she dresses all of us in kilts...

and she'll make us all put our clothes on backwards and walk backwards on the holiday Backwards Day just like the plebes in John Waters' classic "Desperate Living".

Thu, 04/11/2013 - 10:25 | Link to Comment gamera9
gamera9's picture

It's not so much the market making new highs nor the fact my losses going short are sickening. But really what makes me what to committ hari kari is all the office douche bags talking amongst earh other like they are some second coming when it comes to day trading and their upcomeht never seems to arrive.

Thu, 04/11/2013 - 10:27 | Link to Comment krispkritter
krispkritter's picture

B-b-b-ut we're living the dream! Blowhole promised us Hope and Change DAMMIT! I ain't got time fo dis! /s

Actually I think that 'euphoria' evaporated when the tax hike hit, right along with Barry's other election promises.  The weight of the entitlement class is now such that any future elections are probably moot as far as even 'two parties' are concerned, same shit, different color.  Just unveil the charade for what it is and we can just let the EBT and O'phone owners 'Press 1 to Vote for Your Candidate' and be done with it.

I have long been convinced that institutions purely democratic must, sooner or later, destroy liberty, or civilisation, or both. TBM

Let it crumble and start again...

Thu, 04/11/2013 - 10:24 | Link to Comment johnQpublic
johnQpublic's picture

its like a sandwhich

white bread on the top

brown bread on the bottom

mustard in between

Thu, 04/11/2013 - 10:27 | Link to Comment Dr. Engali
Dr. Engali's picture

Gross. What the hell kind of sanwiches are you eating? ;->

Thu, 04/11/2013 - 10:35 | Link to Comment GeezerGeek
GeezerGeek's picture

Sounds like a diversified Wish sandwich. Diversified because of the two types of bread. A Wish sandwich is where you take two slices of bread and wish you had something to put between them. At least that's how the song went.

Wish sandwiches, coming soon to the (ex-) middle class.

Thu, 04/11/2013 - 10:24 | Link to Comment adr
adr's picture

But I was told by MSNBC that Obama has been the best president in history for the poor and has taken the hardest stance against the wealthy in history.

HE RAISED TAXES ON THE WEALTHY!!!

Of course, zero prosecutions for financial fraud, bailouts on top of bailouts, 90% of the wealth created over the last four years going to 1% of the population, are all extremely tough stances on the wealthy.

What is missing on the chart is middle class satisfaction, if there are any midde class people left.

Thu, 04/11/2013 - 10:26 | Link to Comment Stuart
Stuart's picture

I wonder how many guns the poor have.....

Thu, 04/11/2013 - 10:36 | Link to Comment GeezerGeek
GeezerGeek's picture

Apparently, in Chicago at least, quite a few. As to how many legal guns the poor have...

Thu, 04/11/2013 - 10:29 | Link to Comment mdtrader
mdtrader's picture

For all those people happily buying away at 1591 on the SPX. The 200 DMA is around 1448, a ridiculous 9% below the market! We usually touch the 200 DMA at least 1 year. Good luck. 

Thu, 04/11/2013 - 10:29 | Link to Comment kito
kito's picture

Shut up and buy stocks

Thu, 04/11/2013 - 10:31 | Link to Comment HD
HD's picture

"We need moar wealth transfer."

Offical Odds: 3720 to 1

Thu, 04/11/2013 - 10:32 | Link to Comment bnbdnb
bnbdnb's picture

Poor needs to be redefined to everyone without an iPOS.

Thu, 04/11/2013 - 10:33 | Link to Comment smartstrike
smartstrike's picture

Pretty funny as usual: there is no difference to super-wealthy whether one makes $0.50 or $1,000/hr---in their eyes you are equally a piss poor peasant.

Thu, 04/11/2013 - 10:38 | Link to Comment Yen Cross
Yen Cross's picture

     Bernanke wants everyone to feel good before the Monday ass raping. The European banks are selling dollars and buying euros and the pound hand over fist this week. Maybe they see something in the U.S. equity markets coming. They certainly don't need the cash to prop their bond markets up. Kuroda has that one handled for them.

Thu, 04/11/2013 - 10:45 | Link to Comment mdtrader
mdtrader's picture

$98 of earnings and a 13 multiple and the SPX goes to 1274.

Thu, 04/11/2013 - 10:57 | Link to Comment smartstrike
smartstrike's picture

Most white people think that they're rich and important and entitled to everything, most brown people think that they're poor and unimportant.  The graphs above are beyond 'naive'.

Thu, 04/11/2013 - 10:47 | Link to Comment Henry Hub
Henry Hub's picture

"The poor are always with us." - J.C.

Thu, 04/11/2013 - 10:50 | Link to Comment TrustbutVerify
TrustbutVerify's picture

Entitlements must be reduced to cut the debt.  

Thu, 04/11/2013 - 10:55 | Link to Comment MFLTucson
MFLTucson's picture

You seriously think they give a shit about the debt?  It is 17 Trillion dollars how the hell can you even think this way?

Thu, 04/11/2013 - 11:15 | Link to Comment css1971
css1971's picture

This is the way you have to think:

http://www.youtube.com/watch?v=p0RkWqyn1y4

Until the people start thinking this way, the end is Greece.

Thu, 04/11/2013 - 12:11 | Link to Comment torak
torak's picture

Entitlements like the humungous benefits for each and every member of Congress and the Senate, not to mention the life-long perks, pensions, and ongoing tax-payer funded monthly vacations with the Secret Service chaperons in tow -- for life that Michelle and the kids will enjoy Ad infinitum.  Yeah, this is a Republic alright -- just like the one's they had during the rule of the Roman Emperors. 

Kinda get an idea of where this is heading. 

Thu, 04/11/2013 - 14:38 | Link to Comment BooMushroom
BooMushroom's picture

I've got an idea! Devolve all entitlements to state control. That'll fix that shit in a hurry, as lifers move to California, Chicago, etc.

Thu, 04/11/2013 - 10:52 | Link to Comment MFLTucson
MFLTucson's picture

Exatly what the Jews did to the German people in the 30's.  

Thu, 04/11/2013 - 11:07 | Link to Comment Meat Hammer
Meat Hammer's picture

In this country, more often than not, "poor" is a state of mind.

Thu, 04/11/2013 - 11:09 | Link to Comment Shizzmoney
Shizzmoney's picture

Louis CK on being broke:

"Banks just give rich people money just because they can.  They're like, "Here's some money!  Here's this guy's $15 bucks, he doesn't fuckin' need it!"

http://www.youtube.com/watch?v=Y_-1l_SlA7c

Thu, 04/11/2013 - 11:17 | Link to Comment AynRandFan
AynRandFan's picture

Economic confidence is riding high:
http://www.gallup.com/poll/151550/Gallup-Daily-Economic-Confidence-Index...

Consumer spending is up (self-reported):
http://www.gallup.com/poll/112723/Gallup-Daily-US-Consumer-Spending.aspx

Job creation has flattened but not faltered:
http://www.gallup.com/poll/151553/Gallup-Daily-Job-Creation-Index.aspx

And, half the country still adores the Chavista Prez:
http://www.gallup.com/poll/113980/Gallup-Daily-Obama-Job-Approval.aspx

When the SHTF, this stuff will change, but it hasn't dawned on Americans yet.

Thu, 04/11/2013 - 12:14 | Link to Comment torak
torak's picture

Sheeple: "Baaaaaaaa!"

Thu, 04/11/2013 - 11:19 | Link to Comment Meat Hammer
Meat Hammer's picture

Just wait until everyone with a high-school diploma (see 8th-grade education equivalent) has to fill out the 61-page Obamacare application.

Where's the popcorn?  This should be fun.

Thu, 04/11/2013 - 11:26 | Link to Comment AynRandFan
AynRandFan's picture

The lesson of the Obama Presidency is that you CAN get elected and reelected in a recession if you promise the moon and spend like there's no tomorrow.

It's a roadmap for the future.

Thu, 04/11/2013 - 11:35 | Link to Comment f16hoser
f16hoser's picture

Really? Now I would have thought that Liberal/Socialist (Communist') would love sleeping in cardboard boxes? THAT IS EXACTLY WHAT OBAMA, AKA BARRY SOTORO, PROMISED YOU! Had you listened to his campaign, you may have voted differently. You Stupid Fucks could have had Ron Paul! But Noooooo. TEE HEE HEE!

 

Also, just a thought, you may want to look-up Valerie Jarrett.

 

Thu, 04/11/2013 - 11:35 | Link to Comment torak
torak's picture

Yo bitch.  What you problem.  Ya got Obama-phone, ya got food-stamp.  What yo old rasty-ass bitchin about now.  Obama got yo back woman.  Show some god-damn grat-ee-tude.   If dat Romnee feller got in yo rasty-ass be eatin dog food an lovin' it.  Obama do ya goooooood!  An remember, Obama got Obama-halla-point now too.  A bizzillion rounds I hear say.  So don't go on naa moanin' and groanin' cause Obama can put a cap in yo rasty ass just as fast as ya can say, "Where da fuck is my welfare check."

Thu, 04/11/2013 - 11:36 | Link to Comment conspicio
conspicio's picture

"the 'poor' (those earning under $15k per year)"

$7.18/hr $1250/mo and $60/day (gross, more or less considering holidays, no OT, 40 hr weeks, etc.)

 

the 'rich' (earning over $100k)

$49/hr $8333/mo and $400/day (same caveats)

 

Thu, 04/11/2013 - 11:38 | Link to Comment venturen
venturen's picture

we can't all have a dollar printer in our basement...can we?

Thu, 04/11/2013 - 12:21 | Link to Comment torak
torak's picture

Dude!  Printing presses are soooooo.....not cool anymore.  You just need a computer that can put zeros in the right place on the right balance sheet.   Duh!

Thu, 04/11/2013 - 16:38 | Link to Comment martens50
martens50's picture

It had to wear off. That way, they can sell me some more!

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