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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 | 3436086 TeamDepends
TeamDepends's picture

Have some of that, Krugman.

Thu, 04/11/2013 - 10:13 | 3436096 Bastiat
Bastiat's picture

Because the Fed has been to tight!

Thu, 04/11/2013 - 10:22 | 3436105 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 | 3436122 johnQpublic
johnQpublic's picture

over 100k is rich?

 

in zimbabwe maybe...

Thu, 04/11/2013 - 10:29 | 3436129 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 | 3436169 Manthong
Manthong's picture

At least those guys have good security.

Thu, 04/11/2013 - 11:08 | 3436272 hedgeless_horseman
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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 | 3436461 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 | 3436609 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 | 3436172 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 | 3436184 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 | 3436145 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 | 3436413 Freddie
Freddie's picture

Hope and Change rolls on.

Thu, 04/11/2013 - 10:28 | 3436154 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 | 3436659 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 | 3436469 Go Tribe
Go Tribe's picture

How much you paying them?

Thu, 04/11/2013 - 11:25 | 3436523 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 | 3436089 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 | 3436094 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 | 3436167 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 | 3436175 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 | 3436192 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 | 3436231 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 | 3436435 Meat Hammer
Meat Hammer's picture

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

Thu, 04/11/2013 - 10:42 | 3436200 Dr. Engali
Dr. Engali's picture

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

Thu, 04/11/2013 - 10:46 | 3436259 hairball48
hairball48's picture

You forgot all the free iShit

Thu, 04/11/2013 - 11:11 | 3436417 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 | 3436100 Winston Churchill
Winston Churchill's picture

The marks have buyers regret.

Bah bah bah.

Thu, 04/11/2013 - 10:14 | 3436101 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 | 3438878 StychoKiller
StychoKiller's picture

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

Fri, 04/12/2013 - 03:04 | 3439802 Bearwagon
Bearwagon's picture

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

Thu, 04/11/2013 - 10:16 | 3436102 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 | 3436106 Bearwagon
Bearwagon's picture

It's called robbery!

Thu, 04/11/2013 - 10:20 | 3436115 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 | 3436117 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 | 3436162 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 | 3436230 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 | 3437506 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 | 3436189 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 | 3436123 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 | 3436127 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 | 3436161 malikai
malikai's picture

What?!

Say it ain't so..

Thu, 04/11/2013 - 10:31 | 3436173 NoDebt
NoDebt's picture

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

Thu, 04/11/2013 - 10:24 | 3436132 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 | 3436135 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 | 3436138 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 | 3436179 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 | 3436481 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 | 3437149 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 | 3436139 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 | 3436141 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 | 3436144 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 | 3436155 Dr. Engali
Dr. Engali's picture

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

Thu, 04/11/2013 - 10:35 | 3436193 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 | 3436147 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 | 3436157 Stuart
Stuart's picture

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

Thu, 04/11/2013 - 10:36 | 3436198 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 | 3436164 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 | 3436170 kito
kito's picture

Shut up and buy stocks

Thu, 04/11/2013 - 10:31 | 3436178 HD
HD's picture

"We need moar wealth transfer."

Offical Odds: 3720 to 1

Thu, 04/11/2013 - 10:32 | 3436187 bnbdnb
bnbdnb's picture

Poor needs to be redefined to everyone without an iPOS.

Thu, 04/11/2013 - 10:33 | 3436190 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 | 3436212 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 | 3436242 mdtrader
mdtrader's picture

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

Thu, 04/11/2013 - 10:57 | 3436255 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 | 3436266 Henry Hub
Henry Hub's picture

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

Thu, 04/11/2013 - 10:50 | 3436271 TrustbutVerify
TrustbutVerify's picture

Entitlements must be reduced to cut the debt.  

Thu, 04/11/2013 - 10:55 | 3436293 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 | 3436439 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 | 3436811 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 | 3437537 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 | 3436286 MFLTucson
MFLTucson's picture

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

Thu, 04/11/2013 - 11:07 | 3436381 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 | 3436399 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 | 3436453 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 | 3436824 torak
torak's picture

Sheeple: "Baaaaaaaa!"

Thu, 04/11/2013 - 11:19 | 3436483 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 | 3436521 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 | 3436575 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 | 3436580 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 | 3436602 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 | 3436606 venturen
venturen's picture

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

Thu, 04/11/2013 - 12:21 | 3436859 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 | 3438057 martens50
martens50's picture

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

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