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Final Q1 GDP Is A Huge Miss, Personal Consumption Craters

Tyler Durden's picture




 

Remember the key component of the Fed's baffle with BS strategy: namely "baffle with BS."

Following yesterday's epic trifecta of economic growth when durables, housing and confidence data all slammed expectations, it was up to GDP to be the bad cop. Sure enough, following the already disappointing first Q1 GDP revision which revised the preliminary 2.5% number to 2.4%, today economists were expecting an unchanged print. Instead they got a crash to 1.77%. And on what? Why the collapsing US consumer whose true colors have finally come out in the final Q1 GDP revision: responsible for 2.40% of the GDP print in the first revision, Personal Consumption Expenditures tumbled to just 1.83% of GDP. In absolute terms, PCE plunged from 3.4% to 2.6% on expectations of 3.4%. There goes the buying power of the overlevered, undersaved US consumer.

And perhaps just as disturbing was that Fixed Investment, i.e. CapEx, cratered to only 0.39% of the GDP print, down from 0.53% in the first revision, and 0.52% in the prelim. This was the lowest Fixed Investment number since Q3 of 2012.What is worst, is that non-residential fixed investment crashed from 2.2% to 0.4%. In other words, growth CapEx is now officially dead.

Dont worry though: 4 years of QE may not have led to sustainable 2%+ growth, but another 4 years certainly will. Or maybe another 40. At this point does anyone even care?

 

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Wed, 06/26/2013 - 08:46 | 3694180 thismarketisrigged
thismarketisrigged's picture

and futures go higher on this terrible news.

 

makes total sense.

 

at least i got to witness a santelli rant vs all the fools on cnbc this morning. made it worth it.

Wed, 06/26/2013 - 08:50 | 3694184 GetZeeGold
GetZeeGold's picture

 

 

Thanks for the warning CNBC.

 

Defcon 1.......someone find Cramer.

Wed, 06/26/2013 - 09:59 | 3694424 WakeUpPeeeeeople
WakeUpPeeeeeople's picture

""If you can't dazzle them brilliance then baffle them with bullshit.""

 

Used to see a lot of that in the military and now seems to have found its way into the civil service sector.

Wed, 06/26/2013 - 11:40 | 3695110 SilverDosed
SilverDosed's picture

Good job using the top post to shill for santelli some more. Can we please ban this cnbc shilling fuckstick? Every post he makes is fluffing Santelli and he's got a few other names as well.

Wed, 06/26/2013 - 09:59 | 3694444 Stuart
Stuart's picture

What kind of monkeys do they have working over there calculating these stats.  How can they be off on exports by so much, let alone getting the direction 100% wrong...from adding to GDP in the 1st #s to ending up as a negative to GDP.   I know inflation goes into it but in turn, how can they be so off on that too.  The US reporting is that of a Banana republic.  Add to this spying without judicial review on your own people and then accusing the other guy of espionate...jesus... RIP Credibility.

Wed, 06/26/2013 - 10:12 | 3694492 Jdog
Jdog's picture

Cramer said "revised crap GDP number? who cares, that is in the rear view mirror" lol ok ok I finally caught up the scam, instead of reporting real economic data, they just made up a fake number, then wait 2 months later and revise it down to the real crap number, then everything is fine. who cares it's in the past. lol I got it!

Wed, 06/26/2013 - 08:47 | 3694187 ekm
ekm's picture

Dow cannot drop

It can only crater

Wed, 06/26/2013 - 09:06 | 3694264 DormRoom
DormRoom's picture

HOw can GDP so low, given the wealth effect, when equities have hit nominal all time highs, and so many asset classes are in bubbles.  /sarc.

 

Blowing bubble doesn't help the real producing economy, instead it props, and extends the shadow economy in its tranformation of the real economy to a rentier economy.

Wed, 06/26/2013 - 09:35 | 3694358 CheapBastard
CheapBastard's picture

Irony (from the Ancient Greek ???????? eir?neía, meaning dissimulation or feigned ignorance),  in its broadest sense, is a rhetorical device, literary technique, or event characterized by an incongruity, or contrast, between reality (what is) and appearance (what seems to be).

 

 

http://en.wikipedia.org/wiki/Irony

Wed, 06/26/2013 - 09:46 | 3694389 new game
new game's picture

printing = duct tape!

Wed, 06/26/2013 - 10:02 | 3694460 Stuart
Stuart's picture

As James Rickards recently pointed out the FOMC forecasting prowess is amongst the worst of any body.   This GDP print confirms that.  Why anyone believes the FOMC, there's a sucker born every day.  

Wed, 06/26/2013 - 10:06 | 3694471 Meat Hammer
Meat Hammer's picture

Bulls walk up the stairs.

Bears jump out of windows.

Wed, 06/26/2013 - 12:05 | 3695287 xtop23
xtop23's picture

May 2011 I didn't see Yogi reaching for the window latches....... lotta horns though.

Hell, I even looked at the double-paned glass twice.

Wed, 06/26/2013 - 08:48 | 3694193 spastic_colon
spastic_colon's picture

draghi, front run tomorrow POMO, bad GDP, end of quarter etc etc all adds up to ES 1625 by friday - bottom of november channel

Wed, 06/26/2013 - 09:15 | 3694301 SheepDog-One
SheepDog-One's picture

Gold spraypainted turds is what it's all about now.

Wed, 06/26/2013 - 09:34 | 3694352 aint no fortuna...
aint no fortunate son's picture

and dow opens up 120... just because

Wed, 06/26/2013 - 11:38 | 3695099 SilverDosed
SilverDosed's picture

Still shilling for santelli? GTFO of here.

 

Wed, 06/26/2013 - 11:40 | 3695109 xtop23
xtop23's picture

And that's with R&D etc credits bolstering the tally of GDP.

No problem..... they'll just revamp the revamp of the revamp's revamp in tabulating revamps.

Wed, 06/26/2013 - 08:47 | 3694181 ekm
ekm's picture

propaganda and only propaganda

 

Economy contracted probably by 2-3%

Wed, 06/26/2013 - 08:50 | 3694206 LawsofPhysics
LawsofPhysics's picture

Correct.  Everyone needs to be in capital preservation mode again.  Book profits and come back after the kabuki theater is done.  Remember, the U.S. CONgress needs to fund those liabilites and rates are rising.  

We all know there are no "markets", but there will be real consequences as governments must fund liabilities or face revolutions.

Hedge accordingly.

Wed, 06/26/2013 - 09:01 | 3694241 JustObserving
JustObserving's picture

CPI is understated by 3 to 4%.  Hence growth is overstated by 3 to 4%.  This has been going on for more than a decade now.  Real US GDP is probably about $10 trillion.  On July 1, US GDP jumps by $500 billion due to addition of intangibles.

Wed, 06/26/2013 - 09:11 | 3694290 NotApplicable
NotApplicable's picture

Thank you, accounting!

Wed, 06/26/2013 - 09:25 | 3694329 LawsofPhysics
LawsofPhysics's picture

"Thank you, mark to fantasy accounting!" - FIXED, fuck all the paper-pushers and their political puppets!

Wed, 06/26/2013 - 08:47 | 3694185 fonzannoon
fonzannoon's picture

translation - yields must drop

Wed, 06/26/2013 - 08:49 | 3694204 Clowns on Acid
Clowns on Acid's picture

translation - QE will be dis- tapered....and yields will drop...for the moment

Wed, 06/26/2013 - 08:53 | 3694222 LawsofPhysics
LawsofPhysics's picture

wait for it fonz.  We all know this to be true, but it will not happen while so many are expecting it to or so many are positioned to profit from such a move.  I say bonds keep crashing until August/september, maybe even longer.

Wed, 06/26/2013 - 08:58 | 3694233 fonzannoon
fonzannoon's picture

agreed, the trend is higher. The next short term move is lower yields. At which point I have a feeling a lot of people will be selling into it.

Wed, 06/26/2013 - 09:45 | 3694388 disabledvet
disabledvet's picture

there are a lot of obvious factors for treasury selling right now...none of them having to do with the taper. Japan is in total liquidation mode right now. the yen is tanking again..."all in on JGB's." that means selling treasuries. china is interesting because if they've simply stopped lending period that says to me they're actually going to keep buying treasuries here. obviously i wouldn't be touching the Yuan with a ten foot pole but "at least they can afford to buy treasuries in the first place." not so Brazil, India, South Africa, Venezuela, Canada, Australia, Mexico...i mean this list is getting real long right now. so sure...interest rates have explode higher...but that's for EVERYONE. i find myself asking actually "is this the way forward? bankrupting every Government on earth?" seems rather odd if true. we can't grow the economy at zero percent financing so "trying it at six percent will work way better"? really? anywho equities are up. with everything else getting slammed including gold and silver. mines are getting shuttered. charge offs are off the charts now. "and still they can't make money." bankruptcies sound imminent in the materials space. that sounds very bullish for railroads to me. i'd be a buyer. http://seekingalpha.com/symbol/ksu?source=search_general&s=ksu

Wed, 06/26/2013 - 09:50 | 3694412 new game
new game's picture

disa... says smart money in cash and waiting patiently-true?

Wed, 06/26/2013 - 10:11 | 3694485 Meat Hammer
Meat Hammer's picture

Many of my friends are laughing at me and wondering why I bought gold at $1,700/oz when stawks are doing so well.  They're also wondering why I go into a maniacal cackle when they laugh.  Suckers.

Wed, 06/26/2013 - 08:47 | 3694186 transaccountin
transaccountin's picture

so what was gdp without the money printing?

Wed, 06/26/2013 - 09:47 | 3694396 disabledvet
disabledvet's picture

REEEEEECESSION!

Wed, 06/26/2013 - 11:44 | 3695132 xtop23
xtop23's picture

Shhhh, the administration is watching.

That is the word that must not be spoken.

Better off screaming, "Voldemort!"

Wed, 06/26/2013 - 08:47 | 3694188 the not so migh...
the not so mighty maximiza's picture

does this prove the QE programe failed offically?

Wed, 06/26/2013 - 08:53 | 3694220 Bobbyrib
Bobbyrib's picture

Only to reasonable people. To the Fed, it means more QE.

Wed, 06/26/2013 - 09:49 | 3694406 disabledvet
disabledvet's picture

well...we're going to have it your now. does 40% unemployment without QE sound like an improvement? how about 25% interest rate on that credit card? oh, and that house you though was worth 400,000? it's worth 4,000 bucks now! rah! rah! GO TAPER!

Wed, 06/26/2013 - 12:12 | 3695340 xtop23
xtop23's picture

What kills me is all of that crap about the sequester.

OMG if these cuts go into effect it'll be Aramageddon..... the bond market blew that "savings" up in remarkably short order.

Wed, 06/26/2013 - 10:07 | 3694474 shovelhead
shovelhead's picture

"Proof?...Haha...Proof?

"We doan need no steenking proof."

Wed, 06/26/2013 - 08:47 | 3694189 The Axe
The Axe's picture

The ten year      sorry      I should have        ouch

Wed, 06/26/2013 - 08:48 | 3694190 slaughterer
slaughterer's picture

Bad is still good. 

Wed, 06/26/2013 - 09:54 | 3694419 Cpl Hicks
Cpl Hicks's picture

And Barry is still the One.

Wed, 06/26/2013 - 08:48 | 3694192 ThunderingTurd
ThunderingTurd's picture

Wake the fuck up America!!!!!!! We have nothing to show for the burden government has placed on our shoulders and the shoulders of generations to come. WAKE THE FUCK UP!!!!!!

Wed, 06/26/2013 - 09:00 | 3694238 GMadScientist
GMadScientist's picture

Not true! We got drones, drugs for seniors, and a whole bunch of computers to spy on you, Sparky!

Wed, 06/26/2013 - 09:18 | 3694309 SheepDog-One
SheepDog-One's picture

AH...well that's the marrow of it right there....95%+ of americans deserve exactly what's coming to them and in a way I'm cheering on the Fed! MOAR MOAR!!

Wed, 06/26/2013 - 09:39 | 3694371 salimmk
salimmk's picture

Americans are getting pissed off, I can confirm. About time they start caring about their own lives.

Wed, 06/26/2013 - 10:50 | 3694773 Wile-E-Coyote
Wile-E-Coyote's picture

Wake the fuck up America!!!!!!! We have nothing to show for the burden government has placed on our shoulders and the shoulders of generations to come. WAKE THE FUCK UP!!!!!!

You have just been allocated bed number 15734 in FEMA re-education camp Alpha. Your booking courtesy of NSA holidays; have a nice day!

Wed, 06/26/2013 - 08:48 | 3694196 ArkansasAngie
ArkansasAngie's picture

Government transfer payment will save the day. We don't need no stinking jobs with uncle Obama there to save arses ... Including the banksters'

Wed, 06/26/2013 - 08:49 | 3694197 Obchelli
Obchelli's picture

So that shows they can't even make preliminary calculations 2.4% what was that? almost 50% higher number then real one.... But who cares when they print 2.4% it's great market rallies . Now 1.8% is very timely means MOAR QE - market rallies did they box shorts or what? And one idiot on CNBC is talking now how great things are... 

Wed, 06/26/2013 - 08:49 | 3694198 Tortfeasor
Tortfeasor's picture

When even your imaginary girlfriend is a sow, you've got problems.

Wed, 06/26/2013 - 09:01 | 3694242 GMadScientist
GMadScientist's picture

Could be worse; could be floating in a river.

Wed, 06/26/2013 - 09:56 | 3694432 Cpl Hicks
Cpl Hicks's picture

In China

Wed, 06/26/2013 - 08:49 | 3694199 Tenshin Headache
Tenshin Headache's picture

Great chart. Let's see what the algos do with it. I don't think they're going to love it.

Wed, 06/26/2013 - 08:49 | 3694201 Lotionboy
Lotionboy's picture

1.8% GDP and that is with QE!!!! It's all rosy ain't it....Yeah and ya think there will be tapering....Try throttling the printing presses into overdrive as rates are going up and economy is decelerating!

Wed, 06/26/2013 - 08:51 | 3694214 Bobbyrib
Bobbyrib's picture

Imagine if they subtracted government spending from GDP numbers..Uh oh. Permanent depression.

Wed, 06/26/2013 - 08:55 | 3694225 Lotionboy
Lotionboy's picture

good pt....defense spending alone and we would be in negative growth....hell let's start a new war...we need to ramp GDP!!!!!!!

Wed, 06/26/2013 - 09:02 | 3694251 WonderDawg
WonderDawg's picture

Don't even have to subtract all of government spending, it's natural that the government has to spend, but just subtract the DEFICIT spending and we're in a deep depression. Problem is, the rising debt is a drag on the real economy. The bond market will eventually blow this whole thing to smithereens, but the timing is anyone's guess.

Wed, 06/26/2013 - 09:58 | 3694445 new game
new game's picture

+1 and I add GTF to cash ASAP.

Wed, 06/26/2013 - 08:50 | 3694207 Bobbyrib
Bobbyrib's picture

Who gives a shit? It's only the economy. Market Rally! /sarcasm.

Wed, 06/26/2013 - 08:51 | 3694210 CrimsonAvenger
CrimsonAvenger's picture

I still think they should recalculate GDP and back out deficit spending by the government - of course, that would put this number in deep negative territory.

Wed, 06/26/2013 - 08:53 | 3694212 Yen Cross
Yen Cross's picture

   WTF?  1.8% big miss on GDP but the price index goes up?  Stagflation?

  Obviously, I was the only one not on the 'early release list' , as the markets just yawned at the print.

Wed, 06/26/2013 - 09:07 | 3694269 joshdance
joshdance's picture

Treasuries did anything but yawn.

Wed, 06/26/2013 - 09:20 | 3694313 SheepDog-One
SheepDog-One's picture

Inflation is definitely way up...I had to pick up some lettuce and milk yesterday, cost me $10 bucks!

Wed, 06/26/2013 - 08:51 | 3694213 HalEPeno
HalEPeno's picture

Apparently we are going to have the first recession in history that is GOOD for equities.

Wed, 06/26/2013 - 09:02 | 3694247 GMadScientist
GMadScientist's picture

This is why you don't huff glue, kids.

Wed, 06/26/2013 - 09:05 | 3694261 Dr. Engali
Dr. Engali's picture

1933 to 1938 saw a pretty damn good rally too. We know how that ended.

Wed, 06/26/2013 - 09:10 | 3694281 kralizec
kralizec's picture

Hmmm...I wonder what government was doing at that time?  Same thing it is doing now perhaps?

Wed, 06/26/2013 - 09:11 | 3694285 RSloane
RSloane's picture

Exactly. I was writing about this in another thread. The markets surged as waves of wage suppression hit the average consumer. People got down to buying only what was necessary to meet daily needs. The disjointedness between the market and the general population grew until it collapsed.

Wed, 06/26/2013 - 09:14 | 3694291 Aurora Ex Machina
Aurora Ex Machina's picture

Yes, but back then the army wanted the investment.

 

Lawmakers from both parties have devoted nearly half a billion dollars in taxpayer money over the past two years to build improved versions of the 70-ton Abrams

But senior Army officials have said repeatedly, "No thanks."...

"When an institution as risk averse as the Defense Department says they have enough tanks, we can probably believe them," Kennedy said.

[Fox News - and yes, this is the only time I'll ever use them, call it irony for all their MIC cheerleading]

Wed, 06/26/2013 - 09:21 | 3694316 SheepDog-One
SheepDog-One's picture

33-38 like our 666-1,700 S&P 5 year rally....sick of this shit already.

Yet america sleeps on, fully deserving all it will get.

Wed, 06/26/2013 - 08:53 | 3694219 max2205
max2205's picture

SLV down 5%....what else

Wed, 06/26/2013 - 08:57 | 3694231 ejmoosa
ejmoosa's picture

And yet corporate profits were revised upward....the plan must be working.

Wed, 06/26/2013 - 08:58 | 3694232 papaswamp
papaswamp's picture

Berspankme give us Moar QEasing!,, that will surely save the consumer.... Talking heads said so it must be true.

Wed, 06/26/2013 - 08:58 | 3694234 bb5
bb5's picture

Is it time for Hilsenrath yet?

Wed, 06/26/2013 - 09:01 | 3694244 loonyleft
loonyleft's picture

C'mon Murka! Pull yerself up by your own bootstraps! If 1 trillion won't give you 2% 'growth' (used ever so loosely) time to double down! 2 trillion per year moar!!!!

Wed, 06/26/2013 - 09:02 | 3694248 jpc578
jpc578's picture

Dont worry though: 4 years of QE may not have led to sustainable 2%+ growth, but another 4 years certainly will. Or maybe another 40. At this point does anyone even care?

I think the exact phrase you are looking for is "What difference does it make?"

Wed, 06/26/2013 - 09:03 | 3694253 Everybodys All ...
Everybodys All American's picture

CNBC is operating a psychological operation program for the government and this time like no other in our country's history it's about holding up the stock and bond markets. Reality is no where to be found.

Wed, 06/26/2013 - 09:04 | 3694256 DR
DR's picture

The economic trajectory is still debt deflation. QE is barely keeping the drowning patient's head above water.

The debts of the post industrial western world cannot be fully repaid. There must be some defaults along with the correlating decrease in asset values. The question is who is going to get stiffed and who is going to be able to monetize their paper assets at full value?

Wed, 06/26/2013 - 09:04 | 3694257 Smuckers
Smuckers's picture

Bad chart porn < ANAGRAM > Fuck you Bernanke!

 

Oh...FYI I may have made some hedonic adjustments to the anagram letters.

Wed, 06/26/2013 - 09:06 | 3694267 thismarketisrigged
thismarketisrigged's picture

i dont fucking understand these jackasses who are now saying we can not taper due to this bad number.

 

maybe it should be the total opposite. we have been doing qe for 5 fucking years and clearly it has only held the economy back.

 

maybe this should only re enforce the notion of tapering, because that is what is holding us back.

 

this whole thing is a mess. sadly, the number was prob a lot worse than 1.8

Wed, 06/26/2013 - 09:07 | 3694271 Yen Cross
Yen Cross's picture

     I just read on another site that the market is ignoring the GDP print, because of the strong durable goods and housing numbers.

  This shit market makes crossing the Rubican naked in the middle of winter, moar believable.

Wed, 06/26/2013 - 09:15 | 3694303 thewayitis
thewayitis's picture

 

 People are spending less? No shit.....People are hoarding their cash to wipe their Ass when the SHIT HITS THE FAN .....

 

 

Wed, 06/26/2013 - 09:18 | 3694308 wisehiney
wisehiney's picture

slammed, disappointing, crash, collapsing, tumbled, plunged, disturbing, cratered, DEAD 

Wed, 06/26/2013 - 09:19 | 3694312 thismarketisrigged
thismarketisrigged's picture

only in this fucking fucked up piece of shit fed controlled ponzi scheme market can the futures fucking rise on a horrendous gdp number, which is arguably one of if not the most important data for a economy, and basically ignore the bad in it, but then when something as fucking stupid as a consumer confidence rises, which is as big of a bullshit number that is printed, the markets act as that is the most important data we get.

 

 

Wed, 06/26/2013 - 09:22 | 3694319 Sudden Debt
Sudden Debt's picture

WHERE'S MY FUCKING CAN!!!!

IT'S TIME TO KICK IT AND I CAN'T FIND IT!!

Wed, 06/26/2013 - 09:22 | 3694320 nomorebuyins
nomorebuyins's picture

Red by 10:30.

Wed, 06/26/2013 - 10:33 | 3694641 nomorebuyins
nomorebuyins's picture

My foolish prediction was wrong.

Wed, 06/26/2013 - 09:23 | 3694324 GACGB1000
GACGB1000's picture

Let's print again ... like we did last summer.  Sounds like a catchy tune.

Wed, 06/26/2013 - 09:26 | 3694333 CheapBastard
CheapBastard's picture

Good Rent v Buy calculator:

 

http://money.msn.com/home-loans/rent-or-buy-calculator.aspx

 

Shows how renting is better for many if  not most people these days in this overpriced housing market with high property taxes.

Wed, 06/26/2013 - 09:37 | 3694363 LawsofPhysics
LawsofPhysics's picture

Location, location, location...

Homes are not priced high, nor are property taxes high everywhere....

Wed, 06/26/2013 - 09:28 | 3694338 The worst trader
The worst trader's picture

bullish!

Wed, 06/26/2013 - 09:33 | 3694348 gatorengineer
gatorengineer's picture

suicide by multiple shots to the temple, but at least the patience will get some morphine (moar qe)......

Wed, 06/26/2013 - 09:36 | 3694359 firstdivision
firstdivision's picture

Big shocker on the personal consumption number. Who would ha e thought that eroding people's purchasing power would lead to a decline in personal consumption.

Wed, 06/26/2013 - 09:40 | 3694373 yogibear
yogibear's picture

Wall Street will be crying for more QE and more transfer of wealth. Rinse and repeat until the US dollar crashes.

Wed, 06/26/2013 - 09:45 | 3694387 gatorengineer
gatorengineer's picture

the question is how would the crash be measured?  its a race to the bottom, measure it against EUO, Yen?  Gold?  the only relative measure at this point appears to be oil...

Wed, 06/26/2013 - 09:36 | 3694360 muleskinner
muleskinner's picture

All of the problems with the financial side of the economy aren't going to go away. They are here to stay.

Doesn't stop the birds from singing.

Anyhow, on June 25, 1876 at the Little Big Horn, Custer and his men didn't get to see the sunset.

That's the way it goes moving west.

Can't sell gold, it's cheap and about to get cheaper.

Wed, 06/26/2013 - 10:22 | 3694540 shovelhead
shovelhead's picture

But it was a very good day for souvenir collectors, amateur surgeons and buzzards.

Wed, 06/26/2013 - 09:38 | 3694367 yogibear
yogibear's picture

It's what happens when there is real inflation (smaller package sizes, much higher taxes) and incomes drop.

Both the Fed and DC will be pushing for more spending, higher deficits and more QE!

Bigger bonuses for the 1% and wealth stealing is on the agenda again.

This goes on until the US dollar crashes and burns.

Wed, 06/26/2013 - 09:39 | 3694369 mademesmile
mademesmile's picture

The biggest story yesterday was the executive order regarding global warming. How do you think the new carbon emmissions rules being controlled through the EPA will be affecting the economy in the next few years? THe 2 questions that the media forgot to cover was what will this cost and how much carbon will it reduce in total. I did a bit of research and the number is Trillions, with about a 3 percent total reduction in 15 years. It's almost like the government is TRYING to kill America.

Wed, 06/26/2013 - 09:48 | 3694398 muleskinner
muleskinner's picture

Plants breathe the CO2 in the atmosphere with their stomata located on their leaves.

One could postulate that farmers would be able to be credited in terms of dollars for removing CO2 from the atmosphere with the crops they grow.

All that would need to be done is to have all plants used as cultivars have biomass studies done and one could calculate how much CO2 is consumed by the growth of commercial crops.

The US gov would have to be liable for the amounts.

It'll be another tax, so it's all a Catch 22 from the getgo.

Wed, 06/26/2013 - 10:32 | 3694630 shovelhead
shovelhead's picture

Send all the CO2 to Calif, Wash, and Colorado...

The indoor cannabis farmers are using it at 1500 ppm for optimum growth.

At that rate of conversion we could all be driving coal fired cars and still be choking on oxygen.

Win/Win.

Wed, 06/26/2013 - 09:43 | 3694377 nomorebuyins
nomorebuyins's picture

Big guys take profits. Little guys hold bags.

Wed, 06/26/2013 - 09:59 | 3694449 bourbondave
bourbondave's picture

Why does anyone even pay attention to these GDP releases?  They are so far off every time how does it provide any value at all?

Wed, 06/26/2013 - 10:02 | 3694462 orangegeek
orangegeek's picture

The original Q1 forecast was 3.4% - the miss landed at 2.5%.

 

 

Now it's 1.8%.

 

 

But don't worry - markets are up 1%.  LMFAO!!!!

Wed, 06/26/2013 - 10:38 | 3694686 Bastiat
Bastiat's picture

Are we tuned up for the next round of state and local layoffs as lagging actuarial net present value assumptions are reset, nearly doubling unfunded pension liabilities? 

Wed, 06/26/2013 - 11:03 | 3694873 Handful of Dust
Handful of Dust's picture

Deeper Depression finding its roots, trickling into every corner ...except the stock market.

Wed, 06/26/2013 - 11:24 | 3694987 bullchit
bullchit's picture

This is NSA land

You all spout away.

Pay later

Really.

Regards.

 

Wed, 06/26/2013 - 13:28 | 3695787 Winston Smith 2009
Winston Smith 2009's picture

"Dont worry though: 4 years of QE may not have led to sustainable 2%+ growth, but another 4 years certainly will. Or maybe another 40. At this point does anyone even care?"

Let's see, $85B/mo in QE plus 3.7% of GDP borrowed and spent into the economy by the fedgov equals GDP growth of 1.77%.  What a bargain...

Wed, 06/26/2013 - 15:21 | 3696377 GreatUncle
GreatUncle's picture

collapsing US consumer (you mean populations everwhere).

The ordinary consumer, the amount they spend being so small with respect to the level of debt and the interest that must be paid can no longer support the economy ... mistype there I meant the sovereign debt.

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