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Beige Book "Modest To Moderate" In Its Boredom, Bashes Obamacare

Tyler Durden's picture




 

Living up to its name once again, there is little here to raise any flags...

  • *FED SAW `MODEST TO MODERATE' GROWTH WITH STRONGER MANUFACTURING
  • *FED SAYS `HIRING SHOWED A MODEST INCREASE OR WAS UNCHANGED'
  • *FED SAYS CONSUMER SPENDNG ROSE `AT A MODEST TO MODERATE PACE'
  • *FED SAYS SALES OF NEW AUTOS WERE `MODERATE TO STRONG'
Not exactly what a +30% stock market is calling for (or a Fed Taper)...But there is another theme that is strong "concerns about future cost increases attributable to [Obamacare]." This is now the 11th consecutive Beige Book in which the Fed has heard loud complaining about the Affordable Care Act. Below are some excerpts from the December Beige Book on the topic of Obamacare:
 
...Contacts in many Districts voiced concern about future cost increases attributable to the Affordable Care Act and other types of federal regulation.
 
...Contacts across many Districts continue to voice concerns about future cost increases attributable to the Affordable Care Act and other types of federal regulation.
 
...One contact says the Affordable Care Act is significantly increasing health care costs for his firm.
 
...In regard to hiring and capital expenditure plans, firms continued to expand cautiously, as they face ongoing uncertainty from federal fiscal debates and implementation of the Affordable Care Act.
 
...Wage pressures were up slightly. Non-wage labor costs were steady, though a number of contacts reported higher health insurance premiums because of regulatory changes in the Affordable Care Act.
...across all regions

 

 

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Wed, 12/04/2013 - 15:13 | 4214515 nope-1004
nope-1004's picture

So judgement is basically how much additional borrowing and spending did the masses do?

lmfao!  That's one advanced economy, my friends.  Enslave yourself, otherwise "economy not doing good".

 

Wed, 12/04/2013 - 15:19 | 4214544 tempo
tempo's picture

Auto sales due to channel stuffing at dealer level.  Watch for large incentives to move high inventory levels.

Wed, 12/04/2013 - 16:38 | 4214935 rosiescenario
rosiescenario's picture

Also appears that clothing inventory is super high....expect retail margin compression of same.

Wed, 12/04/2013 - 15:16 | 4214545 Boris Alatovkrap
Boris Alatovkrap's picture

Word List ban from lexicon of economist and bankster:

- Productivity

- Efficiency

- Free Market

- Self Determination

- Accountability

Thu, 12/05/2013 - 06:37 | 4216916 Oracle 911
Oracle 911's picture

You forgot Obama, because whenever he talks the PM's  go up, everything else go dawn.

Wed, 12/04/2013 - 15:10 | 4214517 becky quick and...
becky quick and her beautiful mouth's picture

don't worry, death panels will be the great equalizer.

Wed, 12/04/2013 - 15:52 | 4214751 yogibear
yogibear's picture

Of course Bill gates and Ben Bernanke will be omitted from them.

It's the case of do what we tell you to do, not what we do.

Wed, 12/04/2013 - 15:13 | 4214524 Derf Scratch
Derf Scratch's picture

In other breaking news ...sales of "bought and paid for" autos were abysmal...

Wed, 12/04/2013 - 15:13 | 4214527 rguptatx
rguptatx's picture

BTFAITH: Buy The Fucking All Interim Time High!!!!!

Wed, 12/04/2013 - 15:15 | 4214535 Boris Alatovkrap
Boris Alatovkrap's picture

Boris is bash Obamacare... Why is any half brain AmeriKan enroll!? Policy is expensive, deductible is high, but punishment (punishment? even in Soviet Russia, citizenry is not force to buy anything...? WTF!?) is not so expensive... so if insurance company cannot is discrimination of pre-existence conditionality, then pay penalty and if get sick, sign up on way to hospital.

Boris is predict even stupid healthy American is figure out this and only stupid sick American is sign up. By mid summer, all Health Insurance company is kaput and then government is step in with single payer ration system. Remember, do not complain about chocolate ration if surrender control of chocolate to state.

Wed, 12/04/2013 - 15:22 | 4214572 Emergency Ward
Emergency Ward's picture

Amerikan citizen klass is be more worry about empty toilet-paper shelves at People.gov Affordable Kommisary.

Wed, 12/04/2013 - 16:44 | 4214954 Boris Alatovkrap
Boris Alatovkrap's picture

Boris is funny toilet tissue joke... Two Amerikan is drive in car for long long trip through bleak desolate high way. One is urge to defecate and stop near forest area, grab dollar from glove compartment box. Come back smile and happy. After several hour, other auto traveller is urge to defecate and so once again party is pull over. Look in wallet but is not any money, so ask other for dollar. Later come back from forest with fecal matter all over hand and is not so smile. "What is for problem!?" ask first.

"You are try to do better for three quarter, two dime, and nickel!"

Wed, 12/04/2013 - 15:14 | 4214536 Rainman
Rainman's picture

You better believe it's bad. Mexicans are rushing the border....going the other way

Wed, 12/04/2013 - 15:18 | 4214554 Boris Alatovkrap
Boris Alatovkrap's picture

Many Russian is defect... back to Russia from AmeriKa!

Wed, 12/04/2013 - 15:17 | 4214549 101 years and c...
101 years and counting's picture

obvously, the fed will have to taper.  if for no other reason than so stocks can crash and they can say:  see, we need to print or "else the world will end".

Wed, 12/04/2013 - 15:20 | 4214563 Kaiser Sousa
Wed, 12/04/2013 - 15:24 | 4214585 Dr. Engali
Dr. Engali's picture

11th consecutive beige book bashing Zero care? Clearly he is not on teevee enough selling us on it's uber-greatness. He needs to be on moar. Maybe some Sunday morning infomercials will help. Or better yet, maybe they should run a day long special on QVC.

Wed, 12/04/2013 - 15:48 | 4214718 youngman
youngman's picture

soon the beige book will have a special chapter on the costs of Obamacare......and how it destroyed many jobs....and the economy.....

Wed, 12/04/2013 - 16:38 | 4214934 moneybots
moneybots's picture

" ...In regard to hiring and capital expenditure plans, firms continued to expand cautiously, as they face ongoing uncertainty from federal fiscal debates..."

 

In other words they are depending on government spending and are unsure whether they will get any or not?

Wed, 12/04/2013 - 16:40 | 4214939 rosiescenario
rosiescenario's picture

Let's see, gas the car, pay the rent, pay the health insurance bill, buy food......done. Buy iPad.....no can do.

Wed, 12/04/2013 - 17:27 | 4215114 Wyatt Junker
Wyatt Junker's picture

... meanwhile... while BozoCare is causing businesses to stop hiring due to new labor cost inputs, Obama will go talk to the Centers for American Progress about raising the min. wage right after the organized national McDonald's strike the other day by hired temps paid by union oligarchs. 

Yeah, min wage, add that to BozoCare and that should seal the end like drinking concrete in order to help with constipation.

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