Bank of America: "No Evidence Of A Strong Rebound In Spending As The Weather Improved"

Tyler Durden's picture


Maybe because, gasp, it wasn't the weather?

From BofA's Hans Mikkelsen, most humorously known for his insightful missive from December 26, 2013 titled, "Hello economy, goodbye QE." We for one, can't wait for the title of his December 26, 2014 thesis.

Our internal BAC card (debit+credit) retail ex. gas spend data for the third week of February showed a very modest 1.1% increase over the same week last year, in line with the 1.2% increase from the prior week. Thus we see no evidence of a strong rebound in spending as the weather improved significantly during the third week of February – post Valentine’s Day (Feb 14th). This contrasts with comments made by Macy’s CFO Karen Hoguet during yesterday’s earnings conference call, where she noted improving sales across the board starting on Valentine’s Day (Situation Room: Valentine’s Day brings warmth 25 February 2014). Obviously company specific observations are very imprecise predictors for aggregate activity.


Shocking stuff.

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Thu, 02/27/2014 - 12:18 | 4484779 Max Damage
Max Damage's picture

QE = welfare for Banksters, and they wonder why no fucker is spending!!!! These fuckers have been given trilllions in welfare handouts and these fuckers hate proper welfare payments to the man on the street these bastards made jobless and homeless

Any more of these twats jumped yet?

Thu, 02/27/2014 - 12:21 | 4484797 LawsofPhysics
LawsofPhysics's picture

Optimist.  Yeah, banks haven't been banks for quite some time (good stewards of capital).  "creating" paper-promises out of thin air and exchanging them for real assets...

roll the motherfucking guillotines, nothing changes otherwise.

Thu, 02/27/2014 - 12:32 | 4484858 PR Guy
PR Guy's picture



The weather sure as hell stopped them in Co Donegal, Ireland !!


Thu, 02/27/2014 - 12:43 | 4484926 knukles
knukles's picture

So it was the whether or not.

Thu, 02/27/2014 - 14:43 | 4485625 moonman
moonman's picture

Oh the humanity of wind swept countryside

Thu, 02/27/2014 - 12:50 | 4484963 666
666's picture

They're just doing God's work.

Thu, 02/27/2014 - 12:29 | 4484831 whoisjohngalt11
whoisjohngalt11's picture

That's why they (Government Rulers), took our tax dollars out and bailed them so you would be blaiming bankers instead of the Rulers who took your taxes at the barrel of a gun and gave it to farmers and welfare queens and now bankers it's called divide and conquer.. 

Thu, 02/27/2014 - 12:34 | 4484867 Max Damage
Max Damage's picture

Banksters and Government are all in the same bed. Thats why we ended up here, and it took them a long time to get here and find out their grand psycopathic utopian power scheme doesn't work.

Thu, 02/27/2014 - 13:36 | 4485269 James_Cole
James_Cole's picture

Bankers are the real rulers, if you missed that you missed the past several hundred yrs of history. The world is run by interest rates, not .govs

Thu, 02/27/2014 - 12:38 | 4484893 LawsofPhysics
LawsofPhysics's picture

Not a very critical thinker are you?  It takes a lot of money to get "elected", where do you think those dollars come from?

See the real problem yet?

Thu, 02/27/2014 - 12:20 | 4484787 Spungo
Spungo's picture

The bad weather caused widespread depression due to lack of sunlight. This condition is called Seasonal Affective Disorder. Damn you, SAD! Fucking up our economy when we had such a good recovery gaining momentum.

Thu, 02/27/2014 - 12:29 | 4484833 spastic_colon
spastic_colon's picture

apparently everyone was so SAD that they could not go out and buy shovels and snowblowers and coats and gloves.  Where's that dik krugman with his broken window analogy when you need him?

Thu, 02/27/2014 - 12:52 | 4484970 HisNameIsRP
HisNameIsRP's picture

Someone entered the broken window and buttstroked him to the head

Thu, 02/27/2014 - 15:32 | 4485891 Stud Duck
Stud Duck's picture

I hope that uttstroke was made with a M-1 Garand! The are buit for that kind of work unlike a m-16.

Thu, 02/27/2014 - 12:21 | 4484793 Cognitive Dissonance
Cognitive Dissonance's picture

Little girl - "Daddy....tell me another lie so I can believe its the truth."

Daddy - "There once was this frightful weather that caused a depression in a far far away land called the Banana Republic of America."


Thu, 02/27/2014 - 12:21 | 4484796 Panem et Circus
Panem et Circus's picture

OMFG SERIOUSLY!?!?! But there was a POLAR VORTEX spotted in Buffalo just this week!!!

Thu, 02/27/2014 - 12:28 | 4484827 maskone909
maskone909's picture

quick somebody call Dennis Quaid, his son Jake Gyllenhaal is stuck in a library in new york!

Thu, 02/27/2014 - 12:22 | 4484798 TheRideNeverEnds
TheRideNeverEnds's picture

meanwhile the market is going straight up, 20 points off the overnight lows.


1900 here we come!

Thu, 02/27/2014 - 12:22 | 4484801 Smegley Wanxalot
Smegley Wanxalot's picture

Wait. So Little Orphan Annie was wrong about the sun coming out?

Thu, 02/27/2014 - 12:40 | 4484908 buzzsaw99
buzzsaw99's picture

yeah, tomorrow. the problem is that tomorrow never comes.

Thu, 02/27/2014 - 12:25 | 4484813 buzzsaw99
buzzsaw99's picture


Thu, 02/27/2014 - 12:26 | 4484819 El Hosel
El Hosel's picture

A.K.A.   Moar Moar Moar

Thu, 02/27/2014 - 12:35 | 4484878 kellycriterion
kellycriterion's picture

The US and EU are running down like old clocks. Look at the size of the governments. There's nothing but guesstimates to deal with cost of cartel banks to the global economy. What with their unlimited leverage derivatives whack a mole games.

Thu, 02/27/2014 - 12:35 | 4484879 Oldwood
Oldwood's picture

Maybe it is the weather as it is the winter of our discontent, soon to become our version of the Arab Spring. These assholes are clueless except to keep saying the same shit over and over again hoping that even if they don't come to believe it everyone else will. Their whole existence depends on this circus continuing so we can expect no less to come from their lips. They will be as surprised as anyone when it blows because their normalcy bias WILL NOT LET THEM SEE THE TRUTH. We have a pilot (our government) who will gladly sacrifice all of his passengers to fulfill his dreams and a copilot (our financial industries) who is blind but wants to believe.

Thu, 02/27/2014 - 13:07 | 4485062 forwardho
forwardho's picture

Re;  Their whole existence depends on this circus continuin.

Oldwood, with no disrespect, Everyones existance depends on this circus. We are all taking part in a massive debt fueled fantasy. The world is broke. When the music stops playing we will find that there are no chairs, in fact there is no floor. .gov has no choice but to keep the charade up for as long as possible, when they no longer can... its lights out. I give thanks for each "normal" day we have.

Thu, 02/27/2014 - 15:10 | 4485785 Oldwood
Oldwood's picture

Absolutely agreed. But we at least admitt and understand it, except it as what we have, but do not deny its existence. we survive while they prosper and propagate more.

Thu, 02/27/2014 - 12:35 | 4484880 The Axe
The Axe's picture

stocks don't care..they just go up.....Russia could roll tanks through Kiev.....that would be good... its a fucking joke

Thu, 02/27/2014 - 12:37 | 4484889 Itchy and Scratchy
Itchy and Scratchy's picture

Now we need Global Warming to improve the economy!

Start firing up the coal furnances!

Thu, 02/27/2014 - 12:37 | 4484890 Frank N. Beans
Frank N. Beans's picture

"What difference does it make?!"


zip as far as wall street is concerned


Thu, 02/27/2014 - 12:45 | 4484935 Chuck Knoblauch
Chuck Knoblauch's picture

The stench from the bench is making me clench.

Thu, 02/27/2014 - 13:13 | 4485112 Rising Sun
Rising Sun's picture

The sure fire way to fuck banksters is to stop spending and stop borrowing.


We have.  Much more peaceful lifestyle and less work.

Thu, 02/27/2014 - 13:34 | 4485263 El Hosel
El Hosel's picture

I think this is just Banker talk for a T-5  ....  Too Big To Fail Temper the Taper Tantrum

Thu, 02/27/2014 - 13:42 | 4485309 Boomberg
Boomberg's picture

Better weather is causing people to spend more time walking, exercising, playing outdoor sports instead of going to malls and spending money when it's cold outside. In other words, good weather is causing a weak economy. It's still the weather.

Thu, 02/27/2014 - 13:55 | 4485388 Spungo
Spungo's picture

I'm baffled why BoA would expect increased spending when wages are falling. That doesn't make any sense. Do they think Americans have a high savings rate and this extra spending would come from lowering the savings rate?

Thu, 02/27/2014 - 14:08 | 4485457 Last of the Mid...
Last of the Middle Class's picture

The weather will NOT get better until spending improves. We'll go straight from polar vortex to 300 year drought!. Despite the fact that water has been horribly mismanaged.

Thu, 02/27/2014 - 15:29 | 4485868 Stud Duck
Stud Duck's picture

as anybody noticed what the price of soybeans has done in the past couple of weeks????

Wow, looks like the Brazil harvest really is a disaster!  Glad I kept a few  10 thousand bushel bins back for seed.

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