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Bank Of America Finds No Spending Pick Up In March, Blames Storm

Tyler Durden's picture




 

We would suffer too many subdural hematomas if we were to comment on this most recent outbreak of the "idiot meteorologist" syndrome by Bank of America below.

Our internal BAC card (debt and credit) retail ex. gas spend data for the first week of March again showed only a modest 1.7% increase relative to the same period last year. While last week’s growth was the same as the 1.7% YoY increase reported for the month of February, it was still significantly below 4.9% YoY growth rate during the first week of March last year. However, once again adverse weather potentially impacted spending last week, as the storm “Titan” moved across the US over the weekend of March 1st and 2nd and was followed by yet another cold spell. Temperatures subsequently rebounded this week, suggesting this week’s reading could provide a cleaner read of the underlying spending trends.

 

Meteorology 101: for all your "economic forecasting" needs.

 

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Thu, 03/13/2014 - 11:34 | 4543089 Headbanger
Headbanger's picture

And nothing to do with Obozocare or the millions losing unemployment benefits of course!

Thu, 03/13/2014 - 11:38 | 4543121 wallstreetapost...
wallstreetaposteriori's picture

Did the entire country enter an ice age all of the sudden?..... the weather has been amazing in california other than a small drought.  People dont spend money here because they are either poor or maxed out to their eyes with debt.  Oh... wait, everyone is saving for a Tesla and some gigabitcoinfactoryspacelaunchthingy.

Thu, 03/13/2014 - 11:44 | 4543150 BaBaBouy
BaBaBouy's picture

Al Roker Is The New CRAMER...

Thu, 03/13/2014 - 12:15 | 4543326 1stepcloser
Thu, 03/13/2014 - 12:19 | 4543353 Joe Davola
Joe Davola's picture

Storm - which one?

Thu, 03/13/2014 - 12:17 | 4543346 NotApplicable
NotApplicable's picture

Wow, I just loaded this site with a new, unprotected browser. Well, I should say BARELY loaded this site.

A popup video ad from Siemens? Really, Tyler?

Between overbearing ads, social network "features" and all of the tracking that all of this crap does, the internet is rapidly becoming unusable.

Just think, the entire online economy is now dependent upon people who are incapable of securing their PCs.

Bullish?

Thu, 03/13/2014 - 12:22 | 4543371 Headbanger
Headbanger's picture

Waddya expect from a country of people who believe in Bitcoins and voted for Obozoid??

Thu, 03/13/2014 - 12:30 | 4543430 NotApplicable
NotApplicable's picture

If only the Free Shit Army understood the costs...

Thu, 03/13/2014 - 12:14 | 4543322 Headbanger
Headbanger's picture

According to this it has:

http://stevengoddard.wordpress.com/2014/03/12/us-having-its-coldest-six-...

But that's right!  You now have "Space Shot" Jerry Brown as Governor.

All is well however cause your former Governator finally has his own tank!

http://www.youtube.com/watch?v=w4lnVx2BAYk

Thu, 03/13/2014 - 12:22 | 4543373 ptoemmes
ptoemmes's picture

Nice weather as well in Southeast Florida. Nice economy...not so much. Except plans to build a new 10 million dollar Porsche dealership in Weston. Go figure.

Thu, 03/13/2014 - 11:35 | 4543109 NoDebt
NoDebt's picture

Why don't we just say "cold months don't count" from now on?

Thu, 03/13/2014 - 11:37 | 4543114 maskone909
maskone909's picture

its funny that they BS most of the numbers but manage to forget to fake the consumer and retail reports. 

Thu, 03/13/2014 - 11:39 | 4543126 Winston Churchill
Winston Churchill's picture

I have no doubt they are working on it.

Thu, 03/13/2014 - 12:01 | 4543248 Ban KKiller
Ban KKiller's picture

Bank of America has credibilty? I think they may report truth once in a while to promote their other book keeping lies?

Death, by law, to the banksters. 

Thu, 03/13/2014 - 11:38 | 4543122 Colonel Klink
Colonel Klink's picture

Fuck Bankruptcy of America, an insolvent large bank had it not been for TARP and the suspension of mark to market.  If they had to follow it now, they'd still be insolvent.

Everyone should pull their money from the big 10 banks and go elsewhere.

Thu, 03/13/2014 - 11:40 | 4543130 Madcow
Madcow's picture

will Gov-co allow the markets to collapse again like 2008?  this time, will there be a new round of bailouts? or will they keep stimulating and subsidizing financial assets to prevent a re-collapse?

what's wrong with just letting the "TBTF" bank assets collapse? cant they just write down the assets and repudiate all the bad debts? or just put all the bad paper on a rocket and send it up to the sun ?

i feel like im in a dentists office waiting to hear if im getting 3 teeth pulled now or over the next 3 weeks.  i wish they would just get it over with.  Better to let the "TBTF" banks, Europe, Japan, etc - collapse now so that we at least have a chance to re-build IMO.

 

 

Thu, 03/13/2014 - 11:40 | 4543131 skwid vacuous
skwid vacuous's picture

I predict there will be some tornados in April to blame, and the "late" Easter is always a good one...

Thu, 03/13/2014 - 11:41 | 4543137 the not so migh...
the not so mighty maximiza's picture

never let a snowflake go to waste

Thu, 03/13/2014 - 11:43 | 4543143 TaperProof
TaperProof's picture

I got a million dollars to spend but its cold out and we had a storm last week, so i'll just sit home and read ZeroHedge

Thu, 03/13/2014 - 11:44 | 4543151 q99x2
q99x2's picture

The weather is not an issue. I'm a jogger from California and when I went to NYC last month during the heavy snow and cold I jogged at least every other day. Other joggers were out running too. Then when I flew out on the heaviest day of snowfall I took 3 subways and a bus and got to the airport faster than if I drove there on a good day.

Thanks ZH for fighting the bankster propaganda.

Thu, 03/13/2014 - 11:45 | 4543156 TruthInSunshine
TruthInSunshine's picture

Obama should sign an Executive Order absolving BankOfMerrillAmerica from any creditors' claims (wiping out its liabilities) & then "gifting" it to Warren Buffet & Charlie Munger.

He could call it the Political Patronage Homie Repayment Order.

Thu, 03/13/2014 - 11:52 | 4543190 Cattender
Cattender's picture

i bought TP and food at walmart.. oh, and gas just hit $3.85 a Gallon here yesterday. the Recovery Continues... thanks Obumba!

Thu, 03/13/2014 - 12:05 | 4543261 John Law Lives
John Law Lives's picture

Considering the whopping utility bills that many consumers will be paying (compliments of each Polar Vortex), I wouldn't count on a massive increase in discretionary spending in the Spring.  In fact, I expect that to be the new meme by economists to explain any lackluster discretionary spending in the Spring.

Thu, 03/13/2014 - 12:07 | 4543283 Roger Shermanator
Roger Shermanator's picture

If all of these people are too afraid to shop when the weather is bad, this surely means that when the weather finally does turn around, the economy is going to go gang busters because of all of the pent up demand amirite?  Yeah... maybe... no?  Ok den.

Thu, 03/13/2014 - 12:13 | 4543316 Racer
Racer's picture

So if purchases had gone up with bad weather, they would say:

Cold weather brought crowds into the shopping centres to get away from the cold and buy more warm clothes and food, yet more signs of a growing economy

Thu, 03/13/2014 - 12:15 | 4543324 drinkin koolaid
drinkin koolaid's picture

bullish!!!!!!!!!!!!!!!!!!!

Thu, 03/13/2014 - 12:25 | 4543392 F.A. Hayek
F.A. Hayek's picture

<- 2008 - Shovel ready is the buzzword, optimism being implied

<- 2014 - Weather impacts is the buzzword, plausible anomaly being implied

 

We have devolved from hope and change euphoria to flat-out self-delusion 

Thu, 03/13/2014 - 12:34 | 4543452 highly debtful
highly debtful's picture

All economists will soon be replaced by weathermen. Perhaps a new career opportunity?

Thu, 03/13/2014 - 12:56 | 4543589 Rising Sun
Rising Sun's picture

Bloomberg is now blaming this on the potmarks on Roseanne Barr's fat fucking ass.

 

The fucking weather????? WTF?????  SHUT UP YOU STUPID LAME FUCKS!!!!!!  YOU'RE FUCKING LYING YOU ASSHOLES!!!!!!

Thu, 03/13/2014 - 13:13 | 4543663 madcows
madcows's picture

must be that everyone has spent all their college loan money on beer and pot.

Thu, 03/13/2014 - 13:30 | 4543774 nakki
nakki's picture

In a world where a chimp can throw darts at a board of stocks and usually out preform a sell side chimpleton, do we even need analysis or economists anymore? How about this little tidbit. The entire Apollo space program, you know the one that sent men to the moon cost less than Facebook's purchase of Whatsapp and the IPO that the maker of Candy Crush is anticipating. That's right 15 years of Apollo cost around $24 billion and between Whatsapp $19 billion and Candy Crush $8 billion for a total of $27 billion.

Thu, 03/13/2014 - 14:25 | 4544114 foodstampbarry
foodstampbarry's picture

My wife asked me why I haven't fucked her lately, I told her it's the weather. She punched me in the nuts.

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