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Fed Mouthpiece Jon Hilsenrath Furious "Stingy" US Consumers Refuse To Buy The "Recovery" Propaganda

Tyler Durden's picture




 

No commentary necessary on this piece originally posted on the Wall Street Journal by Jon Hilsenrath (the same ad hoc, trial ballooning Fed mouthpiece whose work as it relates to the Federal Reserve has to be precleared by the Federal Reserve itself as we first reported five years ago).

And no, to our best knowledge, this is not the WSJ transforming into the Onion.

from HILSENRATH’S TAKE: A LETTER TO STINGY AMERICAN CONSUMERS

Dear American Consumer,

 

This is The Wall Street Journal. We’re writing to ask if something is bothering you.

 

The sun shined in April and you didn’t spend much money. The Commerce Department here in Washington says your spending didn’t increase at all adjusted for inflation last month compared to March. You appear to have mostly stayed home and watched television in December, January and February as well. We thought you would be out of your winter doldrums by now, but we don’t see much evidence that this is the case.

 

You have been saving more too. You socked away 5.6% of your income in April after taxes, even more than in March. This saving is not like you. What’s up?

 

We know you experienced a terrible shock when Lehman Brothers collapsed in 2008 and your employer responded by firing you. We know stock prices collapsed and that was shocking too. We also know you shouldn’t have taken out that large second mortgage during the housing boom to fix up your kitchen with granite countertops.  You’ve been working very hard to pay off this debt and we admire your fortitude. But these shocks seem like a long time ago to us in a newsroom. Is that still what’s holding you back?

 

Do you know the American economy is counting on you? We can’t count on the rest of the world to spend money on our stuff. The rest of the world is in an even worse mood than you are. You should feel lucky you’re not a Greek consumer. And China, well they’re truly struggling there just to reach the very modest goal of 7% growth.

 

The Federal Reserve is counting on you too. Fed officials want to start raising the cost of your borrowing because they worry they’ve been giving you a free ride for too long with zero interest rates. We listen to Fed officials all of the time here at The Wall Street Journal, and they just can’t figure you out.

 

Please let us know the problem. You can reach us at any of the emails below.

 

Sincerely,

 

The Wall Street Journal’s Central Bank Team

 

-By Jon Hilsenrath

Yes, dear broke American consumers which once made up the world's most vibrant middle class: please stop being such a nuisance and source of confusion to the nice people at the Fed and their $4.5 trillion in direct injections into the offshore bank accounts of America's wealthiest 1% and please write to Hilsenrath and let him know what the problem is at Jon.Hilsenrath@wsj.com.

 

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Wed, 06/03/2015 - 03:29 | 6158311 DavidC
DavidC's picture

Hmmm, the past tense of 'shine' is 'shone', not 'shined'. At least, here in the UK.

DavidC

Fri, 06/05/2015 - 08:58 | 6166240 ImGumbydmmt
ImGumbydmmt's picture

comments section to the Hilsenrath article have been disabled, over a dozen comment removed which had references to boiled rope pitch forks or guilotines.

Freedom of the press, but not for you sheeple.

Tue, 06/02/2015 - 13:41 | 6155988 papaswamp
papaswamp's picture

Its called housing and healthcare costs. The average citizen isnt socking away shit.

Tue, 06/02/2015 - 14:01 | 6156085 nope-1004
nope-1004's picture

+1

Jon, you're a total douchebag.

 

Tue, 06/02/2015 - 14:13 | 6156143 MathWins
MathWins's picture

And don't forget the grocery bill.  Prices go up and packaging sizes go down.  That game is about up; they make the packages any smaller we'll be buying sample sizes.

Tue, 06/02/2015 - 15:24 | 6156426 Parsecs Taxi
Parsecs Taxi's picture

But the foods contained therein are so much tastier and nutritious! And the packaging just gets brighter and cheerier all the time!

Progress!

Hedonics!

Tue, 06/02/2015 - 16:42 | 6156818 Binko
Binko's picture

So true. You get less for your money but miraculously there is no inflation because the product is "improved".

Tue, 06/02/2015 - 21:44 | 6157800 NeedtoSecede
NeedtoSecede's picture

I had to buy dog food today for my old Labrador and noticed another price increase (smaller bag AND a higher price). Fucking dog food has gone up 30% in two years. And these propoganda mouthpieces on Wall Street, .gov and MSM keep telling us there is no inflation! 

 

Fuck the Fed and fuck all their useful idiots like JH!

Tue, 06/02/2015 - 20:20 | 6157597 WhackoWarner
WhackoWarner's picture

Honey that is so simple.  People have no money, And are acting in self defense.

 

Planning if they can.  But most people hae no money at all. 

Tue, 06/02/2015 - 13:42 | 6155993 nuubee
nuubee's picture

Still not favored enough to get a mention in the WSJ: The American Producer.

Tue, 06/02/2015 - 13:42 | 6155994 101 years and c...
101 years and counting's picture

is this for real?  

 

my retort: dear fucking cocksucker, not everyone is privvy to the Fed's interest rates and printing decisions well ahead of the fact.  some even have to....dare i say...work for a living to pay the bloated costs of energy and healthcare.  

Tue, 06/02/2015 - 14:21 | 6156126 HamRove
HamRove's picture

Dear Hilsenrath,

Eat a dick,

HamRove 

Tue, 06/02/2015 - 15:14 | 6156384 Colonel Klink
Colonel Klink's picture

He doesn't need to eat just one.  He needs to eat a whole truckload of poisoned dicks.

Hilsenrath, I hope you get cancer and die a slow, horrible, painful death.  Fuck you, you fucking fuck.

Tue, 06/02/2015 - 17:25 | 6156989 WhackoWarner
WhackoWarner's picture

He has already humped and sucked his way to where he is.  He calls it success.  In olden days it was called "Glory Hole Boys".

Tue, 06/02/2015 - 17:38 | 6157041 HamRove
HamRove's picture

Originally that post was a lot longer with more graphic detail as to what Hilsenrath could do.....but I'm into brevity. 

Tue, 06/02/2015 - 13:42 | 6155995 wendigo
wendigo's picture

Holy fuck. No way this is real. IF it somehow is, then I'm speechless...

Tue, 06/02/2015 - 13:46 | 6156018 StarfishPrime
StarfishPrime's picture

Read the top couple paragraphs and thought the same thing. Had to check the WSJ to be sure - original link doesn't work so I thought it was ZH making up words. Had to click a few times but the piece is definitly posted online (maybe WSJ redirects links from ZH): http://blogs.wsj.com/economics/2015/06/02/grand-central-a-letter-to-stin...

Tue, 06/02/2015 - 13:54 | 6156056 suteibu
suteibu's picture

From the comments:

Greetings, Clueless Wall Street Apparatchik.

Apologies for not spending more. Truly, I am very sorry that i didnt start this project earlier.

I am currently saving to buy some lumber for a scaffold, then will need to spend some more $$ for a steelworker to fabricate the blade. Once my resulting Guillotine is functional, I will be sure to bring it to Wall Street for some testing.

Care to volunteer?

Cheers,

Tue, 06/02/2015 - 13:59 | 6156088 Citxmech
Citxmech's picture

I checked it too.  

OMFG - the gall of this motherfucker cannot be understated.  

Reading it actually triggered my gag-reflex.

Tue, 06/02/2015 - 13:48 | 6155996 JustObserving
JustObserving's picture

Only idiots who believe Fed propaganda that inflation is under 1% are buying.  Those who know that inflation is 5 to 10 times higher are saving for a rainy day.

Official inflation in 2014 was 0.8% and Chapwood Index was up 9.7%

The liars on Wall Street have been lying for so long that they have started believing their own lies.

Inaccurate Statistics And The Threat To Bonds

http://www.zerohedge.com/news/2015-05-29/inaccurate-statistics-and-threa...

Tue, 06/02/2015 - 13:49 | 6156039 Bankster Kibble
Bankster Kibble's picture

Yup.  The other lie the Fed wants us to believe is that unemployment is "only" 5 pct.  Of course, that is based on kicking long-time unemployed off of the lists, so they are no longer counted.  The Fed doesn't like to talk about the stats on percent of population in the workforce (lowest ever).  Gosh, if people don't have jobs, why would they go shopping?  The clueless talking heads on TV never get that.

Tue, 06/02/2015 - 14:27 | 6156209 City_Of_Champyinz
City_Of_Champyinz's picture

Indeed, one quick look at the U6 rate shows the rate to be just under 11%, and that is probably half BS as well...

Tue, 06/02/2015 - 16:29 | 6156734 T-Bond
T-Bond's picture

At the rate the labor force is dropping we'll be at full employment in a month or two.

Tue, 06/02/2015 - 13:42 | 6155999 NoWayJose
NoWayJose's picture

I 'save' my fiat -- rather than spend it -- and collect my 0.03% interest -- while waiting for a monkey hammered buying opportunity in PMs. 'THEN' I spend it!

Tue, 06/02/2015 - 14:02 | 6156100 mt paul
mt paul's picture

buy now

avoid the rush

 

price doesn't mater

possession does...

 

 

Tue, 06/02/2015 - 13:43 | 6156000 madbraz
madbraz's picture

and then they don't know why individuals become terrorrists.

Tue, 06/02/2015 - 13:43 | 6156001 StarfishPrime
StarfishPrime's picture

We Onion'ed some folks.

Tue, 06/02/2015 - 13:43 | 6156004 TheFreeLance
TheFreeLance's picture

Yep. Gas at $3 a gallon and quality ground beef at $8/lb is a fucking bad mood. 

Tue, 06/02/2015 - 13:45 | 6156012 FrankDieter
FrankDieter's picture

Everyone more interested in whether or not Caitlyn Jenner still has a dick

Tue, 06/02/2015 - 13:57 | 6156081 Government need...
Government needs you to pay taxes's picture

Well, that's the storyline of the summer, right?  I think he's still got his 'Hanging Chad'.

Tue, 06/02/2015 - 14:07 | 6156117 Pure Evil
Pure Evil's picture

If s/he/it wasn't so white and hairless s/he/it would be a perfect replacement for the Wookie.

Tue, 06/02/2015 - 13:45 | 6156010 PTR
PTR's picture

Did someone forget to mention to him that we've already transitioned from the three-tier economic structure to the two-tier?

The serfs have no money to spend.

Tue, 06/02/2015 - 14:30 | 6156135 Pure Evil
Pure Evil's picture

I'll be more than happy to purchase a $85K automobile and a $500K house if I could just find a bank willing to extend a credit line to an unemployed loser.

Of course, this here fellar wasn't expecting to grow the economy with welfare recipients buying cheap plastic Chinese crap at HillbillyMart using a SNAP card was he?

Tue, 06/02/2015 - 15:21 | 6156415 j0nx
j0nx's picture

Yup. $500k buys you a 1500 sq foot 40 year old fixer upper SFH in Fairfax County. If you're lucky and submit your contract soon enough. Ridiculous living in this area. The benefit of the job is pretty close to being outweighed by the expense of living in the area at this point.

Tue, 06/02/2015 - 13:45 | 6156013 cherry picker
cherry picker's picture

WSJ, choke on it.

Tue, 06/02/2015 - 13:55 | 6156057 thepigman
thepigman's picture

Hilsenrath and the WSJ can't figure out 70% of the US populace are now debt serfs:-)

Tue, 06/02/2015 - 14:03 | 6156099 Government need...
Government needs you to pay taxes's picture

I suspect they are focused on how to make the remaining 30% serfs.  I AM SPARTACUS!

https://www.youtube.com/watch?v=-8h_v_our_Q

Tue, 06/02/2015 - 13:45 | 6156014 Captain Chlamydia
Captain Chlamydia's picture

Somebody please check this guy's lithium Level! 

Tue, 06/02/2015 - 14:07 | 6156121 wendigo
wendigo's picture

Speaking of lithium, I forgot to take mine this morning. Thanks for reminding me. 

Tue, 06/02/2015 - 14:22 | 6156187 Caleb Abell
Caleb Abell's picture

He doesn't need lithium, he needs polonium.

Tue, 06/02/2015 - 14:34 | 6156230 Pure Evil
Pure Evil's picture

Would you like tea and crumpets with your polonium sir?

Tue, 06/02/2015 - 13:45 | 6156015 BadKiTTy
BadKiTTy's picture

MUST be the Onion! 

Please.... 

Dear John HilsenRAT - the consumer is up to his ass in debt and working 3 partime jobs just to pay his/her healthcare and rent.  

Surely not that hard for the Wall Street/Fed brain trust to figure out.....

Tue, 06/02/2015 - 13:45 | 6156016 Infinite QE
Infinite QE's picture

Another spoiled zio in need of a klinghoffer kocktail.

Tue, 06/02/2015 - 13:46 | 6156017 TomGa
TomGa's picture

Hilsenrath - what a dufus.

Tue, 06/02/2015 - 13:47 | 6156028 yogibear
yogibear's picture

Hilsenrath is a tool for the elites.

Tue, 06/02/2015 - 13:47 | 6156020 Dr. Engali
Dr. Engali's picture

Hey peter smooching dick wad.... you can't sell the recovery propaganda because nobody haS ANY FUCKING MONEY, and everybody knows it.

Tue, 06/02/2015 - 13:55 | 6156068 Big Corked Boots
Big Corked Boots's picture

My Ebay sales results confirm your analysis.

Can't give shit away for half price.

Tue, 06/02/2015 - 14:12 | 6156137 wendigo
wendigo's picture

What do you sell on eBay? If it's survival related I might be interested. 

Tue, 06/02/2015 - 14:16 | 6156157 mt paul
mt paul's picture

offered 100 $ for new L 1600 Datsun carburetor

plus 11.95 flat rate shipping.box

 

5 days later bolted on truck ..

new engine new carb ,centrifugal clutch

fun little trk to drive ..25 mph

Wed, 06/03/2015 - 02:34 | 6158274 RKDS
RKDS's picture

Same here.  Slow but fairly steady sales until they fell off a cliff in May.  But then my market is completely discretionary.  Just about ready to take a time out from this.

Tue, 06/02/2015 - 13:57 | 6156075 NoDebt
NoDebt's picture

"But I can't be out of money.  I still have checks!"

Tue, 06/02/2015 - 14:18 | 6156167 SillySalesmanQu...
SillySalesmanQuestion's picture

+1 ND I actually LOL'ed at that 'cause I know a few people like that...an ex-girlfriend in particular.

Tue, 06/02/2015 - 14:25 | 6156201 NoDebt
NoDebt's picture

Just be glad its not your wife.  It loses a lot of its humor.

Tue, 06/02/2015 - 13:46 | 6156021 yogibear
yogibear's picture

These people should be tried for treason. Transferring wealth to the 1% and ripping up the constitution.

Tue, 06/02/2015 - 13:48 | 6156023 mtl4
mtl4's picture

Jon, news flash.......it's called marxism and it doesn't work, never has and never will.

 

The more you try to force the consumer the tighter they will get on hoarding their cash.

Wed, 06/03/2015 - 00:25 | 6156025 Dubaibanker
Dubaibanker's picture

There is no one listening because the American consumer died a couple of years ago.....are you listening...ARE YOU LISTENING....I AM TALKING TO YOU...US GOVT!

Damn...I have a sore throat now....

Real questions to be asked:

Why more Americans are living in trailers?

Why so many Americans are eating from food banks?

How many Americans are homeless as compared to a decade ago?

How many Americans are underemployed?

How many Americans have left the country for a job overseas or are giving up citizenship?

How many Americans have EBT cards compared to 7 years ago?

How many Americans have died or are scared to head out of home because they are black in colour?

How many Americans have died in unnecessary obnoxious perverted wars in the Middle East?

How many Wal Marts, Best Buys, Starbucks, casinos, restaurants, hotels, Costco, Sears, entire malls etc have closed in the past 7 years?

How many banks have closed or have shrunk in the past 7 years?

How many new dams, power plants, nuclear plants, roads, bridges, parks etc have been built in the last 7 years?

What the hell is going on in Detroit?

How many Americans lost their homes in the financial crisis and are still in heavy debt or had to declare bankruptcy due to fraud and crazy loans given by billionaire bankers who enriched themselves criminally yet the Govt bailed them out with tax payers money creating even more debt for the 'consumer'? It is nauseating to just write this!

How many municipalities have declared bankruptcy and why?

How many companies have been sold to the Chinese in the last 7 years? Guess where the income flows now instead....

Once you answer these questions, and accept responsibility, then you may ask the consumer that WHERE THE FUCK IS THE AMERICAN CONSUMER? ...then....they might actually come out and go shopping....

There is no American Consumer any more...It is now the American debt carrier! .....(better get the semantics right and the audience addressed to aptly, Jon, then the letter will be drafted quite differently).

When you carry a heavy burden of debt and your income is only seen in GDP numbers and unemployment numbers with no monthly income flows, then the burden of debt gets so much more heavier to carry....that even drugs stop having an impact.....

Edit: Some 'working for the US Govt' asshole down voted...Can fellow ZHers show that these questions need to be answered before US Govt or their spokesperson has a right to ask for answers from an over-indebted, under-paid, hope-less, spied-upon and scared 'American consumer'. Please upvote and show some support for the questions I asked. Thanks.

Tue, 06/02/2015 - 13:48 | 6156033 css1971
css1971's picture

You are not a person, you are a consumer. CONSUME!!

Tue, 06/02/2015 - 13:52 | 6156051 insanelysane
insanelysane's picture

There are 3 types of middle class left in America; ones that have kids that have graduated college and are paying off the student loans, ones that have kids that will be going to college in the next 10 years and will need to pay off the student loans, and ones that have graduates and kids that will be going to college.  There is no money to spend on stupid shit.

Tue, 06/02/2015 - 13:54 | 6156060 pragmatic hobo
pragmatic hobo's picture

sorry jon ... all the money i saved from cheap gas all went to paying for higher premium on obama-care ...

Tue, 06/02/2015 - 13:55 | 6156065 pcrs
pcrs's picture

I must communicate better

 

Tue, 06/02/2015 - 13:55 | 6156066 Trucker Glock
Trucker Glock's picture

I'm not sure how to take this.  When I read it, I thought he was mocking the insane system the requires debt and consumption to survive.  Is he bashing consumers (non-consumers) or the Fed and banksters?

Tue, 06/02/2015 - 13:55 | 6156071 Glass Seagull
Glass Seagull's picture

 

 

 

Stingy, or broke?

 

Tue, 06/02/2015 - 13:56 | 6156074 foghorn leghorn
foghorn leghorn's picture

OMG I can't believe he actually said this. This comes after CBS said that they were going to find a way to take advantage of the millinniels who refuse to spend and consume.

Tue, 06/02/2015 - 13:57 | 6156076 God Bless The V...
God Bless The Virtuous's picture

Two Words for him and the Fed,

Fuck You!

And one adjective,

Asshole!

Tue, 06/02/2015 - 13:57 | 6156077 rlouis
rlouis's picture

Since most comments have been spot on,  I will only observe that: who gives a damn that the Chinese can't hit a 7% growth rate? Is it because American consumers won't buy their stuff? 

Maybe that's because the American serfs lost their jobs to Chinese peasants and now the serfs can't buy Chinese stuff at 24% interest on the credit card. 

JH you're a fucking duche bag.

 

 

 

Tue, 06/02/2015 - 14:00 | 6156091 suteibu
suteibu's picture

Surely he wrote this to get a rise out of the hoi polloi...like a kid shoving a stick into an ant hill.

Tue, 06/02/2015 - 14:36 | 6156170 Pure Evil
Pure Evil's picture

Too bad he won't step down from his soap box in his ivory tower to give the hoi polloi a chance to shove that stick up his ass, with the ants still crawling all over it.

Tue, 06/02/2015 - 13:57 | 6156078 lasvegaspersona
lasvegaspersona's picture

cereal???

Tue, 06/02/2015 - 14:00 | 6156093 Evil Franklin
Evil Franklin's picture

Dear Mr. Hilsenrath, 

Please understand; I want to spend my money as much as you want me to spend it.  However, I spent it last year plus I spent my grandkids money and their grandkids money.  Right now I'm working diligently to repay the lender that was gracious enough to let me spend the money that you say I have.  If it hadn't been for my father dying a couple of years ago I couldn't have spent any more money.  Now that that money has disappeared down the rabbit hole I'm back to praying that I hit the Powerball lottery next Saturday.

Until you can convince my lender of choice to let me have another one hundred thousand or so I'm afraid I'll just have to retreat into my cave and hope the waters don't rise.

Sincerely,

The sunk middle class.

Tue, 06/02/2015 - 14:01 | 6156097 SillySalesmanQu...
SillySalesmanQuestion's picture

Dear FED, Hiisenrat, Gubbermint, IRS and.01%ers...

We are broke, there is nothing left to take or for us to spend...
Go Fuck Yourselves!

Tue, 06/02/2015 - 14:06 | 6156109 Chuck Knoblauch
Chuck Knoblauch's picture

the jobs suck jon.

Tue, 06/02/2015 - 14:05 | 6156111 Bill of Rights
Bill of Rights's picture

Ha ha ha ha fuck off.

Tue, 06/02/2015 - 14:07 | 6156118 bbq on whitehou...
bbq on whitehouse lawn's picture

Either this man is incompitent or stupid, either way he needs to be fired and face charges for violations if ethics codes for a start.

Tue, 06/02/2015 - 14:21 | 6156182 Pure Evil
Pure Evil's picture

Wow, you're being a little harsh on the Beave aren't you Ward?

Tue, 06/02/2015 - 16:00 | 6156558 lasvegaspersona
lasvegaspersona's picture

he he (as in har har)..he said 'ethics'....

Tue, 06/02/2015 - 14:14 | 6156147 rejected
rejected's picture

" Fed officials want to start raising the cost of your borrowing because they worry they’ve been giving you a free ride for too long with zero interest rate"

Now that is about as sick as it gets... I think we all know who makes out with ZIRP. What a numbskull...

 

 

Tue, 06/02/2015 - 14:21 | 6156152 foodstampbarry
foodstampbarry's picture

Arrogant condescending prick. Fuck you

Tue, 06/02/2015 - 14:15 | 6156153 Pareto
Pareto's picture

Take an economics course Hilsenrath and while you're at it - quit serving as the FED's bitch.  fucking retard

Tue, 06/02/2015 - 14:17 | 6156162 ptoemmes
ptoemmes's picture

Kind of hard to beleive he asked to know what the problem is...setting aside the fact that people with a similar mindset don't/won't/can't get it...could still be "fun" to write.

 

Dear Jon,

Let me start by asking a question that has been perplexing me and is one that you would have the answer to if anyone would.  In the performance of your well-paid job, exacly what economic value do you create?

I have more to say, but it's based on your response.

 

Thanks,

 

 

Tue, 06/02/2015 - 14:24 | 6156163 TalkToLind
TalkToLind's picture

The FED is on the right track to spur spending; they're just going to have to make the USD way more worthless than it already is. Just get all Zimbabwe on that ass and the consumers will spend. Venezuela, can I get a witness?

Tue, 06/02/2015 - 14:18 | 6156165 ivana
ivana's picture

“It is difficult to get a man to understand something, when his salary depends on his not understanding it.” Upton_Sinclair

Tue, 06/02/2015 - 14:18 | 6156166 Secret Weapon
Secret Weapon's picture

Not stingy - just trying to pay their health insurance premiums.

Tue, 06/02/2015 - 14:18 | 6156168 Caveman93
Caveman93's picture

" Fed officials want to start raising the cost of your borrowing because they worry they’ve been giving you a free ride for too long with zero interest rates. "

-Mr. Hilsenrath, what you have just said is one of the most insanely idiotic things I have ever heard. At no point in your rambling, incoherent response were you even close to anything that could be considered a rational thought. Everyone in this room is now dumber for having listened to it. I award you no points, and may God have mercy on your soul.

Tue, 06/02/2015 - 14:20 | 6156175 Seasmoke
Seasmoke's picture

Fonzi Hilsenrath just jumped the shark !!

Tue, 06/02/2015 - 14:20 | 6156177 Duc888
Duc888's picture

 

 

 

Why doesn't the shitbag have the Fed dole out HIS salary to every person in the US.  NO STRINGS ATTACHED.  Not a loan, a gift, then get back to me.

 

 

Tue, 06/02/2015 - 14:21 | 6156179 Jack Burton
Jack Burton's picture

America has been reduced to a farce! A bad one at that. Demanding of under employed and underpayed workers with overpriced mortgages, over priced college ed for their kids, the most expensive health care on earth by 2X, and still the Fed wants them to spend. Farcical!

Tue, 06/02/2015 - 14:21 | 6156181 StackShinyStuff
StackShinyStuff's picture

He probably lost a bet

Tue, 06/02/2015 - 14:22 | 6156183 koreangold
koreangold's picture

FUCK YOU HILSENRATH!!!

Tue, 06/02/2015 - 14:22 | 6156190 the grateful un...
the grateful unemployed's picture

a more important question is why did the government stop lying about consumer spending. its been bad for a long time. are you tired of fudging the numbers, did the pastry chef quit? i know a lot of mcdonalds and walmart employees who have more money to spend, but of course once the landlord gets wind of it he has his hand out, and the barber shop, the laundry, the cable company. so whats with your price contrils, i mean you slapped price controls on interest rates, why arent you slapping price controls on the service sector.governments have two policy tools which they use at all times, they lie and they manipulate. now it seems poor obama cannot do either? he has proven himself capable, whats wrong with potus, Jon? has he lost his vision?

Tue, 06/02/2015 - 14:23 | 6156191 huggy_in_london
huggy_in_london's picture

Outrageous, even by his standards. 

 

Tue, 06/02/2015 - 14:26 | 6156202 Pure Evil
Pure Evil's picture

America deserves the Hilsenrath it gets.

Tue, 06/02/2015 - 14:29 | 6156211 i_call_you_my_base
i_call_you_my_base's picture

Economists: The people aren't conforming to my model. The people must be wrong.

///

These people are fucking idiots.

Tue, 06/02/2015 - 22:20 | 6157865 sumo
sumo's picture

There is another bunch of bozos at the BOJ throwing a tantrum over the same thing: consumers and business are not conforming to the model.

It's as if you actually need a brain defect to be an economist.

Tue, 06/02/2015 - 14:29 | 6156214 Bemused Observer
Bemused Observer's picture

Wow, does this come across as mocking or what?

What an asshat. He knows damned well what the fucking problem is, and he writes this self-indulgent drivel...I'll bet he was chuckling to himself at his clever "letter to the American Consumer" presentation...

No one is laughing, jerk. People have lost everything, their homes, jobs, life savings, pensions...sorry if they're not in the mood to go out and party like it's 1999.

And your appeal doesn't matter...even if people wanted to, they don't have the money. Period. So thank God for small favors...this time the sheeple won't be able to succumb to the siren call like they usually do...ha! ha! ha! What's even funnier to me is that I'm pretty sure you guys know this too...

I LOVE the smell of desperation in the morning!

Tue, 06/02/2015 - 14:30 | 6156216 B2u
B2u's picture

Eat shit Hilsenrath...

Tue, 06/02/2015 - 16:06 | 6156594 FrankDieter
FrankDieter's picture

Hey Jon,

Everyone more interested in whether or not Caitlyn Jenner still has a dick than what you say motherfucker !

 

Tue, 06/02/2015 - 14:33 | 6156228 Raul44
Raul44's picture

I dont know, is this real? I found it hard to believe somebody real behind that name would write this. Looks more like a prank otherwise it would be an unspeakable disgrace. 

And: "And China, well they’re truly struggling there just to reach the very modest goal of 7% growth." >> lol ;) How much does US have? -7 inflation adjusted?

Tue, 06/02/2015 - 14:33 | 6156229 Nobody Important
Nobody Important's picture

Kind of hard to buy their crap when you haven't got a job therefore no money to buy it with.

Tue, 06/02/2015 - 14:34 | 6156232 Zombies On Toast
Zombies On Toast's picture

"Fed officials want to start raising the cost of your borrowing because they worry they’ve been giving you a free ride for too long with zero interest rates." 

Credit card, mortgage? Just where is that zero interest rate I am paying??

FU

 

Tue, 06/02/2015 - 14:35 | 6156235 lizzy36
lizzy36's picture

Dear Fed, JPM, GS and WSJ.

The average consumer never de-levered. So they CANNOT re-lever.

In addition they have not seen their wages go up for 20 years. While debt servicing is at an all time low, they are being warned constantly that rates are going up. So maybe, just maybe the Yank has lost a bit of faith in their country and it's consumer mentality and have decided to say "fuck it" to buying crap they don't need with money they don't have.

I don't want a house full of crap. I want to be master if my own domian. And the only way that happens is when my capital is invested in & grows with me. I am 100% owner of my equity. 

Wed, 06/03/2015 - 12:20 | 6159368 Raging Debate
Raging Debate's picture

Lizzy36 - That nails it. This depression has dragged on long enough now that consumer buying patterns are changing into buying what is only needed. Similar to the 1930's.

I drive decent imports - but I buy used and pay cash.

I eat good and healthy food and buy it in bulk at Sam's - but I don't eat out.

I take vacations - but only to see my two grown boys that live up in the northeast.

I have credit cards - but only buy a need I was going to buy anyways and pay it off at the end of the month.

I have a business - but I turned it from small business to micro business. This wasn't what I wanted BTW. Profits are reinvested into hard assets which reduces tax rates. I'm slowing becoming a slum lord in the property rental business. If we continue on this way and become Mexico, I'll do OK. If the economy recovers and we get some sane policy decisions (doubt it) for the next decade or two, I will do even better.  

 People are broke. Too much bad policy in trade imbalance, finance and empire building for far too long. Trust has been severely broken and confidence is low. People don't buy 'wants' facing an uncertain future even if the reality may be less bleak than what it feels like right now.

Tue, 06/02/2015 - 14:39 | 6156246 Panic Mode
Panic Mode's picture

Well, at least he has the balls to write that.

Tue, 06/02/2015 - 14:43 | 6156259 economessed
economessed's picture

Jon-boy,

 

If you're upset at people not spending money, please direct your rants to the 0.01% of the population that have the money and are not spending it.

 

Well, techically they ARE spending it, but they are all just buying back their stocks.  I assume you want to see consumption of final goods increase (or greater capital expenditure), but unfortunately that ain't gonna happen when it's so easy getting rich by buying back stock at ever-increasing prices.

 

 

Tue, 06/02/2015 - 14:44 | 6156265 Decimus Lunius ...
Decimus Lunius Luvenalis's picture

Make us all supervisors.

Tue, 06/02/2015 - 14:48 | 6156279 gwar5
gwar5's picture

That's for REAL?  These are the people who run the world?  Egads! Proof these central planning pricks are absolutely batshit crazy. 

Tue, 06/02/2015 - 14:51 | 6156289 rabbitusvomitus
rabbitusvomitus's picture

Dear American consumer,  you are not! Consuming that is. Consuming shit that you don't need.  Therefore we will be forced to restructure our monetary system.  Henceforth we will no longer be issuing federal reserve  notes. Instead you will be issued a central banking account.  This account will be linked to a debit card which you will use in lieu of "cash".  Please be advised,  in order to encourage consistent spending on your part,  the federal reserve bank will periodically lower the interest rate to a negative percentage. This will be required to reduce the temptation to hoard the credits in your account and encourage disposal of your income for the good of the economy. 

 

 

This IS coming.  Soon.

Tue, 06/02/2015 - 14:52 | 6156293 wstrub
wstrub's picture

Of note on the inflation watch.  Fresh fish has increased by 100 percent in price this year.  We now pay the same price for a bag of milk less one litre...........that is a 25 percent increase in price.  People will happily spend their money when they realize it buys much less.  Do the math on the weights and measures of what you are buying versus a year ago.  Prices are Definately much higher!!!!!  I could go on and on but, why bother!  Open your eyes!!!!!!!

Tue, 06/02/2015 - 14:58 | 6156313 foghorn leghorn
foghorn leghorn's picture

It wasn't even that long ago that I could buy or make a sandwich for no more than 8 bucks. The same exact sandwich now goes for 13 to 16 bucks. That is like a 75% to a 100% jump in price. I hate to concentrate on something so small like a sandwich but we all know that a sandwich isn't the only thing that has seriously gone up in price.

Wed, 06/03/2015 - 10:28 | 6158958 Bastiat
Bastiat's picture

You can't make a sandwich for $8?  

Tue, 06/02/2015 - 16:36 | 6156771 Caleb Abell
Caleb Abell's picture

"Fresh fish has increased by 100 percent in price this year."

 

True, but you get more for your money.  Gulf seafood is contaminated by Corexit, seafood from California and Asia is contaminated by cesium and plutonium from Fuckyoushima, and seafood from the atlantic is contaminated by heavy metals.

Wed, 06/03/2015 - 00:35 | 6158138 Rock On Roger
Rock On Roger's picture

The area cowherd has decreased by 30%

So the cowshit flowing into the mighty Pembina

Has decreased significantly.

 

Walleys are biting hard and I flipped my fucking canoe again.

 

Mighty Pembina sure has a shiny bottom.

Tue, 06/02/2015 - 14:54 | 6156298 Dragon HAwk
Dragon HAwk's picture

The parasites start to panic when the host starts breathing slower

Tue, 06/02/2015 - 15:00 | 6156318 Loucleve
Loucleve's picture

To the email listed aboe (Jon Hislenrat).

FUCK THE FED.  FUCK THE CORPORATIONS.  AND MOST ESPECIALLY, FUCK YOU TOO.  I AM NOT SPENDING SHIT.

Tue, 06/02/2015 - 14:57 | 6156310 atomicwasted
atomicwasted's picture

Dear ZH commenters,

Thank you for confirming to me that most of you have zero reading comprehension skills whatsoever. This is clearly satire, and the bolded sentences are the tell. Now I understand a lot more clearly why this comment board is the way it is. Most of you really aren't too bright.

Sincerely,
atomicwasted

Tue, 06/02/2015 - 15:01 | 6156325 Loucleve
Loucleve's picture

well, I followed the link, and there was an article there.  looked like WSJ to me.

Tue, 06/02/2015 - 16:45 | 6156838 r00t61
r00t61's picture

I guess atomic just proved that he's the one without any reading comprehension skill.

Tue, 06/02/2015 - 15:12 | 6156372 ebear
ebear's picture

I think you mean irony.  If that's satire, it's a VERY poor attempt.

 

Tue, 06/02/2015 - 20:07 | 6157560 Renfield
Renfield's picture

<<I think you mean irony.>>

And even that would elevate it, from the simple trolling it is.

Tue, 06/02/2015 - 15:16 | 6156387 WTFUD
WTFUD's picture

@ atomicwasted
If we were bright you and the rest of the scum would be dead.

Wed, 06/03/2015 - 13:24 | 6159701 atomicwasted
atomicwasted's picture

Come get some, Mr. Big Internet Tough Guy!  If you can roll your fat ass out of your mom's basement, that is.

Tue, 06/02/2015 - 20:17 | 6157551 Renfield
Renfield's picture

<<This is clearly satire>>

Dear arsehole:

Thank you for confirming to me that there's still one idiot on this board who thinks "just joking", or sarcasm, is the same as "satire". Bolded sentences don't make good satire; they add emphasis for those with limited language skills. Take a literature course for chrissake (and a remedial punctuation class while you're at it), and read some Swift.

As someone stated above, no-one in Jon's position is entitled to troll the middle class. If you think a central bank "mouthpiece" trolling victims of this Depression is appropriate, then you really aren't too bright.

Sincerely,
a lifelong satire fan

Tue, 06/02/2015 - 14:58 | 6156312 WTFUD
WTFUD's picture

HilsenRAT is the envy of his Peers. One of those privileged few with access to the garbage before it hits the streets.

Tue, 06/02/2015 - 14:58 | 6156314 Heavy
Heavy's picture

Hahaha, hopefully that was a psychotic breakdown.

Tue, 06/02/2015 - 15:00 | 6156319 agstacks
agstacks's picture

I wrote this two weeks ago on my parody/troll account on CNBC in response to an article that began with "Consumer spending is coming back, and you can thank democrats."

 

"Of course Republicans squirreled their money away without a thought or care towards those they were hurting by their greed. All serious economists know you grow an economy with spending on non-essential items, usually imported from China. The left understands this and does "their fair share" at the malls to support the bedrock of the US economy, consumer spending. The republicans are still sticking to their, "the sky will fall any day now, and it will be Obama's fault when it does". So sad that they have lost out on so much wealth creation over the last 6 years. Just think- if instead of buying those gold bars to bury in the woods, they would have used that money to help spur the economy with a new car, expensive vacation, or some other purchase that would be of productive value to the overall economy. It is impossible to get a republican to do something good for anyone besides themselves unfortunately."

 

It got 7 likes, and I have a feeling those weren't people that picked up on my sarcasm.

 

Tue, 06/02/2015 - 16:01 | 6156568 chinooky47
chinooky47's picture

Some people will believe you are serious.  There is a thought though, maybe most Repubs can see down the road further than their next drunk binge or pot party!  Just a thought.

Tue, 06/02/2015 - 15:02 | 6156334 Whoa Dammit
Whoa Dammit's picture

My e-mail to Hilsenrath:

Dear Jon,

Please study up on how to get blood from a jobless turnip, then get back to me.

Anxiously awaiting your response,

XOXO

Tue, 06/02/2015 - 15:09 | 6156355 Westcoastliberal
Westcoastliberal's picture

TOTALLY out of touch with reality.

Tue, 06/02/2015 - 15:17 | 6156396 samsara
samsara's picture

Sounds like;

 

"Turn those machines back on..."

Sounds like Desperation

Tue, 06/02/2015 - 15:17 | 6156398 BeaverCream
BeaverCream's picture

Dear Jon, I spend my money all the time.  I regularly buy gold and silver from American based PM brokers...

Tue, 06/02/2015 - 15:18 | 6156399 Who was that ma...
Who was that masked man's picture

Dear Mr. Hilsenrath,

Please deposit $100,000 dollars into my account on the 1st of every month until further notice and I'll see what I can do.

With all kind regards,  

sincerely,   Who Was That Masked Man.

Tue, 06/02/2015 - 15:18 | 6156402 tommylicious
tommylicious's picture

FUCK YOU HILSENRATH!!!  BASTARD!!!!!!!!!!!!!!!!!!!

Tue, 06/02/2015 - 15:21 | 6156417 F em all but 6
F em all but 6's picture

Additional note to the ignorant unwashed masses. The beatings will continue until moral improves.

Tue, 06/02/2015 - 15:24 | 6156425 RealityCheque
RealityCheque's picture

It's like these cunts think they are above it all.

Newsflash Jon you ignoarnt motherfucker: you and your kind are beneath the lowest of any "low born" person on earth. Your words and actions betray everything about you. You are overprivileged , blind and corrupt. I'd let you slide on the first 2, but the third is something you will answer for. Do you think that telling people about what you think they should be doing will be a successful strategy when they're lynching you?

Tue, 06/02/2015 - 15:37 | 6156472 JamaicaJim
JamaicaJim's picture

I like your style.

 

Here's my OpEd to the fucking US Government

Dear WaPo, NYT, and the entire Fuckbama administration, along with damn near every member of Congress, the FED and all it's fucking mouthpieces;

 

FUCK YOU!

Tue, 06/02/2015 - 15:25 | 6156430 TheGreatRecovery
TheGreatRecovery's picture

Jon, just this morning I went to the Thrift Shop and purchased two baskets, one for $1 and the other for $2.  And, three days ago, I purchased a t-shirt at the same Thrift Shop, for $3.  And donated a comfy old chair they can sell to someone for, I don't know, maybe $20 dollars.  We're all doing what we can, Jon.  Love.  :-)

P.S.  Jon, you can send that Mercedes Benz, Color TV, and Night On The Town any time.  Again, love.  :-)

Tue, 06/02/2015 - 15:31 | 6156449 b a n n e d
b a n n e d's picture

a 30k - 40k new car

 

you can keep your new car!

Tue, 06/02/2015 - 15:33 | 6156451 No.Fifth.Turning
No.Fifth.Turning's picture

What ever happened to Jon's brother, Baghdad Bob?

Tue, 06/02/2015 - 16:25 | 6156680 Caleb Abell
Caleb Abell's picture

Please don't associate the two.  Bob was a much classier guy than Jon, and I might add, far less full of shit.

Tue, 06/02/2015 - 15:33 | 6156453 Stlouiemike
Stlouiemike's picture

My email to asshole:

 

Just about all stocked up, no need to spend just waiting for the other shoe to drop.  I've got my pitchfork all sharpened and ready.

Fuck the 1% and all their bought and paid for cronies, their party is almost over, then it's our turn.

Tue, 06/02/2015 - 15:46 | 6156474 MASTER OF UNIVERSE
MASTER OF UNIVERSE's picture

Karl Marx was right, Hilsenrath.

 

http://www.globalresearch.ca/karl-marx-was-right/5452795

Tue, 06/02/2015 - 15:42 | 6156490 henry chucho
henry chucho's picture

I'm spending my money on the basic necessities of life now;Weed,beer,hookers,and 3 day drunken binges..As for that granite countertop,I've found that a granite headstone liberated from the local cemetary,cleaned, polished,and flipped over (with name,date,and eulogy facing down),works like a charm..

Tue, 06/02/2015 - 15:47 | 6156506 Atomizer
Atomizer's picture

I had to read it twice. Thought it was a article written by The Onion. 

Tue, 06/02/2015 - 15:50 | 6156518 Dewey Cheatum Howe
Dewey Cheatum Howe's picture

The illusion that is the matrix feeds on emotional response for control. The only way to beat the game is to Gandhi it. This is crocodile tears/emotions looking for a response to feed off of.

Tue, 06/02/2015 - 16:06 | 6156591 Dewey Cheatum Howe
Dewey Cheatum Howe's picture

https://en.wikipedia.org/wiki/Global_Consciousness_Project

The algos feed on the data coming in through this thing....

Now how would they be able to do that.

Your head is a giant electrical circuit and susceptible to inductance. So is your genitals (pay attention to where metal is located on your clothing...). What do you all carry on you or near you a fucking cell phone which operates as a loop antenna in near field communications using the air. What neurological activity generates the most electrical energy in your body, why emotional ones. Zapping the genitals is a surefire way to get a rise and brain chemical drip to control emotional response.

If you don't believe me check the metal on your clothing using a battery and some alligator clips, check the cellphone using a capacitor and see if it charges when put near a cellphone antenna (especially when it is turned off).

Tue, 06/02/2015 - 15:56 | 6156538 chinooky47
chinooky47's picture

Maybe since the 1% got richer they should spend us out of this recession!  What a concept.

Tue, 06/02/2015 - 16:08 | 6156602 Ban KKiller
Ban KKiller's picture

"We’re writing to ask if something is bothering you."......."something"? The list of somethings bothering us is long. 

When you have nothing left to lose...eat the rich. 

 

Tue, 06/02/2015 - 16:08 | 6156608 Pareto
Pareto's picture

While all comments on this thread are awesome ZH shit bombs back to Hilsenrath, I think the best ones are those that just tell him to FO or EABOD.

Tue, 06/02/2015 - 16:20 | 6156667 Caleb Abell
Caleb Abell's picture

Perhaps the middle class is saving their money to purchase enough lumber to build gallows for Wall Street and the asshats at the WSJ.

Do NOT follow this link or you will be banned from the site!