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Fed Consumer Spending Survey Plunges To Record Low
With December rate-hike odds already plumbing record lows, today's data from The NY Fed's Consumer Expectatiopns Survey hamers the nail home that all is not well in America. Away from inflation expectations dropping and earnings expectations tumbling, household spending growth expectations have plunged to record lows.
Must be the weather... or the high gas prices?
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but iPhone 6S
.... and 7, 8, 9 etc.
Don't mess wif my EBT sucka.
This is nothing a new government program couldn't fix.
Coming soon...the Federal 'Fun' Camp Agency......
Thanks Obamacare!
Yep. I'm relatively well off but ObamaCare siphons off an additional couple hundred dollars a month more than I used to pay for insurance. I would have spent this money elsewhere - AND it is getting more expensive all the time.
It is sad that I will need to acquire a deadly disease in order to have a chance at recouping my "investment".
They might be able to help you with that.
"Change you can bereave in!"
Remember the Federal Reserve always states its TRANSITIORY. Green shoots right around the corner for the last 8 years. What a bunch of tools.
I finally lost my individual grandfathered health insurance this year. $480 a month, $1500 deductible, 0% copay. Aetna informed me I'd love the plan they selected to replace it - $800/month, $5500 deductible and 20% copay. Isn't that nice ? What's not to like ? Pocket change, right ?
Would it be OK if I bring my guns along?
my guess is they don't account for swapping worthless FRN fiat shit-paper for real phyzz bullion in their consumer spending algo.
sucks for them
Government's job IS to manage expectations....and they can't even do that right.
It is however, if they have decided to stop lying because too many are seeing through it then they are ready to try something "new"
Be prepared.
but "liftoff"
Nobody needs to work. Nobody needs to spend. The Fed will print our way to utopia.
I am rather confident we are screwed.
You just need some Obamalube.....
I think we have the making of a real marketable product here.
O' Bama-Lube*
"For when you're going to get it like never before". TM
* apostrophe prevents royalty claims
LOL Obamalube. If not a real product it at least deserves a T-shirt. "Obamalube...for that high hard one, also cures poison ivy"
Indeed. The really bad part is that these are the same people who are being relied on to fund increasingly costly government "benefits" programs. Sounds like a recipe for success, doesn't it?
All your eggs in one basket makes for one hell of an omelette.
Moar bad news is good news, right VIX?
#VixlivesMatter!
Oh yeah, I know, and now we need NIRP to get all the millions of people who are flat ass fucking broke to spend all this money they supposedly have stashed away. Another fucking disaster by our 'mush for brains' gov't.
part of this must be gasoline, i filled up yesterday, just a bit over $50, i immediately thought gee i've saved $30 bucks maybe i can buy a flatscreen TV.
That's funny.
The main things I'm buying are tires, gas (stored), windshiled wipers, ammo and PMs.
spending less doesn't mean you saved anything---just means you spent less----OK so its sarc. --but thats the mantra---you saved!!!!
Is THIS why the dip was bought this morning?
So they will give money to people to pay off debt which is just a transfer to a bank which can clean its books and loan out more? Watch
If everyone truly understood the game, no one would play.
"So they will give money to people to pay off debt which is just a transfer to a bank which can clean its books and loan out more?".....All except the loan out more part......except originate loans & sell them to Fannie, and Freddie
what did it look like pre-2013?
Starve the beast and deflation is around the corner. Real competition is a bitch.
The problem America is facing is that we need very little that is not artificially indoctrinated into us. If we were to awake and decide to step off the crazy wheel, the economy of the world would collapse. China cannot support its self with domestic consumption as the Chinese have not been "taught" to consume yet. They are coming out of poverty and still cling to notions of conservative financial habits like saving and self imposed austerity. America and much of Europe are the designated consumers and with them, without their "demand", the whole thing fails.
Think about what it is that you must buy, that you absolutely need today. It ain't much. A little food, a little fuel..maybe, or maybe not. It is a house of cards built from the delusion of artificial demand.
When garages are full of broken unused plastic crap and you can't even get you car inside it starts to open eyes after a time, especially winter. I think we have "crapped out" on stuff. Once you have a big flat screen and you are comfortable with your cell phone the people will start trying to save and get rid/not buy stuff. Many of the young are realizing this as parents die and they look at all the wasted crap they owned, never realizing the waste. New generations are not familiar (or affected by) with depression era stuff that affected so many, that turned into horders and buyer of shinny junk. It's a new world in this way.
Look at the storage rentals. They have their own TV show. So many people with so much shit that they have no place to keep it all until they eventually just walk away so they can buy more.
I am no one to talk.....other than to testify!
I let my wife drive the block and a half to work when its raining because she refuses to take the motorcycle wearing a green trashbag.
I'm good like that.
That's why the EU and Barry here in the USA are importing millions of angry aggressive Muslim men so they can massively handout free stuff and exponentially expand the FSA who will spend the "free" gubmint handouts [OPM] and increase consumer spending on bauddles.
So when do I get my $200 government check. You know, to inspire capital purchases.
Soon, the rest of us are fixing to pay our working taxes (sarc on)
WTF...did they survey any bankers....as they are awash in money. Healthcare punks awash in money....they didn't survey the middleclass did they....that would be a major F$@KUP
PLEEEEEEEEEEEEEEEEEEEEEZE don't mention that fuck-up Oabamcare; my premiums are increasing dramatcially come 2016. I already got the warning this plan will be abolished and I'll be forced onto another Obamacare disaster that will cost me much more with high deductibles... yet fewer doctors will accept it.
Barry has been a yuuuuuuuuuuuuuuuuuuge disaster for middle class America.
There may be a special deduction allowed for self medication coming soon....hiccup!
Hard to spend it when you don't it have dumbasses...
See, this economics thing is easy for me.
Two years ago, I was making $250,000, had debt out the wazoo and was spending like mad.
Now, I'm making $25,000, have no debt and spending 90% less than before...
Do you get it yet Janet, Ben, Paul?
Fucking Morons....
the confidence to spend requires a strong belief in the continuity of free cash flow - with 70% of new jobs on 1099 or part time rather than W-2 income - the uncertainty drives the decisions for more and more people
more importantly, as people within ones sphere of influence get tagged, especially those we have considerable respect it creates doubt in ones own resilience to negative energy for those still in relatively good shape
the missing link for the postive numbers is financing for cars and houses - once pulled - it all falls away
they have created a spiral which is merely at the beginning stage
+1 Omen IV, I couldn't agree more. You have to believe in your cash flow, to have confidence to spend and support the industries for growth.
I bought houses and apartments, supporting the real estate industry.
I bought new vehicles every 3-4 years, supporting the auto industry.
I bought lots of "stuff", supporting retail establishments.
Hell, I supported several bars, restaurants, bartenders and wait staff on my spending alone...they are probably out of business and now looking for work. ;-)
Wall Street can lobby for iPhones on EBT cards. Fed does whatever Wall Street wants anyways.
Remember that cartoon from a few days ago?
FED says hop on one foot, stick out your tongue... Ha! I didn't say "FED says!"
[img]http://i.imgur.com/J4sdDmd.jpg[/img]
We NEED that damn helicopter money, darn it.....NOW!
Yes! It is so very simple - give everybody One Million Dollars and then POOF! We are all Millionaires!!!
and a loaf of bread then cost $1M.
Then we can reset the debt system. Maybe we can create a metals based value system, or a labor units based system that cannot be devalued.
I believe many will never let their debt genie out of the bottle ever again.
Something quite drastic will need to be implemented though.
Wall Street can push for helicopter money and threaten with tanks on the street.
Yellen, Williams, Dudley, Evans, Bulltard, Rosengren and the rest of the members would love to print like there is no tomorrow.
Bring it on!!!! Zimbabwe and bust.
Thinking of getting my cow an iPhone or Samsung. Which one has a better cowbell app?
but I thought the magic negro was going to fix this!
You forgot to rub his head for good luck.
Must be the weather... or the high gas prices? The combination of bad weather and high prices for gastric remedies can sour one's attitude.
How is the global consumer base these days?
1) The once wealthy Western consumer has had all their high paying jobs off-shored. As a stop gap solution they were allowed to carry on consuming through debt. They are now maxed out on debt.
2) Japanese consumers have been living in a stagnant economy for decades.
3) Chinese and Eastern consumers were always poorly paid and with nonexistent welfare states are always saving for a rainy day. Western demand slumped in 2008 and the debt fuelled stop gap has now come to an end.
4) The Middle Eastern consumers are now too busy fighting each other to think about consuming anything and are just concerned with saying alive.
5) South American and African consumers are busy struggling with economies that are disintegrating fast.
Oh dear.
Except its bullshit because the problem is that after nondiscretionary theres nothing left. Low wages v rising costs.
But, but, but I thought we had a consumer economy. Oh whoa is me, what will happen? I heard Obama the other day and everything is just ducky according to him. Full employment and rainbows and flowers are everywhere. The times are the best they have ever been.
it's a 2 year old survey, guys...but I suppose ZH would headline "Record Low!!" with 1 data point also
Is it just me? Around my neighborhood, the shopping malls are full, auto traffic is getting ridiculous, Cumberland Farms is building 5 new "stop and robs" within 5 miles. Dormant housing developments are springing back into building.
I think the "Feds" spending survey is typical inept government drivel. How can they do a survey while watching porn?
Sounds like you live on planet "Make-Believe".
And it hasn't even started snowing yet.
As I see it, the 10% are spending, and the 90% have nothing to spend after shelter, food, transportation, health insurance. If you live in an area with lots of the 10%, everything looks rosy. Other areas, not so much.