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Bloomberg Finds Confidence Of Lowest Earners Now At Record Low
While not considered in the same category as the UMichigan or the Conference Board confidence indices, the Bloomberg (formerly ABC) Consumer Comfort index, which is just as familiar with statistical sampling and using phones as the prior two (and does not share their penchant for calling Wall Street execs to break any market downward trend), just found that the week of September 4 saw consumer confidence drop from -49.1 to -49.3, the second lowest in 2011. Worse is that confidence in the state of the economy has now plunged to the lowest since 2009, or basically since the market generational lows, confirming that "confidence" is nothing but a way of saying popular perception of the S&P, pardon Russell 2000. Lastly, and worstly, while the the confidence of of $100K+ earners dropped to -18.2 from -15.1, the confidence, whatever that means, of those earning the least is now at a record low. Luckily, this is certainly not the social group most targeted by Obama in his reelection bid. Oh wait, nevermind.
Here is what the State of the Economy subindex looked like:
From Bloomberg:
U.S. consumer confidence last week fell to the second-lowest level this year as Americans grew more pessimistic about the world’s largest economy.
The Bloomberg Consumer Comfort Index was minus 49.3 in the period to Sept. 4 compared with minus 49.1 the previous week. This year’s low of minus 49.4 was reached in May, when gasoline prices were the highest in three years. While the drop was within the survey’s 3-point margin of error, the index has been stuck below minus 40 -- the level associated with recessions or their aftermath -- since the end of February.
“Falling sentiment indicates signs of growing distress in the consumer sector,” said Joseph Brusuelas, a senior economist at Bloomberg LP in New York. The results reflect “a labor market that has seized up and the lagged effects of inflation that is effectively reducing the purchasing power of households.”
Confidence among the lowest-income earners, or those making less than $15,000 a year, dropped to minus 90.8, a record low in data available since the mid-1990s. For those who earn more than $100,000 a year, the index worsened to minus 18.2, the 17th consecutive week of negative readings that in part reflect stock market losses.
Unemployed Americans’ confidence index dropped to minus 61.6 last week, the lowest level since November.
The jobs report has raised the political stakes for President Barack Obama as he prepares to address a joint session of Congress today. The Bloomberg confidence survey results suggest “he’ll face a tough audience,” Langer said.
Wrong: the president will have the most pathologically appathetic audience in the history of America, as nobody in this country cares what happens any more.
Chart: Bloomberg
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Let them eat iPads
Starvation - The newest fad diet
Next up
Riots - The easy and fun way to exercise
It's OK, America needs to go on a diet.
http://www.expatify.com/news/the-worlds-top-10-fattest-countries.html
I guess people can eat some of those "green shoots".
Yea spartan117 and that obesity rate is almost entirely the govt assistance SNAP card crowd with their monthy free $500 groceries being wheeled out of Walmart, then go home and sit all month and eat and wait for the free food card to get activated again mext month. Go stand around a Walmart entrance the first of the month and watch.
I was in line in Stater Brothers, buying some cat food (for my two cats), and a gallon of milk. The people in front of me had a shopping cart of meat, groceries, and Pepsis. They owed $8 more. My "food" cost $6+. I said to the grocery clerk, it hardly seems fair that my food is a little over $6 and their grocery cart is $8 (including ribs for a BBQ). She looked at me and said, "Don't get me started..."
In college when middle aged women would ask me how it is I stay so 'fit and trim' I'd tell them Im on this great fail proof 100% success diet, the 'poverty diet'.
I guess things really are getting worse...I used to be able to afford the luxery of eating an iPad but now Obama says "peas"...I can believe anyone caught this...it must be a depression!
polls of blacks seem to show immense optimism...the country is moving in the right direction and everything
Controversial statement : should voting be contingent on certain educational criteria ? Should there be a voters licence like there is a drivers licence?
AAaahhh...mimicking that favorite rant of Neil Boortz.
Problem with that is after the last 40 years of MISeducation, who is educationally qualified to judge?
The Ivy-Leaguers who thought up the criminally insane financial constructs which have exploded the world?
How about the Ivy-Leaguers who constructed and mandated the educational system we have had for the last 40 years?
How about the Bush Administration and their geniouses who came up with No Child Left Behind?
How about any of those children that have not been left behind?
How about their parents who have permitted them to attend a school which assures they will not be left behind (snicker)?
How about you?
To which, I can rightfully ask...."Who the hell are you to judge anything?"
Just some more useless and impotent bitching from a useless libertarian. Not that I disagree with the philosophy. Just realistic enough to know there isn't any use in bitching and moaning against something you have no way of changing.
Same goes for that blow hard Ayn Rand worshiping prick Neil Boortz.
I am not saying that is my position , just solliciting comments and arguments from the readers. Your point is well taken and is amongst my objections to such system.
Damn right there should be. Property owners only. If you have no skin in the game or are taking gov't money (in ANY form) ... no vote bitch.
Property "owners" -- You mean all of those homedebtors who got us into this mess by buying houses that they couldn't afford and now want to be bailed out. (The banks are also to blame and shouldn't have been bailed out either btw.)
No -- how about only those actually paying the bills -- i.e. only those paying income taxes -- get to vote. That means that 47% who pay nothing don't get a say.
We should also get rid of immunity and actually hold lawmakers accoutable for the decisions they make while in office that are in violation of the Constitution. Why don't we actually follow the Constitution which does not permit taxpayer (public) money to be used to pay off private (mortgage) debt.
Property owners aren't the only productive members of society.
A poll tax would be a much better solution. And then, only if all other forms of taxes on citizens were abolished, as anything else would mean that those paying the poll tax could leverage other tax money back to themselves.
If you pay property tax silverrhino, you don't own shit.....bitch.
Why the Dollar Remains the One Essential Currency
http://www.entendance.com/forums/viewtopic.php?f=17&t=783&p=19203#p19203
It looks like the US dollar wants to assert itself right here.
Equity trap being set. Market looks and feels entirely illiquid.
Been running a 10 point risk spread or better all morning. It's rickety to say the least.
IMO, Euro looks like it's getting ready to crack.
Euro currently holding...you know, until the equity markets are closed there.
VIX looks one stair step down from bottoming on the day.
Equities, miraculously, continue to ignore EVERYTHING. Bob Pisani at the BlowHorn just gave the sell signal: "Bears have to be careful here." Really, really, really scraping the bottom of the barrel for catalysts...considering that shorts were washed out two days ago.
Yea the US Dollar is the '1 essential currency' to hold if youre looking to get kornholed soon.
Soooooo.......the lowest common (confidence) denominator just got lower?
Good Lord, look how far we have sunk.
Just when you think things are at their worst, things actually can get that much worser. The worst is today, worser is tomorrow, and worsest yet is a little bit later on.
Makes sense and guess what TPTB have to say about it?
www.youtube.com/watch?v=dd--tIkrVoA
I suppose so... inflation will hit them hardest... the revolts around the world's people have never come from the rich.
But he'll give them food stamps and UE benefits, so they'll love him. Plus, if you're black, Obama could urinate on your face, and you'll still vote for him.
The sooner we quit categorizing people or race the sooner we can elect the Anti-Christ President of the U.S.
wtf, are you stupid? Categorizing and generalizing is what we do as humans and it is a valuable survival adaptation.
Besides, what he said was true
Ain't that the truth. Hell most of them would open their mouth and drink up.
Thats Holy Water not urine
Ohh that's why R Kelly endorsed the big O.
http://www.youtube.com/watch?v=hZN565uhnGc&feature=related
Plenty of hopium-laced Lool-Aid to go around in the transferee class. That includes white grannies scooting around on free Medicare carts, Appalachian disability recipients, the list is endless.
Well, maybe granny figured she was due a "Medicare cart" after being forced to pay into the Medicare ponzi scheme for 45 years.
Johnny Lawrence I really think Obama could walk into 90% of US households today and take a steaming dump on their wifes face and theyd cheer!
why sould we care, we can't take the BS any more from everyone
this is bullish for booze
the lowest earners at the country club?
how much to those suckers make? Only 300K a year?
This is exactly what the communist wanted to create race riots and implement Martial Law in the US. To all the saps that voted this incompetent clown in, how do you like the change? Cause hardship, defeat and conquer! Good luck trying!
And if you SAID this is exactly what would happen and in fact was planned 3 years ago, you were called a 'racist extremist terrorist'.
Its baaaackkkk!
www.miseryindex.us/customindexbymonth.asp
I bet the PPT wishes they could produce a nice and steady upward movement like this in the market!
Yeah, but surely this is outweighed by the MONUMENTAL confidence (I believe it was last surveyed as +2 trillion) the Wall St. crew have that The Bernank and Obama will pull their asses out of the fire every time, and make them fat and happy no matter what.
On a weighted average basis, therefor, confidence is fine taking into account both ends of the wealth spectrum.
Here's the Question:
With sentiment and economic indicators now at the worst ever levels.....
Is it time to be scaling in and buying stocks?
Or is it time to keep shorting stocks?
Heh, U.S. Steel was $60 a few months ago, now it is at $29.
Which move is likely to give you the biggest percentage gain?
Up or down??
GO BUY STOCKS YOU BABBLING PEDANT!
Well, I guess if you make the heroic assumption that all these confidence and economic indicators are just plain wrong and the economy is actually booming (It's just that the public, economists and analysts haven't noticed this boom for some reason) then I guess you're spot on.
Have you ever stopped to consider that maybe the rest of the world is actually right about the state of the economy and you might be, perish the thought, mistaken about the boom that only you can see?
robo, youre wasting our time.
Here's the answer. Playing with broken systems will sometimes give you a once-in-a-lifetime, un-redeemable chance to lose all your purchasing power, (notice I said purchasing power and not money) and enshrine yourself in the Pantheon of Fools of Investing.
Have a great life, you insufferable clown.
MomoChaser is only 'rear view mirror' anyway.
Robo,
The key to asking Cognitive Dissonant questions of your readers is to actually have some credibility to begin with.
Robo were you the smelly kid in kindergarten that none of the other kids wanted to be near so you are just a bitter sociopath hermit now?
Crikey!
With that logic, you could have said back in the fall of 2008 when US Steel was around $90 that it dropped 50% from its high point just a few months earlier. Hell, it cant decline much further than 50% right??
D'oh!
Not to worry. Timmy just released an op-ed in the FT calling for more Keynesian Ponzi.
We're saved!
"Ponzi ON, Timmay! Engage!"
"Aye Aye Mr President. Ponzi ON, all engines ... on my mark ... Mark."
dup
I think the world is now slowing down....Brasil..China...the EU and the USA of course...Austrailia too...it will take a few months to work its way thru...but projects on the boards now are being stalled....at least I would hope so....and Government Palace building has to be much slower...my glass is half full.....and so I am staying out of stocks..and in PM´s...because at the end of the day...I really don´t know what the fuck is going on...
Metal on metal grinding to a halt. The reset will be the biggest most terrible event in human history, and we're on the doorstep of it all.
op twist only has to work enough to keep mall properties propped up. Who cares about the the working poor and their thrift shop consumerism.. Look at SPG about to break out into all time highs. I'd say that's mission accomplished right there.
That is because if you make less than $35k you are better off on welfare. If you are working a retail job you are better off on welfare.
If you make just over the income limits for help you should just quit your job because you are killing yourself for no reason.
I make enough to pay for everything I have but it pisses me off hat people making less don't have to pay for the budget busting BS I do. $4500 for health insurance I don't use, $250 a month to heat my house, thank you HFT nat gas trading cocksukers.
The low income people all get HEAP and other government BS I pay for and can't take advantage of. I see welfare queens fill up shopping carts with more food than I could ever hope to buy for my family.
If you want to make an honest buck by working at Home Depot, don't bother because you'll just fuck yourself. If you have to go to the ER you'll bankrupt yourself or at least make sure you make under $8500 so you qualify for medicaid.
It is over for America. If you think this country can be saved then you are living in a dreamland.
Timmay to the rescue!!!
"Wrong: the president will have the most pathologically appathetic audience in the history of America, as nobody in this country cares what happens any more."
^^^That.
Hey, after all, it's "Back to Football" tonight!
What's more important - the future of our country, or the matchup between the previous two Super Bowl Champions?
http://www.greenbaypressgazette.com/article/20110907/GPG0101/110907097/Green-Bay-Packers-President-Obama-coverage-plans-set-by-NBC-station-Green-Bay
Answer: FOOTBALL, BITCHEZ!
ask former and present goldman execs i'm sure they aren't worried about money.
Does Bloomberg actually care what the lowest earners think?
I suggest Obama not tell the below $15,000'ers that it costs $250,000 per job. Otherwise they might start to think somebody is profiting at their expense.
Only ... ONLY ... $100 Billion for jobs.
It should exclusively focus on Main Street.
Everybody knows that trickledown from Corporate America starts (and ends) with bonuses to the uber alles.
there's no growth future at the other side of this, consequently, such a program will be mostly useless
Well, I cannot argue with these statistics. Since I am earning less than $15K per year right now, I have ZERO confidence in the USA economy going forward.
Im definitely in the 'zero confidence' category as well.
You artificially limit yourself. I'm currently at minus one thousand seven hundred and ninety eight percent confidence. Though I'm stuck in that I have to write the number like a check. Because the check is in the mail.
...the confidence, whatever that means, of those earning the least is now at a record low.
Well, at least they'll get new digs in Westchester.
http://www.lohud.com/article/20110716/NEWS02/107160340/Astorino-HUD-goes-too-far-enforcing-Westchester-desegregation-deal
They have low confidence, but they all go to shopping at Malls. Look at SPG!
they're going to the mall looking for a job...but they're coming home empty handed.
WOW and there goes all markets GREEEEEEEN!! Yippeeeee
Hopelessness for the poor = Mission accomplished for Wall Street.
Surely the market will celebrate this achievement today.
fundamentals follow seniment -- oct. 1 will be some kind of fun!
This has nothing to do with this post, however I want to spout my thoughts anyway.
Why is income always considered the bench mark of wealth? Do you know how many lazy, bloated a-holes I know who inherited money and land? They contribute nothing, earn little because they own so much. Paris Hiltons without any looks or talent.
Great economy in which those who achieve, create, build and save are punished for improving themselves while the lazy and stupid continue to live a great life.
Pass me another banana for the republic.
Ok, I am done.
"the president will have the most pathologically appathetic audience in the history of America, as nobody in this country cares what happens any more."
That's not true. People still care what happens it's just that they don't care about what Obama or most of the rest of the establishment has to say as they have rightly concluded that they (Obama and the Congres and the Journalists and the elite commentators) are the problem.
Low confidence my arse. These are the people that line up at Best Buy at 4 am the day after Thanksgiving buying flat-screens by the pallet because they're "on sale".
Let them eat plasma...
When will they start rioting?
Probably when EBT cards stop working, or when their entire card is used to purchase a handful of items.
We just need to cut taxes on the richest people in the country and this will solve the problem.
Absolutely perfect example why, we are where we are at the national level as well as the international level. There are entire governments which have a very similar mentality.
It is obscene to hear the politicians, as well as the Joe 6 Pack piss 'n moan about the disabled - including military - and depriving them of the proper aid, while a certain segment of the population have it engrained in their DNA that free-loading is a perfectly good lifestyle. I was blown away when I heard and seen what goes on in Los Angeles by fresh immigrants, and am not speaking of (just) fence jumpers, but from other parts of the world. They know our our welfare system better than even some attorney specializing on the issue. Now that is where your problem rests on the national level. One appropriator, and LOOOONNNNGGG past due answer is that I hear is being employed in Switzerland: those on welfare must do Community service 4 hrs./day, as well as look for a job the other 4. I find absolutely nothing wrong with that system. Perhaps an option should be given between Community Service and/or job training. Of course, it would not be a mandatory system, but then neither would be the mailing of checks/cards whatever for the benefits are being sent in?
As for country wide welfare mentality stop sending OUR $ to the lazy bastards. It is one thing to help a nation when weather created crop failure is the problem, but, when a country cannot produce enough food and jobs to support X number of people, WTF is the thought process behind having a population 2x-3x-4x ... whatever? That is when Useless Nations should step in with comprehensive educational and accountability programs, instead of badgering the responsible & productive countries to support the irresponsible ones. Ironically, the over-populated regions are the same ones w/ low agri yields as well as other natural resources. For decades, the American middle class, supported an entire world, now that same middle-class has gotten fucked over, and the lack of free [fill in space w/ desired handout] is leading to increasing unstable world, and sadly, a return to some level of normalcy looks increasingly out of reach and realm of possibility due to destruction of the American infrastructure which supported it all.
During past disasters, the US was the primary provider of near total no strings attached free aid, I am absolutely certain that in future such incidents, the 'super-power' wannabees will shower the needy with .... leaflets on how to cope with the hardships of life, and a great deal of propaganda, and IF the country is lucky to own any kind of assets not already in the hands of the 'superpowers', then certainly they will be offered pennies on the $ for those assets.
Foreign aid must be the 1st item to be removed from our budget, in addition to any and all military expenditures not 100% in America interest.
The 2nd should be all the free-loading within the country. Do work for the county/county/fed and do mean work not jerking off pretending to.
Third, we should go to a 10 year school system, then on to some technical/trade school for 2 years. I am absolutely 100% certain that what is now being taught in 12 years, can be done in 10.
I completely fail to understand WTF we are teaching foreigners in the American higher education system, instead of Americans, increasingly many of whom no longer can afford. In the event you want to buy into the bullshit excuse being given by the various 'prestigious" collages, is for the foreigners pay in full. Pay in full my ass, and even if so, it will cost us ever more since we are training those we'll be shipping the jobs to in the future. Typical of us: short term thinking prevails; the same idiotic mentality which got us here to begin with. If the US Constitution withstood the test of time, it was for it was written with long-term foresight, not near term gains ........
But who gives a shit anyways .......... FTW.