Richmond Fed Faceplants At -17, Expectations Of Rise To -1; Worst Since April 2009

Tyler Durden's picture


And another epic miss in the slow motion trainwreck that is the US plowhorse economy now to its neck in quicksand. The latest B-grade economic indicator: the Richmond Fed, which was expected to rise modestly from -3 to -1. Instead it faceplanted to -17, the biggest miss since August 2010 and the lowest print since Apirl 2009. But at least US housing has bottomed. Just kidding. At this point there should be no doubt that the US economy is in freefall - and the only recourse we have is the definition of madness: more QE which everyone by now knows will do nothing but provide a brief sugar high, and spike inflation and stock prices, only for everything to implode demanding even more QEasing from the Chairsatan, and on, and on, until in the endgame, the USD finally loses credibility. Of course, if this horrifyingly bad economic print does not send stocks soaring, we don't know what will.

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Tue, 07/24/2012 - 10:10 | 2645290 Jason T
Jason T's picture

ICollapse tonight?

Tue, 07/24/2012 - 10:12 | 2645296 GetZeeGold
GetZeeGold's picture



Seems bullish.


Tue, 07/24/2012 - 10:19 | 2645325 TrumpXVI
TrumpXVI's picture


Calling my broker right now.

I gotta' get a bigger piece of this.

Tue, 07/24/2012 - 10:26 | 2645340 The Monkey
The Monkey's picture

A 1% target on the 10 year treasury will move prices.

Tue, 07/24/2012 - 10:27 | 2645347 I think I need ...
I think I need to buy a gun's picture

i haven't seen this on CNBC this morning yet!!!!!

Tue, 07/24/2012 - 10:31 | 2645359 ihedgemyhedges
ihedgemyhedges's picture

That's because the number of employees component went straight down the toilet, thereby hurting the narrative......

Tue, 07/24/2012 - 10:37 | 2645370 JPM Hater001
JPM Hater001's picture

To quote one of my favorite songs:As I walking down the street one day.  A man cam up to me and asked me what the time time was that was on my watch...and I said

very late...

The live version is best.

Tue, 07/24/2012 - 10:59 | 2645449 Buckaroo Banzai
Buckaroo Banzai's picture

<-- my business is doing better this year

<-- my business is doing worse this year

Tue, 07/24/2012 - 11:12 | 2645487 pods
pods's picture

"More with less" seems to be a common mantra.


Tue, 07/24/2012 - 10:43 | 2645391 FlyoverCountryS...
FlyoverCountrySchmuck's picture

Hope! CHANGE! Pie! oh, wait....

Tue, 07/24/2012 - 12:18 | 2645782 catacl1sm
catacl1sm's picture

You forgot peas.

Tue, 07/24/2012 - 10:47 | 2645406 RSloane
RSloane's picture

Their idiot writers need more time to spin this, or to outright say "its a great number, could have been much worse!!"

Tue, 07/24/2012 - 10:27 | 2645344 vmromk
vmromk's picture

Dow 20,000 is in the bag.


Tue, 07/24/2012 - 10:35 | 2645367 I am more equal...
I am more equal than others's picture


Tue, 07/24/2012 - 10:49 | 2645419 Dr. No
Dr. No's picture

Revised down from 36,000?  Humm even the mega bulls are getting bearish....

Tue, 07/24/2012 - 10:17 | 2645314 wagthetails
wagthetails's picture


It's not happening....


Tue, 07/24/2012 - 10:22 | 2645334 GolfHatesMe
GolfHatesMe's picture

Invisible hand of Adam Smith. Errrrr..Brian Sack arriving in 8 minutes.

Tue, 07/24/2012 - 11:19 | 2645510 The Gooch
The Gooch's picture

Vote to Audit the Fed could hit the floor as soon as tomorrow... H.R. 459 Vote YES

I'm not much of a believer that they listen, but

Urge them to vote yes on HR 459

Tue, 07/24/2012 - 12:10 | 2645732 MarsInScorpio
MarsInScorpio's picture

Thank you for the link. I just sent the following emaill to my congressman, Jeff Miller of Florida's 1st District:


Support HR 459.

Who knows who reads this in your office; I don't have any delusions Jeff actually does.

But just in case, let me add:

Jeff, for all these years all you've done is run down the Blue Key game of keeping your head down, your mouth shut, and doing what you're told.

Well, the wheels are getting ready to come off the wagon with the US economy. I realize you get paid regardless, so it's not like it really means anything to your wallet.

But it does mean a lot to those who actually have to hope they keep their job, and that their employer stays in business. You can't relate to that, but try.

The FED is nothing but a privately owned operation to keep banksters in business. You don't have the faintest idea what their books look like, and how much is on the hook.

Back in the 70s when the S & L's went under with the real estate scams, bankers went to jail.

Today, Jon Corzine "vaporizes" $1.2-billion, and walks. Not one banker went to jail for the massive fraud of the robo-signing scandal. Nobody went to jail for Lehman Bros., AIG, or any of the other criminal acts of the Too Big To Fail banks.

I haven't heard a peep out of you about everyone getting away with their criminal actions.

The FED was up to its neck in all of it. Yet you don't even know what their books look like.

It's called "due diligence," and it's your responsibility to know. But neither you, nor anyone else in Congress does.

So Jeff, it's time for you to come back to Earth and start doing something for us that actually makes a difference.

Will you? Probably not. You are the biggest disappointment I've ever backed for office.

But maybe your pals at the Fish House will get the idea through your head. God knows all the unemployed, foreclosed, and bankrupt haven't gotten you to open your mouth and do something.

Audit the FED, Jeff. Break out of the Blue Key mold and do something that will make a difference.

Tue, 07/24/2012 - 10:11 | 2645295 death_to_fed_tyranny
death_to_fed_tyranny's picture

It will get worse! Die Fed! Die!

Tue, 07/24/2012 - 10:12 | 2645297 lizzy36
lizzy36's picture

Tue, 07/24/2012 - 10:23 | 2645336 GetZeeGold
GetZeeGold's picture



These are not the green shoots you're looking for.



Tue, 07/24/2012 - 10:30 | 2645354 madcows
madcows's picture

Help me Obama-wan, you're my only hope.

Tue, 07/24/2012 - 10:45 | 2645397 Peter Pan
Peter Pan's picture

I think he meant hope for change.

Tue, 07/24/2012 - 10:12 | 2645298 Cassandra Syndrome
Cassandra Syndrome's picture

Mmmm, what happened just before that worst figure during March 2009?

Tue, 07/24/2012 - 10:13 | 2645301 azzhatter
azzhatter's picture

but...but.... Cramer says it's all okay, US is strong. Follow the bulltard

Tue, 07/24/2012 - 10:37 | 2645371 Clueless Economist
Clueless Economist's picture

After being down 100 pts in 2 days, Cramer finally pulled the plug on Chipolte...BOOOYAHHHH

Tue, 07/24/2012 - 11:00 | 2645450 Shizzmoney
Shizzmoney's picture

These armies of bureaucrats serve a corporate system that will quite literally kill us. They are as cold and disconnected as Mengele. They carry out minute tasks. They are docile. Compliant. They obey. They find their self-worth in the prestige and power of the corporation, in the status of their positions and in their career promotions. They assure themselves of their own goodness through their private acts as husbands, wives, mothers and fathers. They sit on school boards. They go to Rotary. They attend church. It is moral schizophrenia. They erect walls to create an isolated consciousness. They make the lethal goals of ExxonMobil or Goldman Sachs or Raytheon or insurance companies possible. They destroy the ecosystem, the economy and the body politic and turn workingmen and -women into impoverished serfs. They feel nothing. Metaphysical naiveté always ends in murder. It fragments the world. Little acts of kindness and charity mask the monstrous evil they abet. And the system rolls forward. The polar ice caps melt. The droughts rage over cropland. The drones deliver death from the sky. The state moves inexorably forward to place us in chains. The sick die. The poor starve. The prisons fill. And the careerist, plodding forward, does his or her job.

Tue, 07/24/2012 - 11:45 | 2645609 CH1
CH1's picture

SUPERB passage. Thank you for posting.

Tue, 07/24/2012 - 12:59 | 2646000 farmerjohn2112
farmerjohn2112's picture

Excellent read... Chris Hedges sees the world as it is and isn't afraid to tell truth to power.


Tue, 07/24/2012 - 10:15 | 2645302 Freewheelin Franklin
Freewheelin Franklin's picture

Look! Enough with the housing bottom jokes. That's my business!


Or should I say, WAS my business. Or what's left of my business.


But that's OK, because I didn't build that business.


I'll be working on the gubmint farm soon enough.

Tue, 07/24/2012 - 10:16 | 2645308 the not so migh...
the not so mighty maximiza's picture

It doesn't matter becasue; Now is the best time to buy a home...right?


Tue, 07/24/2012 - 10:50 | 2645421 JPM Hater001
JPM Hater001's picture

I have a nice 3 bed 2 bath in the Missouri FEMA camp.  I'm saving up for the downpayment.

Tue, 07/24/2012 - 10:18 | 2645319 same old story
same old story's picture

with that kind of thinking old chap you will be in line for a gubmint managerial role. we need more like you

Tue, 07/24/2012 - 10:21 | 2645327 Agent P
Agent P's picture

Do you dig basements for a living?  Even my six year old knows that's the bottom in housing.

Tue, 07/24/2012 - 10:15 | 2645303 vote_libertaria...
vote_libertarian_party's picture

More QE next month just as oil is on the high end again AND global food inflation from drought is about to rocket higher.


Distraction war in 5...4...3...

Tue, 07/24/2012 - 10:19 | 2645320 Cassandra Syndrome
Cassandra Syndrome's picture

Yup, the technicals on the Dollar Index show that its near the 87 QE handle to let the printers rip.

Tue, 07/24/2012 - 10:15 | 2645307 firstdivision
firstdivision's picture

At least housing is saved...well according to FHFA pricing...which I'm sure they're unbiased

Tue, 07/24/2012 - 10:16 | 2645309 JackT
JackT's picture

Depressing to watch...although I'm sure some get their kicks from it


Tue, 07/24/2012 - 10:19 | 2645323 cossack55
cossack55's picture

Read "Hard Times" by Studs Terkel 1970

Windows of opportunity continue to open.

Tue, 07/24/2012 - 10:16 | 2645310 trillion_dollar...
trillion_dollar_deficit's picture

Come on guys. Quit with the Doomonomics. The private sector is doing fine.

Tue, 07/24/2012 - 10:21 | 2645330 RSloane
RSloane's picture

Yeah quite paying attention to numbers. Obama, our dear leader, said the economy is moving in the right direction~! He should know he's the president, amirite?!?!

Tue, 07/24/2012 - 10:52 | 2645428 JPM Hater001
JPM Hater001's picture

Please note he said right direction, not upward direction.

I think the "right" direction for President Sotoro is vastly different than you and I might choose.

Tue, 07/24/2012 - 10:16 | 2645311 Mugatu
Mugatu's picture

Watching stocks these days is very similiar to watching a puppet show and noticing the strings.

Tue, 07/24/2012 - 10:31 | 2645360 madcows
madcows's picture


Tue, 07/24/2012 - 10:17 | 2645313 buzzsaw99
buzzsaw99's picture

Lacker = scumbag

Tue, 07/24/2012 - 10:18 | 2645316 disabledvet
disabledvet's picture

"Sarcasm"...rhymes with "Spasm."

Tue, 07/24/2012 - 10:17 | 2645317 monopoly
monopoly's picture

Confetti and physical. For now, a good combination. But I hate dollars.

Tue, 07/24/2012 - 10:21 | 2645326 Conman
Conman's picture

Hey look a triple top, they should tie this in with the new Total Recal movie.

Tue, 07/24/2012 - 10:22 | 2645333 illyia
illyia's picture

Fun writing. Thanks for the irony...

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