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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 | Link to Comment Jason T
Jason T's picture

ICollapse tonight?

Tue, 07/24/2012 - 10:12 | Link to Comment GetZeeGold
GetZeeGold's picture

 

 

Seems bullish.

 

Tue, 07/24/2012 - 10:19 | Link to Comment TrumpXVI
TrumpXVI's picture

Clearly.

Calling my broker right now.

I gotta' get a bigger piece of this.

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

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

Tue, 07/24/2012 - 10:27 | Link to Comment 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 | Link to Comment 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 | Link to Comment 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.

http://youtu.be/tBuUUBrC9eQ

Tue, 07/24/2012 - 10:59 | Link to Comment 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 | Link to Comment pods
pods's picture

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

pods

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

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

Tue, 07/24/2012 - 12:18 | Link to Comment catacl1sm
catacl1sm's picture

You forgot peas.

Tue, 07/24/2012 - 10:47 | Link to Comment 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 | Link to Comment vmromk
vmromk's picture

Dow 20,000 is in the bag.

 

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

BTFD

Tue, 07/24/2012 - 10:49 | Link to Comment 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 | Link to Comment wagthetails
wagthetails's picture

Collapse?

It's not happening....

http://www.youtube.com/watch?v=d8IBnfkcrsM

 

Tue, 07/24/2012 - 10:22 | Link to Comment GolfHatesMe
GolfHatesMe's picture

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

Tue, 07/24/2012 - 11:19 | Link to Comment 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

http://www.contactingthecongress.org/

Tue, 07/24/2012 - 12:10 | Link to Comment 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.
-30-

Tue, 07/24/2012 - 10:11 | Link to Comment death_to_fed_tyranny
death_to_fed_tyranny's picture

It will get worse! Die Fed! Die!

Tue, 07/24/2012 - 10:12 | Link to Comment lizzy36
lizzy36's picture

Tue, 07/24/2012 - 10:23 | Link to Comment GetZeeGold
GetZeeGold's picture

 

 

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

 

 

Tue, 07/24/2012 - 10:30 | Link to Comment madcows
madcows's picture

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

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

I think he meant hope for change.

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

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

Tue, 07/24/2012 - 10:13 | Link to Comment azzhatter
azzhatter's picture

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

Tue, 07/24/2012 - 10:37 | Link to Comment 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 | Link to Comment 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.

http://truth-out.org/opinion/item/10476-the-careerists

Tue, 07/24/2012 - 11:45 | Link to Comment CH1
CH1's picture

SUPERB passage. Thank you for posting.

Tue, 07/24/2012 - 12:59 | Link to Comment farmerjohn2112
farmerjohn2112's picture

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

+1

Tue, 07/24/2012 - 10:15 | Link to Comment 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 | Link to Comment 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 | Link to Comment 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 | Link to Comment 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 | Link to Comment 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 | Link to Comment 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 | Link to Comment 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 | Link to Comment 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 | Link to Comment JackT
JackT's picture

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

 

Tue, 07/24/2012 - 10:19 | Link to Comment cossack55
cossack55's picture

Read "Hard Times" by Studs Terkel 1970

Windows of opportunity continue to open.

Tue, 07/24/2012 - 10:16 | Link to Comment 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 | Link to Comment 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 | Link to Comment 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 | Link to Comment 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 | Link to Comment madcows
madcows's picture

Muppets?

Tue, 07/24/2012 - 10:17 | Link to Comment buzzsaw99
buzzsaw99's picture

Lacker = scumbag

Tue, 07/24/2012 - 10:18 | Link to Comment disabledvet
disabledvet's picture

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

Tue, 07/24/2012 - 10:17 | Link to Comment monopoly
monopoly's picture

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

Tue, 07/24/2012 - 10:21 | Link to Comment Conman
Conman's picture

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

http://www.dailymail.co.uk/tvshowbiz/article-2174916/Meet-Total-Recalls-...

Tue, 07/24/2012 - 10:22 | Link to Comment illyia
illyia's picture

Fun writing. Thanks for the irony...

Tue, 07/24/2012 - 10:25 | Link to Comment FieldingMellish
FieldingMellish's picture

When you make Treasuries more atractive than housing by announcing purchases in perpetuity, its small wonder there is no capital for anything else. Giving money to the government is a strange way to kickstart an economy.

Tue, 07/24/2012 - 10:26 | Link to Comment JackT
JackT's picture

What a kick in the nards!  

Take a look at:

  • Shipments: -23
  • Volume of New Orders: -25
  • Backlog of Orders: -27

http://www.richmondfed.org/research/regional_economy/surveys_of_business...

Tue, 07/24/2012 - 10:34 | Link to Comment mtomato2
mtomato2's picture

This is maybe the best intro to an abstract I have seen in these hallowed pages in three years.

"And another epic miss in the slow motion trainwreck that is the US plowhorse economy now to its neck in quicksand."

Made me smile.

Suckit, Richmond... Suckit long, and suckit hard...

Tue, 07/24/2012 - 10:27 | Link to Comment caimen garou
caimen garou's picture

we are definitly getting the change the great one told us were going to get just hope we dont get much more of it.

Tue, 07/24/2012 - 10:27 | Link to Comment dwdollar
dwdollar's picture

Market will be ripe for a rumor in a few hours.

Tue, 07/24/2012 - 10:50 | Link to Comment FieldingMellish
FieldingMellish's picture

Dip and rip. Who would be mad enough to play in this cess pit called a "market"?

Tue, 07/24/2012 - 10:28 | Link to Comment Diggintunnels
Diggintunnels's picture

Bad is good.  Up is down.  War is peace....

Tue, 07/24/2012 - 22:30 | Link to Comment StychoKiller
StychoKiller's picture

Love is hate, Freedom is slavery, Truth is lies.

Tue, 07/24/2012 - 11:18 | Link to Comment graneros
graneros's picture

You can count on Ben unleashing the next QE when they figure the heigth of the sugar high will be a few weeks before the election.  The timing has to be just right.  With the half life getting shorter and shorter they must calculate it properly.  The screaming proletariat has too short of an attention span to be off.  You can hear HIM now "we're turning it around people and I need your help to continue the job."  Yada, yada, yada, ad nauseum.

Tue, 07/24/2012 - 10:37 | Link to Comment toomanyfakecons...
toomanyfakeconservatives's picture

Solution: The return of legitimate Treasury notes, the virtual dissolution of the federal government, and the MASS ARRESTS of thousands of top traitors from Obama and Brenanke on down. The fear-bots that dismiss this as fantasy are the same idiots who dismiss the power of tens of millions of American gun owners, patriots, active-duty military, reservists, veterans, police, federal marshalls, and so on, who took the oath to defend the Constitution. http://tinyurl.com/cd5cyjo/

Tue, 07/24/2012 - 10:38 | Link to Comment Snakeeyes
Snakeeyes's picture

Combine the Flash PMI with the Richmond Fed, and its bad day at The Whiskey.

http://confoundedinterest.wordpress.com/2012/07/24/recovery-house-prices-increase-while-flash-pmi-richmond-fed-down/

Tue, 07/24/2012 - 10:45 | Link to Comment roadhazard
roadhazard's picture

McCain would have had us in a world war within two years and everything would be different now.. The MIC would be creating jobs and the draft and mercenaries would be easing unemployment. Who sez Government can not create jobs.

Tue, 07/24/2012 - 10:48 | Link to Comment Shizzmoney
Shizzmoney's picture

Weeeeeeeeeeeeeeeee!!!!!!!!!111111

Tue, 07/24/2012 - 11:32 | Link to Comment Billy Shears
Billy Shears's picture

Got rope?

 

Tue, 07/24/2012 - 12:32 | Link to Comment catacl1sm
catacl1sm's picture

Oops?

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