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Small Business Confidence Plunges Most In 24 Months

Tyler Durden's picture




 

Engine of growth?; job creators?; Obamacare sufferers?; the sad reality is that small business in the US has just rolled over. From a slow leak higher in confidence this year, Small Business Confidence has just plunged by its largest in 24 months to its lowest level since October 2011. Seems like perfectly timed for a fall election.

 

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Tue, 07/10/2012 - 08:33 | 2601603 Cursive
Cursive's picture

Must.  Extend.  Bush.  Tax.  Cuts.

Tue, 07/10/2012 - 08:35 | 2601607 BandGap
BandGap's picture

My brother owns a small business and is doing well.  But with the healthcare BS coming down on him he just caved in and pays more based on his accountant's opinion.

He is regulated beyond belief and still manages to employ 12-15 people. Tries his best and gets punched in the stomach for his efforts.

Tue, 07/10/2012 - 08:39 | 2601621 Quinvarius
Quinvarius's picture

In the last two months while running, I have seen 4 houses go up for sale on my block.  The Fed probably waited too long to buy up more mortgage assets.

Tue, 07/10/2012 - 09:21 | 2601715 ltsgt1
ltsgt1's picture

Where do you run? My investment properties in Bensonhurst and Parkslope have fully recovered plus some. Things are improving here in NYC.

Tue, 07/10/2012 - 08:41 | 2601628 LULZBank
LULZBank's picture

Resistence is futile...

All your businesses are belongs to us.

Tue, 07/10/2012 - 08:43 | 2601632 Chuck Walla
Chuck Walla's picture

> BandGap, that's how socialism works... You bro is just Obama's tax donkey and he should be proud to work for less and less.  Eventually, he will be working solely for the Glory of the State and for Obama and pals to rob every dime they can steal.

 

It is a glorious future, Komrade!

Tue, 07/10/2012 - 10:28 | 2601972 takinthehighway
takinthehighway's picture

Wow, that sounds like a great theme for a novel...ah, but who'd read such a thing? Maybe if it had a catchy title... something like, oh, I don't know..."Atlas Shrugged"?

Sorry, I seem to be stuck in "Asshole" gear this morning...

Tue, 07/10/2012 - 09:23 | 2601719 Arnold Ziffel
Arnold Ziffel's picture
More (Commercial) Real-Estate Loans Default in Europe(WSJ)

European commercial-real-estate markets are struggling with a sharp increase in problem mortgages just as more European countries slip back into recession.

A growing number of landlords, hit with falling rents and occupancies, are defaulting on loans, and it is happening not just in the most-troubled parts of Europe but in big centers like London and Frankfurt. Values already are down nearly 20% since their 2007 peak across Europe, according to CBRE Group Inc.

The situation lays the ground for increased pain for investors who hold this debt—an array of banks, private-equity funds and hedge funds—as well as many landlords who might be forced to sell their properties.

 

http://online.wsj.com/article/SB1000142405270230437150457740631380116304...

Tue, 07/10/2012 - 10:16 | 2601720 goldnguns
goldnguns's picture

I've got 15 great hard working employees and I ain't gonna let the Obamanatron get the best of me.  But I will NOT hire new workers even though I have the workload since I don't want to creat one dadgummed job under this idiot for which he will take the credit.  I've fired all the oowners of cars with the circular red white blue rising ball, and told the remaining ones "I'm gonna work you like a borrowed mule and pay you like Spitzer's squeeze".

And tell your brother "Isle of Man",  great banking laws they have.

Tue, 07/10/2012 - 09:27 | 2601735 duo
duo's picture

Most of my small business customers are not going to hire and will wait until the election.  If BHO is re-elected, they will shut down and cut their losses.

Tue, 07/10/2012 - 09:39 | 2601777 Cole Younger
Cole Younger's picture

I have heard that a number of times..Amazing how one man can screw things up..

Tue, 07/10/2012 - 09:55 | 2601846 taniquetil
taniquetil's picture

Not to mention he now has to pay extra to get his accountant's opinion on whether or not to pay for Obamacare.

Tue, 07/10/2012 - 11:29 | 2602278 ArkansasAngie
ArkansasAngie's picture

Antedotally ... I've been talking with my sub contractors and they all say that their business just dropped to almost nothing about 4 to 6 weeks ago.

Small business is NOT growing because they don't want to grow ... that would be stupid.  Small business isn't growing because the business simply isn't there.

Growth in this country is not organic ... if you aren't on the government tit ... it's tough.

Tue, 07/10/2012 - 08:36 | 2601612 CatoRenasci
CatoRenasci's picture

What the Hell does anyone expect business confidence to do when Bambi wants to put one of the largest tax increases in history on the small businesses who are the main engines of job creating? 

Obamanomics is madness, more about grinding axes than creating jobs or prosperity.

Tue, 07/10/2012 - 09:37 | 2601773 dbomb12
dbomb12's picture

Obama's agenda is to destroy (The Great Destroyer: Barack Obama's War on the Republic by David Limbaugh) everything he does is to "FUNDAMENTALLY TRANSFORM THE U.S.A" which he repeated time and time again to the sound of the drones cheering. Just like in the movie Star Wars Episode III, Revenge of the Sith.

Tue, 07/10/2012 - 10:28 | 2601969 Jake88
Jake88's picture

the health of small business is not high in the concerns of tptb. small business competes with tptb. obama is a front man for tptb.

Tue, 07/10/2012 - 08:36 | 2601615 zero19451945
zero19451945's picture

Don't think Obama really cares about small businesses. They aren't really his demographic.

Actually, anyone who has a job is probably not in Obama's target demographic.

Tue, 07/10/2012 - 08:52 | 2601657 Taterboy
Taterboy's picture

Businesses in Obama's demographic have no regulations. Drug dealers, muggers,convenience store owner murderers, and welfare queens.

Tue, 07/10/2012 - 09:16 | 2601702 ltsgt1
ltsgt1's picture

That is the exact reason why Obama will win. As more and more people are becoming jobless, his base expands accordingly. People on the dole don't want any change.

Tue, 07/10/2012 - 10:04 | 2601885 TWSceptic
TWSceptic's picture

And that is the danger of democracy and a socialist (/facist) leader; eventually the losers are the winners.

Tue, 07/10/2012 - 11:32 | 2602287 ArkansasAngie
ArkansasAngie's picture

So long as the 1%'ers get to pick winners and losers there will be no recovery.

Tue, 07/10/2012 - 09:57 | 2601859 taniquetil
taniquetil's picture

Considering his campaign strategy has been reduced to "don't vote for the rich white kid" this sounds pretty reasonable.

Tue, 07/10/2012 - 08:36 | 2601616 Quinvarius
Quinvarius's picture

Unleash the QEracken!  Desperate times call for obvious pandering and palm greasing!  Besides, the rate of new money flowing into the US economy is at zero and about to go negative.  So we are going to have another round of bad loans.  It is better that the Fed owns these loans, if you think banks should be allowed to survive.

Tue, 07/10/2012 - 08:38 | 2601620 Sudden Debt
Sudden Debt's picture

Yes...confidence is low because everybody needs a vacation from all the hard work...

I bet the Italians are confident!

Tue, 07/10/2012 - 08:49 | 2601649 LULZBank
LULZBank's picture

Italians take it lying down. Americans put up a little fight and make it a bit more exciting...

Tue, 07/10/2012 - 09:19 | 2601713 Sudden Debt
Sudden Debt's picture

opening the dognut box in the morning is "put up a little fight"...

 

Tue, 07/10/2012 - 09:29 | 2601740 LULZBank
LULZBank's picture

They've got Guns man...

Tue, 07/10/2012 - 08:40 | 2601623 Meesohaawnee
Meesohaawnee's picture

that should be good for a few ticks up on the futures..yawn.. another day another witness to the abortion known as the global equity markets.

Tue, 07/10/2012 - 08:42 | 2601633 gatorengineer
gatorengineer's picture

Bullish--- QE cant be far now LOL.....

Tue, 07/10/2012 - 08:55 | 2601664 t_kAyk
t_kAyk's picture

... or war.  Nothing like fireworks of freedom to keep the zombies distracted. 

Tue, 07/10/2012 - 08:47 | 2601645 mrktwtch2
mrktwtch2's picture

4 more months and then no matter who wins..we wont have to hear about it anymore..lol

Tue, 07/10/2012 - 08:48 | 2601646 asteroids
asteroids's picture

"Hope and Change", "Green Shoots", "Buy Buy Buy", I hope the current generations wake up and smell the coffee.

Tue, 07/10/2012 - 08:53 | 2601661 LULZBank
LULZBank's picture

If its not on Facebook with pictures, it didnt happen.

Tue, 07/10/2012 - 09:00 | 2601678 kralizec
kralizec's picture

Lord Vader finds your misplaced faith in the ignorati disturbing.

 

Tue, 07/10/2012 - 09:02 | 2601680 colonial
colonial's picture

There is no need for concern...Here's what Obama plans to do.

First, hold yet another small business summit where Administration officials hail the role of small businesses.  

Then draft legislation called "The Small Business is Great Act."  

The legislation is based on having millionaires and billionaires pay more taxes.  

Hold a White House event with blind latino businesses in the background from Virginia, Ohio, Nevada and the other swing States.

Then have the President attack the Republicans in Congress for not promoting small business.  

 

Tue, 07/10/2012 - 09:04 | 2601686 kralizec
kralizec's picture

Then the destruction upon small business may resume, since all the newly stolen booty will go to undesireables and cronys.

SSDD

Tue, 07/10/2012 - 09:03 | 2601683 Meesohaawnee
Meesohaawnee's picture

 i wonder everyday if i worked for bubble vision if i would look in the mirror and go aaww shit. another day of lying thru my teeth trying to convince people this is a market  where fundamentals mattered. and the good side. After reading Tylers brilliance on the demise of viewoership for that embarrasment to the profession of journalism. I guess if you have to run the annoying majic jack commercial 100 times a hour things cant be good. Please. Mommy make it stop!!

Tue, 07/10/2012 - 09:12 | 2601695 Fantasy Planet
Fantasy Planet's picture

I now drive a hearse to all of my small business calls. 

Tue, 07/10/2012 - 09:27 | 2601733 NumberTwo
NumberTwo's picture

Hard to be confident these days when your client base is cutting Capex to the bone, and established relationships are shuttled out in the middle of the night.  Dark, new, world.

Tue, 07/10/2012 - 09:35 | 2601764 Snakeeyes
Snakeeyes's picture

SLOOOWW economy and damaging taxes kicking doesn't do much for optimism. Here is the list of tax increases going into effect for small firms.

http://confoundedinterest.wordpress.com/2012/07/10/small-business-optimism-falls-to-november-2011-level-taxes/

Tue, 07/10/2012 - 10:59 | 2602127 Shizzmoney
Shizzmoney's picture

Engine of growth? Job creators? Obamacare sufferers?

More like victims of corporate legislative shenanegians.

Soon, McDonald's and Wal-Mart are going to have Big Brother fly drones over small business competitors to get intel.

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