Consumer Confidence Is Now Lower Than During All Recent Financial Crises And Tragedie

Discussion in 'Economy' started by boedicca, Jun 2, 2011.

  1. boedicca
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    boedicca Uppity Water Nymph Supporting Member

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    (subtitle: Why Obama Will Lose In 2012):

    One chart stands out in today's Breakfast with Rosie: the comparison of yesterday's surprisingly weak Consumer Confidence number with comparable prints taken at financial crises and tragedies of the past such as the October 1987 markets crash, Desert Storm, LTCM, the dot com collapse, September 11, Katrina, and Lehman. No surprise: yesterday's was the lowest. And as a reminder, the president's reelection campaign kicks into higher gear in a few months...against the backdrop of the most unhappy popular sentiment in recent years. Just how do QE 3 skeptics believe he will succeed, when still faced with consumer confidence that two years into the "recovery" is lower than during any other previous economic "expansion", even as congress is about to unleash the most brutal wave of fiscal consolidation (aka austerity) in recent American history.

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    This is what happens when government policies prevent a robust recovery after a downturn. Economic growth is moribund, housing prices are still falling, and there is no meaningful job creation. Obamanomics = Epic Fail
     
    Last edited: Jun 2, 2011
  2. Avorysuds
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    Avorysuds Gold Member

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    You moron, IT'S A RECOVERY! Obama said so.
     
  3. editec
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    editec Mr. Forgot-it-All

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    The sheep look up.
     
  4. B. Kidd
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    B. Kidd Gold Member

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    I see it in the RV parks so far I've been through, and we've been 'on the road' since April 14th. Don't even have to make reservations! Except for a 3 day holiday weekend like Memorial Day, so far, even the better parks are underfilled. There was plenty of parking in the Amish Country bergs here over the Memorial Day weekend. Even the day trippers are way down.
     
  5. Wonky Pundit
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    Wonky Pundit USMB's Silent Snowden

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    The consumer confidence number measures only the willingness of consumers to take on new debt.

    If consumers are getting more cautious when it comes to debt, it's about goddamn time!
     
  6. FuelRod
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    FuelRod Gold Member

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    My ass.
     
  7. kiwiman127
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    kiwiman127 Comfortably Moderate Supporting Member

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    Let me think. Flat wages have been the norm forever. US companies are seeing record profits but are expanding their businesses offshore were labor is cheaper (only 38,000 new private sector jobs last month?). And the middle class has seen their wealth shrinking.
    Over two thirds of the US economy is driven by consumer spending but the consumer class doesn't have the expendable income to contribute to the economy.
    Plutocracy in action.
     
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  8. boedicca
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    boedicca Uppity Water Nymph Supporting Member

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    On a related note:

    Found via Ann Althouse, an interesting, if grim post at MetaFilter claims, “Madison Avenue no longer marketing to the middle-class as the rich have all the money:”

    According to Financial Blog TooMuch, a new white paper from AdAge claims that the era of “Mass Affluence is over”. This means that because the middle-class no longer have the dominent share of disposable income that marketing directly to the super-rich is the future of advertising. This means that if you’re over 35 and make $100,000 to $200,000, Madison Avenue no longer really cares about you.

    Apparently no one in America really realised what it meant that “The top 10 percent of American households.. now account for nearly half of all consumer spending, and a disproportionate share of that spending comes from the top 10’s upper reaches.”

    It reminds me of that Steinbeck quote, that ‘Socialism never took root in America because the poor see themselves not as an exploited proletariat but as temporarily embarrassed millionaires.’...


    http://pajamasmedia.com/eddriscoll/2011/06/02/change-the-era-of-mass-affluence-is-over/


    This is the logical result of Big Government Cronyism. Thanks Progressives!
     
  9. kiwiman127
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    kiwiman127 Comfortably Moderate Supporting Member

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    Actually, the article you posted shows that plutocracy is alive and well in America. Also, socialism as defined by the righties here, means the redistribution of wealth to the masses, not the select top 10%. In a true socialistic world, the current 'have-nots" wouldn't exist because the wealth would be spread around.
     
  10. boedicca
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    boedicca Uppity Water Nymph Supporting Member

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    B'loney. The Plutocrats LOVE Socialism. It provides for the centralized government control with whom they collude to extract productivity from The Workers and squash any rising competition.
     

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