Consumer confidence drops to lowest since 09

[spidey07]

Doing a heck of a job Barry. No surprise folks are holding onto their wallets to weather the Obama Economy. There is simply no faith in this president or his economic policies.

The only good thing out of this is treasury yields also dropped so mortgage rates should head down a little.

http://www.google.com/hostednews/ap...MaSIEA?docId=5af29983582f43758fc3ec5f7ea4b6a8

Consumers' confidence in August dropped almost 15 points to the lowest level since April 2009 as worries about the economy fueled the wildest stock market swings since the financial meltdown in 2008.

At a time when Americans are increasingly worried about a weak job market, higher costs for food and clothing and recent stock market turmoil, the falling confidence numbers raise new concerns about their willingness to spend and jumpstart the economy. That's particularly important since consumer spending accounts for 70 percent of U.S. economic activity.

"Consumer confidence deteriorated sharply in August, as consumers grew significantly more pessimistic about the short-term outlook," said Lynn Franco, director of The Conference Board Consumer Research Center in a statement.

 

[Ausm]

Couldn't have nothing to do with your side doing jack shit to help this country out of the recession?

 

[Munky]

Why should the consumer have confidence in a banking system ruled by fraud? Both Bush and Obama refused clear the financial system of toxic debt the "free market" way, and now more and more people are starting to catch on.

 

[her209]

It peaked in March 2011 and started going down when it was apparent the Teahadist were going to hold the economy hostage.

EDIT: It actually peaked in Feb 2011, not March.

 

[werepossum]

Why should the consumer have confidence in a banking system ruled by fraud? Both Bush and Obama refused clear the financial system of toxic debt the "free market" way, and now more and more people are starting to catch on.

Plus we've done nothing to reinstate the Glass-Steagall separation between investment banking and mortgage banking that allowed a failure in one sector to bring down both. All we've done is place additional things like Frank-Dodd that are burdensome on all banks, without necessarily isolating the sectors. Everything that was "too big to fail" (at least in the financial sector) is now even bigger. We're piling on debt faster and faster, now greater than GDP. And our two controlling political parties have no new answers - we get borrow and spend even more and hope somehow it'll be different this time from one side, and borrow and spend even more (but a bit less) from the other side, but with tax cuts so that the additional debt will be the same.

I wouldn't blame this on Obama though. We've got systematic problems that extend far beyond his rule, beyond Bush and even Clinton. We've done this to ourselves, with the active participation of both parties.

 

[Pens1566]

Are consumers nervous about new regulations and obamacare, or is that just a convenient excuse for corporations sitting on record amounts of cash?

 

[bfdd]

you know spidey letsncut the crap. Obama is ineffectual we get it, but there are a couple hundred other folks being the worst congressmen and senators we could ask for. Our parties are failing us and it should be obvious why. NO party cares more about the USA than itself. We are turning into North Korea with our love of our two parties. Stop it dumb fucks. Group think makes you weak, no party can define you, be a free person ffs.

 

[Ausm]

Plus we've done nothing to reinstate the Glass-Steagall separation between investment banking and mortgage banking that allowed a failure in one sector to bring down both. All we've done is place additional things like Frank-Dodd that are burdensome on all banks, without necessarily isolating the sectors. Everything that was "too big to fail" (at least in the financial sector) is now even bigger. We're piling on debt faster and faster, now greater than GDP. And our two controlling political parties have no new answers - we get borrow and spend even more and hope somehow it'll be different this time from one side, and borrow and spend even more (but a bit less) from the other side, but with tax cuts so that the additional debt will be the same.

I wouldn't blame this on Obama though. We've got systematic problems that extend far beyond his rule, beyond Bush and even Clinton. We've done this to ourselves, with the active participation of both parties.

Great Post..people who blow the dog whistle in here have to have a grasp on the REAL problem in our Government and Financial system.

 

[CPA]

Couldn't have nothing to do with your side doing jack shit to help this country out of the recession?

It's never the Dems fault, never Obama and his economic team led by that dunce Goolsbee's fault is it? I guess you've heard Obama's new plan to lift us out of this mess: extended unemployment benefits, extended SS tax reduction and government sponsored construction projects...basically the same stuff that has failed twice now.

 

[Sinsear]

Thanks a lot Obama.

 

[Macamus Prime]

Hi,

I am a private wealth managment firm.

I made $1.7bn in profit during 2Q11. I wanted to make $2bn in profit. Since I am short $300,000,000 dollars - I am going to lay off 3,500 employees over the next 12 months.

Now, I am not losing money. But, my sales force did not pull in their quote for new assets under management. And, I must ensure that if my profit goal is not met, I trim where possible, to make up for the "lost" profit.

Again - not losing ANY money here. And, this is JUST for 3 months worth of activity.

Sincerly yours,
- A Job "Creator"

P.S. I am also sitting on billions of liquid cash.

 

[Engineer]

It's never the Dems fault, never Obama and his economic team led by that dunce Goolsbee's fault is it? I guess you've heard Obama's new plan to lift us out of this mess: extended unemployment benefits, extended SS tax reduction and government sponsored construction projects...basically the same stuff that has failed twice now.

It has failed...as has the GOP policies of cut more taxes. In essence, we're fucked. The US is in a systemic downturn that neither side can fix, period. Too many better paying jobs shipped out from under the lower and lower middle classes....the foundation is collapsing and it's going to take anyone without a helicopter (or corporate jet) with them.

 

[BoberFett]

It has failed...as has the GOP policies of cut more taxes. In essence, we're fucked. The US is in a systemic downturn that neither side can fix, period. Too many better paying jobs shipped out from under the lower and lower middle classes....the foundation is collapsing and it's going to take anyone without a helicopter (or corporate jet) with them.

We can't fix it because we don't want to fix it. Fixing it would be painful. We'd have to look at ourselves and see what we've become and change it. We don't want that. Politicians from both major parties will continue to sell the same "fixes" that don't work and the American people are gullible enough to buy it.

 

[Ausm]

Hi,

I am a private wealth managment firm.

I made $1.7bn in profit during 2Q11. I wanted to make $2bn in profit. Since I am short $300,000,000 dollars - I am going to lay off 3,500 employees over the next 12 months.

Now, I am not losing money. But, my sales force did not pull in their quote for new assets under management. And, I must ensure that if my profit goal is not met, I trim where possible, to make up for the "lost" profit.

Again - not losing ANY money here. And, this is JUST for 3 months worth of activity.

Sincerly yours,
- A Job "Creator"

P.S. I am also sitting on billions of liquid cash.

Isn't the hypocrisy unreal

 

[Ausm]

It's never the Dems fault, never Obama and his economic team led by that dunce Goolsbee's fault is it? I guess you've heard Obama's new plan to lift us out of this mess: extended unemployment benefits, extended SS tax reduction and government sponsored construction projects...basically the same stuff that has failed twice now.

Never claimed that there wasn't fault to go all around just pointing out how much the GOP is doing there best to take this country down.

 

[BoberFett]

Never claimed that there wasn't fault to go all around just pointing out how much the GOP is doing there best to take this country down.

Yeah, Republicans are trying to destroy America.

Do you ever stop and realize how much you sound like Spidey07?

 

[Ldir]

Yeah, Republicans are trying to destroy America.

Do you ever stop and realize how much you sound like Spidey07?

It may not be they are trying to. It's just they are unwilling to do anything that might help Obama no matter how much they're hurting America.

 

[PingSpike]

If corporations are sitting on tons of cash reserves that they won't spend, why don't we just pass a temporary giant tax on cash reserves?

 

[spidey07]

It may not be they are trying to. It's just they are unwilling to do anything that might help Obama no matter how much they're hurting America.

Helping him and his disastrous policies are NOT an option. He MUST BE STOPPED.

House republicans are doing what they ran on in the historic 2010 elections - stop obama and his job killing, economy wrecking, poverty exploding, food stamp flowing, policies.

Help Obama? Hell no, no way.

 

[BoberFett]

Helping him and his disastrous policies are NOT an option. He MUST BE STOPPED.

House republicans are doing what they ran on in the historic 2010 elections - stop obama and his job killing, economy wrecking, poverty exploding, food stamp flowing, policies.

Help Obama? Hell no, no way.

See what I mean, Ausm? You're like a Democrat version of this.

 

[MovingTarget]

Helping him and his disastrous policies are NOT an option. He MUST BE STOPPED.

House republicans are doing what they ran on in the historic 2010 elections - stop obama and his job killing, economy wrecking, poverty exploding, food stamp flowing, policies.

Help Obama? Hell no, no way.

Stopped from doing what exactly? Anything at all? Because thats what it seems like coming from the right these days. I see a lot of manufactured outrage and little in terms of real solutions. He hasn't really proposed anything outside of the historical norm in the US. In fact, he is pretty well in line with is predecessor in terms of what he has been allowed to pass.

 

[JSt0rm]

because obama

 

[Ausm]

Yeah, Republicans are trying to destroy America.

Do you ever stop and realize how much you sound like Spidey07?

So doing everything in there power to bring down Barack Obama's Presidency is HELPING Americans get out of this recession.

And your delusional if you put in the same boat as that moron...

 

[KGB]

Posting in yet another spidey07 FAIL thread.

 

[BoberFett]

So doing everything in there power to bring down Barack Obama's Presidency is HELPING Americans get out of this recession.

And your delusional if you put in the same boat as that moron...

Deny it all you want, it's painfully obvious to anyone who has been reading your torrent of spittle filled posts lately. You're Spidey's Democrat counterpart. And your [sic] delusional if you think anything Obama is doing or will do can even remotely help the economy.