US Consumer Confidence level drops to 9-year low

[glenn1]

Bad tidings indeed.

Story link

NEW YORK (CNN/Money) - U.S. consumer confidence plunged in October to its lowest level in almost nine years, with its most dramatic decline since the Sept. 11 terrorist attacks, a private research group said Tuesday, as the pillar of the economy's strength began to shake under the strain.

The Conference Board said its closely watched index of consumer confidence plummeted to 79.4 from a revised 93.7 in September. It was the fifth straight decline for the index and was far worse than the 90.0 reading most economists, on average, expected, according to Briefing.com.

It was the lowest reading for the confidence index since 71.9 in November 1993, and the biggest month-to-month decline since a 17-point drop from August to September 2001.

 

[Tripleshot]

OMG!

And this should surprise someone? A better question is how confident are you about the economy? Are you feeling good enough to go buy a major appliance, or a second car or home?

This is the result of poor policy and lack of faith in the administration to do anything about the economy, along with a war looking on the horizon. You do not hear the government saying what they are going to do about it(both sides). That speaks volumes in announcing how clueless the government is in creating jobs, stability in markets, confidence in the direction the country is going.

Do not look for improvement anytime soon. Congress and the Administration do not have enough brainpower to resolve this, nor do they really want to. It makes for devisive politics, and that devisiveness serves them better than improving the welfare of the country.

 

[NFS4]

Bleh, call me when the confidence level drops to "suicide." Then that'll get my attention.

 

[Amused]

Originally posted by: Tripleshot
OMG!

And this should surprise someone? A better question is how confident are you about the economy? Are you feeling good enough to go buy a major appliance, or a second car or home?

This is the result of poor policy and lack of faith in the administration to do anything about the economy, along with a war looking on the horizon. You do not hear the government saying what they are going to do about it(both sides). That speaks volumes in announcing how clueless the government is in creating jobs, stability in markets, confidence in the direction the country is going.

Do not look for improvement anytime soon. Congress and the Administration do not have enough brainpower to resolve this, nor do they really want to. It makes for devisive politics, and that devisiveness serves them better than improving the welfare of the country.

WTF are they supposed to do, TS?

How is the admin supposed to fix the bursting of the tech bubble that started long before they took office?

Any actions the government takes now will have effects a year or two later, minimum. Most often the effects of legislation is notfelt for 5 or more years.

It simply amazes me that people blame Bush for a recession that started over a year before he took office. It amazes me even more that they think there is anything he could do to cause any kind of immediate correction.

 

[NFS4]

It simply amazes me that people blame Bush for a recession that started over a year before he took office. It amazes me even more that they think there is anything he could do to cause any kind of immediate correction.

Hey, it sucks...but DEAL WITH IT! The American public doesn't gives a crap NOW about what Clinton did or did not do. That's old news. They care about the here and now and right now, Bush is at the helm so OF COURSE he is going to get his ass chewed out. It may not be "technically" right to blame him, but it's his burden nonetheless. His daddy found out the the hard way.

 

[HappyPuppy]

Originally posted by: Tripleshot
OMG!

And this should surprise someone? A better question is how confident are you about the economy? Are you feeling good enough to go buy a major appliance, or a second car or home?

This is the result of poor policy and lack of faith in the administration to do anything about the economy, along with a war looking on the horizon. You do not hear the government saying what they are going to do about it(both sides). That speaks volumes in announcing how clueless the government is in creating jobs, stability in markets, confidence in the direction the country is going.

Do not look for improvement anytime soon. Congress and the Administration do not have enough brainpower to resolve this, nor do they really want to. It makes for devisive politics, and that devisiveness serves them better than improving the welfare of the country.

1. The Administration has little to do with the economy. The private sector makes or breaks it.

2. The only jobs the government can create are civil service jobs which requires higher taxes to pay the people. Higher taxes = less money for people to spend = more people losing their jobs.

 

[Amused]

Originally posted by: NFS4

It simply amazes me that people blame Bush for a recession that started over a year before he took office. It amazes me even more that they think there is anything he could do to cause any kind of immediate correction.

Hey, it sucks...but DEAL WITH IT! The American public doesn't gives a crap NOW about what Clinton did or did not do. That's old news. They care about the here and now and right now, Bush is at the helm so OF COURSE he is going to get his ass chewed out. It may not be "technically" right to blame him, but it's his burden nonetheless. His daddy found out the the hard way.

Deal with ignorance? Here? Why? You never do.

With all the bitching and moaning about Bush not doing anything, I have yet to see someone actually present a detailed plan of what the government COULD do to turn around an economic slump in just two years.

 

[Tripleshot]

Originally posted by: Amused

Originally posted by: Tripleshot
OMG!

And this should surprise someone? A better question is how confident are you about the economy? Are you feeling good enough to go buy a major appliance, or a second car or home?

This is the result of poor policy and lack of faith in the administration to do anything about the economy, along with a war looking on the horizon. You do not hear the government saying what they are going to do about it(both sides). That speaks volumes in announcing how clueless the government is in creating jobs, stability in markets, confidence in the direction the country is going.

Do not look for improvement anytime soon. Congress and the Administration do not have enough brainpower to resolve this, nor do they really want to. It makes for devisive politics, and that devisiveness serves them better than improving the welfare of the country.

WTF are they supposed to do, TS?

How is the admin supposed to fix the bursting of the tech bubble that started long before they took office?

Any actions the government takes now will have effects a year or two later, minimum. Most often the effects of legislation is notfelt for 5 or more years.

It simply amazes me that people blame Bush for a recession that started over a year before he took office. It amazes me even more that they think there is anything he could do to cause any kind of immediate correction.

If you care to read my post, I give equal blame to congress AND both parties in control. What are you so sensistive about? If bush was doing anything positive for the economy, you would sure as hell give him CREDIT, wouldn't you? But you don't want to fault him when he does nothing to improve it or guide the country into a better standing economically with sound fiscal policy. Yes, that starts at the White House. Always has, always will.

But the blame goes to the ostriches we elected to office, both Dems and Republicans.

As well your version of it taking years to affect the economy is pure BS. In todays day and age, anything postive or negative that influences markets is done in real time instantly. I am a mortgage loan officer, and I check rates 4 times a day,thats how fast the market moves just in that sector.

What amazes me is you exonerate him, and then blast Clinton. Every since this country selected Bush, the economy has been sinking. That is because of corrruption in places like Enron, policy changes that where on his agenda that threw fear into the market, the 9/11 incedent as well as the contemerary responses we have been engaged in. There is alot of doubt. Doubt breeds the fear. Fear stops investors. Investors do not put into the money supply to aid businesses. Business's lay off personel,downsize,and many outright fold up.

When Bush gives the country some direction that is positive,I would be happy to praise him for it, if the results are likewise positive. But by damned if he doesn't do anything, I will not give him a pass or deflect it to a prior adminsitration as so many blind republican meatheads do when they can't put together a coherent response.

Just ask around you, are you better off today than you where in 98?










Thats what I thought. No!

 

[shiner]

You want someone to blame for the dip in confidence? Blame the Democrats and the national media. All you hear is Daschle and his counterparts talking down the economy. Of course they are doing it for political gain but the media buys into it and reports it daily. Of course confidence is going to drop when that's all you keep hearing from the various news organizations.

 

[JellyBaby]

I have yet to see someone actually present a detailed plan of what the government COULD do to turn around an economic slump in just two years.

Here's a general one: stop leeching and suppressing the economy in the form of high taxation and regulation.

 

[shiner]

Originally posted by: Tripleshot

Originally posted by: Amused

Originally posted by: Tripleshot
OMG!

And this should surprise someone? A better question is how confident are you about the economy? Are you feeling good enough to go buy a major appliance, or a second car or home?

This is the result of poor policy and lack of faith in the administration to do anything about the economy, along with a war looking on the horizon. You do not hear the government saying what they are going to do about it(both sides). That speaks volumes in announcing how clueless the government is in creating jobs, stability in markets, confidence in the direction the country is going.

Do not look for improvement anytime soon. Congress and the Administration do not have enough brainpower to resolve this, nor do they really want to. It makes for devisive politics, and that devisiveness serves them better than improving the welfare of the country.

WTF are they supposed to do, TS?

How is the admin supposed to fix the bursting of the tech bubble that started long before they took office?

Any actions the government takes now will have effects a year or two later, minimum. Most often the effects of legislation is notfelt for 5 or more years.

It simply amazes me that people blame Bush for a recession that started over a year before he took office. It amazes me even more that they think there is anything he could do to cause any kind of immediate correction.

If you care to read my post, I give equal blame to congress AND both parties in control. What are you so sensistive about? If bush was doing anything positive for the economy, you would sure as hell give him CREDIT, wouldn't you? But you don't want to fault him when he does nothing to improve it or guide the country into a better standing economically with sound fiscal policy. Yes, that starts at the White House. Always has, always will.

But the blame goes to the ostriches we elected to office, both Dems and Republicans.

As well your version of it taking years to affect the economy is pure BS. In todays day and age, anything postive or negative that influences markets is done in real time instantly. I am a mortgage loan officer, and I check rates 4 times a day,thats how fast the market moves just in that sector.

What amazes me is you exonerate him, and then blast Clinton. Every since this country selected Bush, the economy has been sinking. That is because of corrruption in places like Enron, policy changes that where on his agenda that through fear into the market, the 9/11 incedent as well as the contemerary responses we have been engaged in. There is alot of doubt. Doubt breeds the fear. Fear stops investors. Investors do not put into the money supply to aid businesses. Business's lay off personel,downsize,and many outright fold up.

When Bush gives the country some direction that is positive,I would be happy to praise him for it, if the results are likewise positive. But by damned if he doesn't do anything, I will not give him a pass or deflect it to a prior adminsitration as so many blind republican meatheads do when they can't put together a coherent response.

Just ask around you, are you better off today than you where in 98?










Thats what I thought. No!

Go back and look at some statistics my friend. The economy was starting to slow as early as the last quarter of 1999. It really bombed out mid 2000 before Bush took office. As for all the corporate corruption, that has been shown to have been occuring since the early to mid 90's for most of the corporations involved. Just as President Clinton had no control over what those companies were doing neither does President Bush and they never will unless you want to nationalize all the corporations in this country.

Am I better off than I was in 98? You tell me...I'm making 20k more now than I was then for doing the same job....

 

[IGBT]

150K jobs lost since 9-11 here in the SF BayArea..not a happy place these days.

 

[Tripleshot]

The statistic I look at is the surplus that has been decimated by 94% in less than 2 years by the current adminstration. The statistic I look at is the mass layoffs nationwide by the corporations who have lost favor by investors. The statistics I look at are the ones that show cooked books and forced employee participation with 401ks like Enron did.

I belive Bush's campaign strategy was to improve the economy. Hell, he gave everyone a tax break didn't he? Did that give you relief? How did you spend your $300?

Woopty do. The corporations got the tax breaks. That was the plan all along. John Q Public got up the ars without the KY Jelly.

Give it a rest. The argument you republicans give doesn't hold up anymore. Time has erased its effectiveness ; the very time that Bush should have used to engage in stimulating the economy with positive measures.

 

[Amused]

Originally posted by: Tripleshot

Originally posted by: Amused

Originally posted by: Tripleshot
OMG!

And this should surprise someone? A better question is how confident are you about the economy? Are you feeling good enough to go buy a major appliance, or a second car or home?

This is the result of poor policy and lack of faith in the administration to do anything about the economy, along with a war looking on the horizon. You do not hear the government saying what they are going to do about it(both sides). That speaks volumes in announcing how clueless the government is in creating jobs, stability in markets, confidence in the direction the country is going.

Do not look for improvement anytime soon. Congress and the Administration do not have enough brainpower to resolve this, nor do they really want to. It makes for devisive politics, and that devisiveness serves them better than improving the welfare of the country.

WTF are they supposed to do, TS?

How is the admin supposed to fix the bursting of the tech bubble that started long before they took office?

Any actions the government takes now will have effects a year or two later, minimum. Most often the effects of legislation is notfelt for 5 or more years.

It simply amazes me that people blame Bush for a recession that started over a year before he took office. It amazes me even more that they think there is anything he could do to cause any kind of immediate correction.

If you care to read my post, I give equal blame to congress AND both parties in control. What are you so sensistive about? If bush was doing anything positive for the economy, you would sure as hell give him CREDIT, wouldn't you? But you don't want to fault him when he does nothing to improve it or guide the country into a better standing economically with sound fiscal policy. Yes, that starts at the White House. Always has, always will.

But the blame goes to the ostriches we elected to office, both Dems and Republicans.

As well your version of it taking years to affect the economy is pure BS. In todays day and age, anything postive or negative that influences markets is done in real time instantly. I am a mortgage loan officer, and I check rates 4 times a day,thats how fast the market moves just in that sector.

What amazes me is you exonerate him, and then blast Clinton. Every since this country selected Bush, the economy has been sinking. That is because of corrruption in places like Enron, policy changes that where on his agenda that through fear into the market, the 9/11 incedent as well as the contemerary responses we have been engaged in. There is alot of doubt. Doubt breeds the fear. Fear stops investors. Investors do not put into the money supply to aid businesses. Business's lay off personel,downsize,and many outright fold up.

When Bush gives the country some direction that is positive,I would be happy to praise him for it, if the results are likewise positive. But by damned if he doesn't do anything, I will not give him a pass or deflect it to a prior adminsitration as so many blind republican meatheads do when they can't put together a coherent response.

Just ask around you, are you better off today than you where in 98?

Thats what I thought. No!

:::sigh:::

Actually, I am far better off than I was in '98. I own 40% more stores, and my business average per store has increased 30%. My income has more than tripled.

But that's neither here nor there...

Again, you miss the central facts in this issue. First off, the economy started this slide a full YEAR BEFORE Bush was elected. You cannot even admit this. Clinton had 8 long years to see his policies affect the economy. Bush has had a mere two years since he was elected. And really only a year of time when you consider what has gone on.

NO government agency could have stopped the bursting of the tech bubble. The feds warned us on this back in 98 or 99 and it was ignored.

You sit and stare at interest rates all day. This makes you an economic genuis? And the curious thing is, you STILL cannot explain exactly what the feds could have done in the last two years to stop the slide. You blame, blame, blame, but you don't even know what he did, or didn't do that you blame him for.

Hell you might as well blame him next time you catch a cold... the connections would have as much merit as this.

And please, TS, find me ONE economist who will back up your claim that government legislation has an immediate effect on the economy. Hell, they can't even tell we've slipped into a recession until a full year after it has begun. Tax breaks and subsidies wont be felt for at least a year. Government spending on new jobs will take at least two years. The only thing that has a fairly rapid effect is the interest rates, but as you know, they can't go much lower with those than they already have.

So, I ask again, tell me exactly what they could do, and how.

Finally, please point to a single recession that was turned around in under two years by government action.

 

[shiner]

Originally posted by: Tripleshot
The statistic I look at is the surplus that has been decimated by 94% in less than 2 years by the current adminstration. The statistic I look at is the mass layoffs nationwide by the corporations who have lost favor by investors. The statistics I look at are the ones that show cooked books and forced employee participation with 401ks like Enron did.

I belive Bush's campaign strategy was to improve the economy. Hell, he gave everyone a tax break didn't he? Did that give you relief? How did you spend your $300?

Woopty do. The corporations got the tax breaks. That was the plan all along. John Q Public got up the ars without the KY Jelly.

Give it a rest. The argument you republicans give doesn't hold up anymore. Time has erased its effectiveness ; the very time that Bush should have used to engage in stimulating the economy with positive measures.

Again, the cooked booked began as far back as the early 90's for most corporations. A few even as far back as 89. How did I spend my refund? I blew it....used it to buy a new DVD player. It was MY money you know. I earned it and the taxocrats in DC took it out of my pocket to begin with.

John Q. Public didn't get the shaft in any way, shape, or form. The people that got the shaft are the ones who believe that just because someone is wealthy that they should pay a higher percentage in their income as taxes. Sorry but that is just wrong and stunts growth. I'll say this one more time......you cannot tax your way to prosperity.

 

[Blain]

Isn't low consumer confidence an indicator of a market turnaround?

 

[Vic]

Originally posted by: Blain
Isn't low consumer confidence an indicator of a market turnaround?

Only if you're overly optimistic. What it does mean is that consumers are slowing their spending because they are worried about the future. This means fewer auto & big appliance sales, home purchases, etc. Not a good thing for companies already struggling to make profits.
On a positive note, this news combined with expectations of a Fed rate reduction next week mean that mortgage rates are dropping back down again.

 

[Amused]

Originally posted by: PSYWVic

Originally posted by: Blain
Isn't low consumer confidence an indicator of a market turnaround?

Only if you're overly optimistic. What it does mean is that consumers are slowing their spending because they are worried about the future. This means fewer auto & big appliance sales, home purchases, etc. Not a good thing for companies already struggling to make profits.
On a positive note, this news combined with expectations of a Fed rate reduction next week mean that mortgage rates are dropping back down again.

Um, the consumer confidence rating has nothing to do with home purchases. In fact, the housing market is red hot right now.

 

[WinkOsmosis]

Why do you people complain about blaming Bush? No one blames Bush. America loves him. I think his approval rating is like 95%.

 

[Red Dawn]

Originally posted by: Amused

Originally posted by: Tripleshot

Originally posted by: Amused

Originally posted by: Tripleshot
OMG!

And this should surprise someone? A better question is how confident are you about the economy? Are you feeling good enough to go buy a major appliance, or a second car or home?

This is the result of poor policy and lack of faith in the administration to do anything about the economy, along with a war looking on the horizon. You do not hear the government saying what they are going to do about it(both sides). That speaks volumes in announcing how clueless the government is in creating jobs, stability in markets, confidence in the direction the country is going.

Do not look for improvement anytime soon. Congress and the Administration do not have enough brainpower to resolve this, nor do they really want to. It makes for devisive politics, and that devisiveness serves them better than improving the welfare of the country.

WTF are they supposed to do, TS?

How is the admin supposed to fix the bursting of the tech bubble that started long before they took office?

Any actions the government takes now will have effects a year or two later, minimum. Most often the effects of legislation is notfelt for 5 or more years.

It simply amazes me that people blame Bush for a recession that started over a year before he took office. It amazes me even more that they think there is anything he could do to cause any kind of immediate correction.

If you care to read my post, I give equal blame to congress AND both parties in control. What are you so sensistive about? If bush was doing anything positive for the economy, you would sure as hell give him CREDIT, wouldn't you? But you don't want to fault him when he does nothing to improve it or guide the country into a better standing economically with sound fiscal policy. Yes, that starts at the White House. Always has, always will.

But the blame goes to the ostriches we elected to office, both Dems and Republicans.

As well your version of it taking years to affect the economy is pure BS. In todays day and age, anything postive or negative that influences markets is done in real time instantly. I am a mortgage loan officer, and I check rates 4 times a day,thats how fast the market moves just in that sector.

What amazes me is you exonerate him, and then blast Clinton. Every since this country selected Bush, the economy has been sinking. That is because of corrruption in places like Enron, policy changes that where on his agenda that through fear into the market, the 9/11 incedent as well as the contemerary responses we have been engaged in. There is alot of doubt. Doubt breeds the fear. Fear stops investors. Investors do not put into the money supply to aid businesses. Business's lay off personel,downsize,and many outright fold up.

When Bush gives the country some direction that is positive,I would be happy to praise him for it, if the results are likewise positive. But by damned if he doesn't do anything, I will not give him a pass or deflect it to a prior adminsitration as so many blind republican meatheads do when they can't put together a coherent response.

Just ask around you, are you better off today than you where in 98?

Thats what I thought. No!

:::sigh:::

Actually, I am far better off than I was in '98. I own 40% more stores, and my business average per store has increased 30%. My income has more than tripled.

But that's neither here nor there...

Again, you miss the central facts in this issue. First off, the economy started this slide a full YEAR BEFORE Bush was elected. You cannot even admit this. Clinton had 8 long years to see his policies affect the economy. Bush has had a mere two years since he was elected. And really only a year of time when you consider what has gone on.

NO government agency could have stopped the bursting of the tech bubble. The feds warned us on this back in 98 or 99 and it was ignored.

You sit and stare at interest rates all day. This makes you an economic genuis? And the curious thing is, you STILL cannot explain exactly what the feds could have done in the last two years to stop the slide. You blame, blame, blame, but you don't even know what he did, or didn't do that you blame him for.

Hell you might as well blame him next time you catch a cold... the connections would have as much merit as this.

And please, TS, find me ONE economist who will back up your claim that government legislation has an immediate effect on the economy. Hell, they can't even tell we've slipped into a recession until a full year after it has begun. Tax breaks and subsidies wont be felt for at least a year. Government spending on new jobs will take at least two years. The only thing that has a fairly rapid effect is the interest rates, but as you know, they can't go much lower with those than they already have.

So, I ask again, tell me exactly what they could do, and how.

Finally, please point to a single recession that was turned around in under two years by government action.

While that is true Amused you know that the voting public will blame Bush no matter what Rush Limbaugh or the other Republican schills say. Luckily Bush has 2+ years to hope the economy get's better (whether he is responsible for it improving or not) I also heard that His approval Rating is down along with the approval for Military action in Iraq (according to a Fox Poll that's to be released any time now). I heard Dick Morris mention it on Hannity and Colmes last night.

 

[Vic]

Originally posted by: Amused

Originally posted by: PSYWVic

Originally posted by: Blain
Isn't low consumer confidence an indicator of a market turnaround?

Only if you're overly optimistic. What it does mean is that consumers are slowing their spending because they are worried about the future. This means fewer auto & big appliance sales, home purchases, etc. Not a good thing for companies already struggling to make profits.
On a positive note, this news combined with expectations of a Fed rate reduction next week mean that mortgage rates are dropping back down again.

Um, the consumer confidence rating has nothing to do with home purchases. In fact, the housing market is red hot right now.

LOL! Like I wouldn't know that

The housing/mortgage market is only red-hot right now because FNMA/FHLMC 30 year fixed rates are below 6%.

 

[Amused]

Originally posted by: PSYWVic

Originally posted by: Amused

Originally posted by: PSYWVic

Originally posted by: Blain
Isn't low consumer confidence an indicator of a market turnaround?

Only if you're overly optimistic. What it does mean is that consumers are slowing their spending because they are worried about the future. This means fewer auto & big appliance sales, home purchases, etc. Not a good thing for companies already struggling to make profits.
On a positive note, this news combined with expectations of a Fed rate reduction next week mean that mortgage rates are dropping back down again.

Um, the consumer confidence rating has nothing to do with home purchases. In fact, the housing market is red hot right now.

LOL! Like I wouldn't know that

The housing/mortgage market is only red-hot right now because FNMA/FHLMC 30 year fixed rates are below 6%.

That's true. However, it's also hot because people have been shifting investments to real estate.

 

[Blain]

I has talking about the "stock" market, not home market.

 

[mithrandir2001]

If you want to improve consumer's confidence, put some money in their (our) pockets. Across-the-board tax cuts are always appropriate for cultivating growth.

 

[charrison]

Originally posted by: mithrandir2001
If you want to improve consumer's confidence, put some money in their (our) pockets. Across-the-board tax cuts are always appropriate for cultivating growth.

I will second that. IT is time to increase the size of the tax cuts and make them permanent.

Or go really crazy and go with a flat tax.