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Wall Street Slides Today - Consumer Confidence at Issue
This is right out of the twilight zone.
http://www.msnbc.msn.com/id/3683270/ns/business-stocks_and_economy/
It refers to an UNEXPECTED decline in consumer confidence.
Wall Street prognosticators are dumbasses in the same realm with all the dumbasses who have so mismanaged the nations economy.
Jobs in the toilet, wages declining, costs for everything going up and a congress that can't grab its ass with both hands and these people somehow think we should be confident.
I don't want these stupid bastards having anything to do with our elected officials. Our elected officials are already challenged enough without risking the stupidity of Wall Street rubbing off on them.
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So ---
Given increasing unemployment and falling home prices during the period, would you say that the Conference Board's confidence gauge rising from 25.3 in February to 54.8 in May was EXPECTED?
June 30, 2009 7:40 PM | Reply | Permalink
I would suggest a dissonance between different measurements as peculiar. Particulalry as this applies to financial performance vs consumer activity. Professionally employed in the science of measurement (metrology) for most of my life and examining the correllation between the data I'm inclined to be critical of some of what I see or of some conclusions made. Right now there are a lot of conflicting bits so its difficult to be confident or comfortably certain of objectivity. Not the greatest of circumstances for someone with my background.
July 1, 2009 4:49 AM | Reply | Permalink
C'mon - if you listen to many people here at TPM, you'd realize that Obama's stimulus plan / economic plan have saved the ENTIRE WORLD from economic collapse. And like you said, if you look at a variety of indicators, you'll see that we're on the road to recovery with green shoots sprouting everywhere. (HA HA HA HA HA!!!!)
June 30, 2009 9:25 PM | Reply | Permalink
You've hit the nail on the head Bill.
Both you and Ellen direct our attention to translations that are contradicted by others.
What I see is a mad scramble with no rhyme or reason that in no way gives the appearance of anything being in control. I'm of the opinion that right now a very certain degree of control is very necessary. No such thing exists and it could be easily argued we are in the opposite state.
It should be noted that the non-regulation that got us here is confirmed by its remaining a prevalent feature of the landscape. We've moved little from the grossly decentralized control that existed before the onset of this collapse. Whoever you may assert is the captain of the ship is decidedly not in command.
July 1, 2009 5:27 AM | Reply | Permalink
There are certainly some green shoots but they are very small and overshadowed by an economy that is still significantly depressed. The freefall may have stopped and now the parachute is opened, but we are still trending for a "landing".
But people's interepretations of economic indicators does not mean that things are not "in control".
If you don't think that the administration is looking to add more regulations, I would disagree. But more regulation is not going to help people feel more comfortable about the state of the economy. It also won't help us try to kick start the economy back to growth again.
July 1, 2009 6:10 AM | Reply | Permalink
The regulatory war being waged gives the appearance of being a one sided affair. That is my greatest concern at the moment. When I look at the tactics of the opposing team where the actions of the home team are being countered very effectively, I am dismayed by the prognosis. I think a more agressive regimen of treatment is in order. I see band aids being deployed where major surgery is indicated. At this rate the patient will bleed out before a decision is reached.
July 1, 2009 8:22 AM | Reply | Permalink
There are a great number of mortgages issued in 2007 and 2008 that are still at the low, initial payment rate, and which will automatically reset to higher payment rates in 2010 and 2011. These will continue to exert a major drag on the consumer until 2012.
July 1, 2009 7:28 AM | Reply | Permalink