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Getbig Main Boards => Politics and Political Issues Board => Topic started by: Fury on July 29, 2011, 04:12:44 PM
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A simply unprecedented miss in Q2 GDP well below the consensus range, with the official number printing at 1.3%, giving it upside room for revisions in case QE3 does not pass, although at this point it is more than obvious that this number is goalseeked to give Bernanke the carte blanche to start more easing any second. This number follows an epic revision to prior data, with Q1 plunging from 1.9% to 0.4%. The GDP internals were simply appalling: Personal Consumption tumbled from 2.1% to 0.1%, on expectations of 0.8%! The US consumer is dead despite not paying mortgage payments. Lastly, US PCE Core printed at 2.1% on expectations of 2.3%. As we have been expecting since December, the US is on the verge of a triple dip recession within the bigger depression. With a deadlocked Congress, the Fed has no option but to do another monetary stimulus as seen by the surge of gold to near record highs on the data in the $1.625 range and the implosion in the USDCHF to fresh all time lows.
Revised Q4 2010 through Q2 2011:
(http://www.zerohedge.com/sites/default/files/images/user5/imageroot/draghi/Q2%20GDP.jpg)
(http://www.zerohedge.com/sites/default/files/images/user5/imageroot/draghi/GOld%207.29.jpg)
(http://www.zerohedge.com/sites/default/files/images/user5/imageroot/draghi/USDCHF%207.29.jpg)
http://www.zerohedge.com/news/and-scene-q2-gdp-13
So an 80% downward revision on Q1 growth. Boy, if this were the private sector you'd be out on your ass for failing that badly on your research. Further proof that the Obama regime is baking the hell out of these statistics.
Expect Q2 to be "revised" down into the negatives.
This economy is sinking fast thanks to the failure that is Obamanomics.
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Business is on strike until he is gone.
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This was all unexpected ::)
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Another thing - obama is making foerign investment all but impossible w his inflationary bullshit and leviathon regulations. Like I keep saying - nothing will improve till he's gone.
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There won't be a single post from the Obama ball-waxing brigade in this entire thread. Count it.
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Yep...waaaa, waaa, Fox News fixed those results to make the Annointed One look bad, waaa, waaa.
Drooling idiots.
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Wow.
16 trillion in Fed Reserve bailouts, 800 billion in direct stimulus, 1.5 trillion dollar deficits, 2 rounds of Q.E., Cash for Clunkers etc etc...
Hmmmmm, I don't think it worked.
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Its never enough for the mini maddofs.
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Spending Has Collapsed, The Economy Is Next
SHTF Plan ^ | 7-29-2011 | Mab Slavo
Posted on July 29, 2011 9:24:01 PM EDT by blam
Spending Has Collapsed, The Economy Is Next
Mac Slavo
July 29th, 2011
SHTFplan.com
We’ve been warning about it since the beginning of this crisis – that consumers are simply not interested in spending money they don’t have. In the first quarter of 2011 the government attempted to convince us that the economy was growing at a slow, but steady, rate of 1.8%. This was used as evidence the economic recovery had taken hold.
President Obama and his administration specifically told us that a depression had been avoided:
We can safely say that we are no longer facing the potential collapse of our financial system and we’ve avoided the depression many feared.
President Barrack Obama – December 9, 2009
But today’s growth domestic product revisions suggest otherwise.
That 1.8% that convinced the average uninformed American economic activity had increased was nothing but a fabrication – a bold faced lie – and that’s official. The government revised that number to 0.4% – a significant difference. They were only off by about 75%.
Today, the government released it’s second quarter GDP numbers, and as was predicted in many alternative media circles, it’s a clear indication that things are turning for the worse. Karl Denninger weighs in:
Sorry guys, the clock has rung. It’s not ringing any more, it has rung and the spring-powered alarm has run out.
…
There is no recovery to speak of.
Four years into this the policies of the government and Fed have failed.
It gets worse:
“The price index for gross domestic purchases, which measures prices paid by U.S. residents, increased 3.2 percent in the second quarter, compared with an increase of 4.0 percent in the first Excluding food and energy prices, the price index for gross domestic purchases increased 2.6 percent in the second quarter, compared with an increase of 2.4 percent in the first.” (source: US Dept. of Commerce)
Your standard of living is being shredded.
“Real personal consumption expenditures increased 0.1 percent in the second quarter, comparedwith an increase of 2.1 percent in the first.” (source: US Dept. of Commerce)
Spending has effectively collapsed.
This puts into stark relief the reality of the government deficit spending – it is doing nothing more than covering up an economic Depression, and the so-called “exit plan” – that private consumption, investment and borrowing will “take the baton back” is not working.
Some analysts – those who are either in the tank for the government or are completely ignorant to the real facts – will claim that while the second quarter GDP is low, it’s still positive, which suggests there’s still growth.
As we have pointed out in several reports previously, this is simply not the case once you factor in price inflation and monetary easing:
Note that they have the CPI at 10%. If we use that to convert nominal GDP to actual GDP, then we get big negative economic growth. In other words, the reported GDP growth is just price increases.
Source: Global GDP Growth Numbers are Fictitious, Fail to Account For Inflation
If it wasn’t clear up until today, it should be now. Nothing the government tells us can be trusted. They will say anything and do anything to avoid panic. But despite their “best” efforts they cannot stop the inevitable. Rest assured, panic is coming.
T
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Wow.
16 trillion in Fed Reserve bailouts, 800 billion in direct stimulus, 1.5 trillion dollar deficits, 2 rounds of Q.E., Cash for Clunkers etc etc...
Hmmmmm, I don't think it worked.
Don't worry, the "recession" ended two years ago. This is summer of recovery #2. :-X
Good thing we've got "logical" thinkers like Straw Man to argue that we can rectify this by spending trillions more.
This country is fucked. The one good thing that will come out of this is yet another nail in the coffin for Keynesian economics.
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What people aren't even talking about is that all of Obama's "plans" revolve around GDP growth in the 4-5% range, which isn't happening anytime soon. ::)
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What people aren't even talking about is that all of Obama's "plans" revolve around GDP growth in the 4-5% range, which isn't happening anytime soon. ::)
Time for another drink. :(
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Time for another drink. :(
It's OK, dude. What's another $5 trillion? We can spend our way out of this!
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What people aren't even talking about is that all of Obama's "plans" revolve around GDP growth in the 4-5% range, which isn't happening anytime soon. ::)
That's most peoples plans, actually.
That's how bad it's gotten.
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That's most peoples plans, actually.
That's how bad it's gotten.
QE3 and another stimulus will fix everything. If we just spend more we can defeat this!
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That's most peoples plans, actually.
That's how bad it's gotten.
Just my own anecdotal evidence. My nabe was mostly working class Irish. Construction people. Solid folks, no crime, no filth, Sundays families out w the kids, etc.
That was 2000 - 2009 or so. Now? Crime running crazy, many Irish left for jobs elsewhere, baseheads all over. The thugs and savages from Webster ave have invaded, drug dealers walk the block w their pit bulls, whores trolling the ave., no new cars anywhere, etc.
People say I am racist, extreme, a nut, etc, I just know what is going on in my hood. It's not pretty. A formally working class hood is turning into the ghetto.
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QE3 and another stimulus will fix everything. If we just spend more we can defeat this!
All this fed money and govt bullshit is scaring away real business. These banks now dont even loan money since it's better to borrow money for free at the fed discount window and then buy treasuries and make 2 percent.
The real economy is fucked with inflation, obamacare, battered consumers, etc.
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You guys are being unfair... just like math. And if you all ignored math's evil tendency to discriminate against minorities, the mood in this forum would be much improved.
As Straw so eloquently mentioned in a prior thread, our gallant Commander and Chief has the very hard and yucky job of managing the biggest economy in the world!
In fact, the latest reports reveal that President Obama is actually considering... wait for it--- WORKING THROUGH THE ENTIRE WEEKEND!
It's the summertime people. Have you no heart!? Clearly, the Republicans are at fault in this mess.
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You guys are being unfair... just like math. And if you all ignored math's evil tendency to discriminate against minorities, the mood in this forum would be much improved.
As Straw so eloquently mentioned in a prior thread, our gallant Commander and Chief has the very hard and yucky job of managing the biggest economy in the world!
In fact, the latest reports reveal that President Obama is actually considering... wait for it--- WORKING THROUGH THE ENTIRE WEEKEND!
It's the summertime people. Have you no heart!? Clearly, the Republicans are at fault in this mess.
;D
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Deafening silence from Team Kneepad.
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Deafening silence from Team Kneepad.
Hey - Bachmann's husbands' voice is more important. Didnt you get the cue?
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Hey - Bachmann's husbands' voice is more important. Didnt you get the cue?
Ah. Yes, what was I thinking?
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Deafening silence from Team Kneepad.
Those graphs are really complicated. They're not really capable of comprehending something like a bar graph as it doesn't involve John Stewart regaling them with some comedic opinion piece that they can watch on youtube.
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I scroll through this thread and there isn't a single Obama supporter post in it. Stunning how adept they are at avoiding any news that paints their God-King in a negative light.
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I scroll through this thread and there isn't a single Obama supporter post in it. Stunning how adept they are at avoiding any news that paints their God-King in a negative light.
Did you see the manufacturing index # today?
Disaster.
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Did you see the manufacturing index # today?
Disaster.
Summer of Recovery II?
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Summer of Recovery II?
Actually worst in 2 years.
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Actually worst in 2 years.
Not important. In other news, Michelle Bachmann wore a black pant-suit with a slight purple hue to it today.
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Not important. In other news, Michelle Bachmann wore a black pant-suit with a slight purple hue to it today.
I believe it was Drudge that had "CHINA RED" as an important headline, regarding michelle obama's red dress.
So we have to lump kneepadding liberals in with Drudge report in terms of moronic thinking. Cool?
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I believe it was Drudge that had "CHINA RED" as an important headline, regarding michelle obama's red dress.
So we have to lump kneepadding liberals in with Drudge report in terms of moronic thinking. Cool?
What does the Drudge report have to do with Obama dicksuckers like yourself?
Straw man argument attempted. Status: Failed.
By the way, I don't read the Drudge report nor do I give a fuck about what's on it. Oops, guess I further shot down your shitty straw man with that comment. My bad.