Consumer confidence strongest in over five years in May

specklebang · May 28, 2013

It does seem that those huge, salty sequester tears were shed for naught. The US has always come back from economic stumbles and this is no different. Look at the demand for the dollar!

Good times are no fun cause there's not so much to bitch about. Yes, all politicians will now thump their chests and take credit for "the recovery". The recovery is in spite of them, not because of them.

iguanaman · May 28, 2013

Fenton said:
bull sh**.....close to 40 jobs bills from the House sitting in the Senate right now that won't get a vote for some reason. Look, educate yourself because your'e making yourself look foolish.

Obama's economy is a paper kitty cat, backed by massive amounts of printing.

You prefer the housing bubble that Bush tried to boost the economy with? That worked real well.
I guess 37 of those "jobs" bills must be to repeal Obamacare. LOL

Fenton · May 28, 2013

iguanaman said:
And you would rather declare the patient dead and pull the plug? Part of good governing is keeping the economy out of recession. Something that Republicans have failed at miserably every time they have been in charge.

Republicans have failed ? They're not in power.

Right now the FEDs medicine is worse than the disease. Your just too partisan or economically ignorant to realize it.

I mean you started a thread bragging about a economy that is solely being held up with massive, unprecedented amounts of printed money.

It's hilarious !!

Fenton · May 28, 2013

iguanaman said:
I guess 37 of those "jobs" bills are to repeal Obamacare. LOL

Everyone hates Obama-Care now, with some exceptions ( you two guys...LOL !! ) as now Unions are coming out against it........stupid asses.

They are slow on the uptake, when WE knew in 2008, you guys elected a incompetent liar.

iguanaman · May 28, 2013

Fenton said:
Republicans have failed ? They're not in power.

Right now the FEDs medicine is worse than the disease. Your just too partisan or economically ignorant to realize it.

I mean you started a thread bragging about a economy that is solely being held up with massive, unprecedented amounts of printed money.

It's hilarious !!

Of course Republicans are not in power...we are not in a recession. That's how you know.

pbrauer · May 28, 2013

Fenton said:
Republicans have failed ? They're not in power.

Right now the FEDs medicine is worse than the disease. Your just too partisan or economically ignorant to realize it.

I mean you started a thread bragging about a economy that is solely being held up with massive, unprecedented amounts of printed money.

It's hilarious !!

What about the 10 million jobs lost you claimed?

Bureau of Labor Statistics Data

bubbabgone · May 28, 2013

iguanaman said:
You mean Obama's idea for the sequester was a good one? I doubt it has helped our economy but at least it is not killing it off.

Haven't you been paying attention? He hates the sequester now ... but he won't let anyone change it.
Yes yes yes, I know ... it's another example of Obama taking opposing positions on an issue so he, or his fanboys, can point to one of his statements to support whatever the hell he needs at the moment.
Ya know, like what you did with the sequester.

bubbabgone · May 28, 2013

apdst said:
This is in spite of Obama's policies and people know he can'trun for office again, so of course consumer confidence is going up.

Good point. Forgot that one.

iguanaman · May 28, 2013

bubbabgone said:
Haven't you been paying attention? He hates the sequester now ... but he won't let anyone change it.
Yes yes yes, I know ... it's another example of Obama taking opposing positions on an issue so he, or his fanboys, can point to one of his statements to support whatever the hell he needs at the moment.
Ya know, like what you did with the sequester.

The President presented an alternative to the sequester that would have helped the economy and employment but it fell into the abyss otherwise known as the House.
The sequester was not meant to be a thoughtful way to cut spending it was meant to be unpleasant enough to encourage Congress to make a deal on the cuts. Unpleasantness got a new definition when the tea's took over the House I guess.
I'm sorry that you are upset that Obama was wrong and the sequester has caused no harm. The people who are fired, furlowed or laid off because of it feel differently of course. Not that you care a hoot.

bubbabgone · May 28, 2013

iguanaman said:
The President presented an alternative to the sequester that would have helped the economy and employment but it fell into the abyss otherwise known as the House.

The sequester was not meant to be a thoughtful way to cut spending

Click to expand...

it was meant to be unpleasant enough to encourage Congress to make a deal on the cuts. Unpleasantness got a new definition when the tea's took over the House I guess.

I'm sorry that you are upset that Obama

Click to expand...

was wrong and the sequester has caused no harm. The people who are fired, furlowed or laid off because of it feel differently of course. Not that you care a hoot.

So Obama was not being thoughtful? ooooookay
But he was given the opportunity to be more thoughtful about how he implemented the sequester and he said no.
He was hoping folks would be harmed and get all riled up against Republicans.
Remember that plan? Kids visiting the WH? Air traffic controllers? etc.

Obama being wrong hasn't been a surprise to me or many others.
We knew what we were getting long ago but his fanboys still hang on to their delusions.

Fenton · May 28, 2013

I mean sure, we have the IRS being used to target Americans with opposing political view points, and with direction from the higher ups at the WH.

The IRS Comissioner didn't go there 118 times in two years to roll Easter Eggs, and we have the head of the DOJ, commiting perjury PLUS Hillary showing just how incompetent she is as a leader and a human being, Lying to the faces of the Parents who lost their sons in Benghazi.

But the BIG lie is the economy right with Obama supporters trying to capitalize on the first bit of positive information they can get their hands on, as they completely ignore the fact that it's just another scam from a WH and President that is so lacking any integrity he could look Americans in the eye ans Lie...over and over and over.

I supppose he knows who his followers are, and knows their issues, but we're not all Liberals.

Some of us realize a economy being held up with perpetual pumping is a economy in dire shape.

Just one day, a spike in in bond yields or a statement from Bernake that QE is ending and Obama's pretend " recovery " will come crashing down around him as investors bail on falsely overinflated assets and bonds.

I just don't remember this apocolyptic plan to put a bow on a desperate economy being in his 2008 speeches.

I remember something about " the Oceans not rising anymore " and free crap for everyone.

Fenton · May 28, 2013

I mean sure, we have the IRS being used to target Americans with opposing political view points, and with direction from the higher ups at the WH.

The IRS Comissioner didn't go there 118 times in two years to roll Easter Eggs, and we have the head of the DOJ, commiting perjury PLUS Hillary showing just how incompetent she is as a leader and a human being, Lying to the faces of the Parents who lost their sons in Benghazi.

But the BIG lie is the economy right now with Obama supporters trying to capitalize on the first bit of positive information they can get their hands on, as they completely ignore the fact that it's just another scam from a WH and President that is so lacking of any integrity he could look Americans in the eye and Lie...over and over and over.

I supppose he knows who his followers are, and knows their issues, but we're not all Liberals.

Some of us realize a economy being exclusivelt held up with perpetual pumping is a economy in dire shape.

Just one day, a spike in in bond yields or a statement from Bernake that QE is ending and Obama's pretend " recovery " will come crashing down around him as investors bail on falsely overinflated assets and bonds.

I just don't remember this apocolyptic plan to put a bow on a desperate economy being in his 2008 speeches.

I remember something about " the Oceans not rising anymore " and free crap for everyone.

trfjr · May 28, 2013

Paschendale said:
And you have evidence that the aggregate effect of the sequester and all other Democratic economic policies is negative? Also, how does blame for the sequester fall entirely on the head of Democrats? All of congress failed to stop it. And they all crafted it in the first place. And wasn't the immediate response to the sequester from Republicans to downplay it as a whole lot of hot air over nothing? And now suddenly it's a big deal?

But let's go back to your main premise. "You don't need proof." Yes. Yes you do. Stop being part of the problem.

I'm not blaming the sequester on the Democrats even though it was Obama who suggested it. what im saying is the democrats said if the sequester went through it would tank the economy and it didn't. did it? the opposite happened. so the myth that cutting government spending hurts an economy is just that a myth

trfjr · May 28, 2013

iguanaman said:
You prefer the housing bubble that Bush tried to boost the economy with? That worked real well.
I guess 37 of those "jobs" bills must be to repeal Obamacare. LOL

the housing bubble was caused by democrat policies the fair housing act caused banks to give housing loans to the unqualified

specklebang · May 28, 2013

Started by Demorats. Cheerfully presided over for 8 years by oblivious Republicans then give back to Democrats to re-stimulate.

Well, your stimulation is here. House prices are rising although they are a long, long way from 2005 as they should be. We're recovering despite the best efforts of both parties to **** things up as much as possible.

So, are we bragging or complaining?

trfjr said:
the housing bubble was caused by democrat policies the fair housing act caused banks to give housing loans to the unqualified

Fenton · May 28, 2013

specklebang said:
Started by Demorats. Cheerfully presided over for 8 years by oblivious Republicans then give back to Democrats to re-stimulate.

Well, your stimulation is here. House prices are rising although they are a long, long way from 2005 as they should be. We're recovering despite the best efforts of both parties to **** things up as much as possible.

So, are we bragging or complaining?

The Republicans were NOT oblivious, Bush and Republican Politicians tried to enact legislation and new reforms on the bloated and corrupt GSEs as early as 2001 and continued through 2008 with the Democrats fighting them the whole way.

And AGAIN, the only thing spurring the housing industry are record low interest rates kept low through unprecedented QE . The cure is worse than the disease as Obama's entire economy is held up with unprecedented printing and monetizing of our debt.

It's just ANOTHER lie.

iguanaman · May 28, 2013

trfjr said:
the housing bubble was caused by democrat policies the fair housing act caused banks to give housing loans to the unqualified

The fact that the entire thing happened while the Republicans were in total control is just a coincidence? Do tell.

iguanaman · May 28, 2013

Fenton said:
The Republicans were NOT oblivious, Bush and Republican Politicians tried to enact legislation and new reforms on the bloated and corrupt GSEs as early as 2001 and continued through 2008 with the Democrats fighting them the whole way.

And AGAIN, the only thing spurring the housing industry are record low interest rates kept low through unprecedented QE . The cure is worse than the disease as Obama's entire economy is held up with unprecedented printing and monetizing of our debt.

It's just ANOTHER lie.

The Bush Adminstration and the rubber stamp congress he had did everything they could to inflate the bubble and protect the banks from any interference in their scheme. From kicking it off in 2002 with Bush's Minority Housing Initiative" where he sold $440 billion in subprime loans to Fannie Mae... to using Federal Power to stop the States Attorney's from using their own predatory lending laws to regulate the subprime mortgages GW supported the bankers and their scam all the way to the end. Nothiing you can say will change those facts as bad as they make your side look. No matter how you try I won't believe the GW Bush had Barney Franks hand up his ass while he was saying this in June 2002 .......although I bet his voice was pretty squeaky. It just not something Republicans say EVER.

And so, therefore, I've called -- yesterday, I called upon the private sector to help us and help the home buyers. We need more capital in the private markets for first-time, low-income buyers. And I'm proud to report that Fannie Mae has heard the call and, as I understand, it's about $440 billion over a period of time. They've used their influence to create that much capital available for the type of home buyer we're talking about here. It's in their charter; it now needs to be implemented. Freddie Mac is interested in helping. I appreciate both of those agencies providing the underpinnings of good capital.

HUD Archives: President George W. Bush Speaks to HUD Employees on National Homeownership Month (6/18/02)
Eliot Spitzer - Predatory Lenders' Partner in Crime

ReformCollege · May 28, 2013

iguanaman said:
The Conference Board, an industry group, said its index of consumer attitudes jumped to 76.2 from an upwardly revised 69 in April, topping economists' expectations for 71. It was the best level since February 2008.

Consumer confidence strongest in over five years in May | Reuters

More bad news for Republicans but GREAT news for the rest of us. Consumer spending makes up 75% of our economy.

It took long enough for crying out loud.

specklebang · May 29, 2013

I'm sorry but you are wrong about this. It wasn't that long ago. I watched this going on and nobody spoke up even when it became absurd and obviously bound to fail. Collusive Capitalism at its finest.

]The Republicans were NOT oblivious, Bush and Republican Politicians tried to enact legislation and new reforms on the bloated and corrupt GSEs as early as 2001 and continued through 2008 with the Democrats fighting them the whole way.

The reason interest rays are so low is that we owe too much money to support higher rates. At 5%, servicing the debt would be $850billion a year. The reason housing is rising is investors who, slightly belatedly, have realized that housing is a bargain for the buck. The banks have slowed their repo rate and inventory is tight. So, it isn't connected to interest rates (although it should be). I'm not sure what can be learned from the stock market.

And AGAIN, the only thing spurring the housing industry are record low interest rates kept low through unprecedented QE . The cure is worse than the disease as Obama's entire economy is held up with unprecedented printing and monetizing of our debt.

Fenton said:
The Republicans were NOT oblivious, Bush and Republican Politicians tried to enact legislation and new reforms on the bloated and corrupt GSEs as early as 2001 and continued through 2008 with the Democrats fighting them the whole way.

And AGAIN, the only thing spurring the housing industry are record low interest rates kept low through unprecedented QE . The cure is worse than the disease as Obama's entire economy is held up with unprecedented printing and monetizing of our debt.

It's just ANOTHER lie.

trfjr · May 29, 2013

iguanaman said:
The fact that the entire thing happened while the Republicans were in total control is just a coincidence? Do tell.

so this means you will be throwing away the blame Bush card on everything that happened after 2008

DA60 · May 29, 2013

iguanaman said:
The Conference Board, an industry group, said its index of consumer attitudes jumped to 76.2 from an upwardly revised 69 in April, topping economists' expectations for 71. It was the best level since February 2008.

Consumer confidence strongest in over five years in May | Reuters

More bad news for Republicans but GREAT news for the rest of us. Consumer spending makes up 75% of our economy.

Oh course consumer confidence is high.

The stock market is being artificially pumped up by the Fed.

The housing market is being artificially pumped up by the Fed/Fannie/Freddie (again).

Ignoramus economists are preaching how times are getting better.

And the CPI is artificially masking the true inflation rate (which is much higher then reported) - so the Fed can keep bankrolling all this 'growth' AND the government's giant deficits.

Throw enough debt at an economy and eventually the ignorant masses/economists will start to think things are great - it's a no brainer.

Of course, when all this comes crashing down, this chart will plunge with it.

TheGirlNextDoor · May 29, 2013

Current Trend: Q1 2009 – Q1 2013 – During that time, there was a confirmed upward trend with real GDP rising by about $68.2 billion per quarter (using the value of the dollar from 2005, so we can compare “apples to apples”). That translates to an approximately 2.01 percent annual growth rate, which is not fast enough, given the deep recession from which we’re recovering. Having this growth rate is better than being in recession of course, but the employment situation won’t improve very rapidly at this rate.

Projected Next Data Point

While there are multiple releases for each quarter’s GDP, for the projection I will always look to the next quarter, not just the next report. The next quarter’s GDP will be for Q2 2013. If the recent trend (excluding off trend data points) extends perfectly, the actual Q2 2013 GDP will be $13,826 billion (or $13.826 trillion), which would represent an annualized increase of 2.77 percent from the previous quarter. This seems unlikely given that the payroll tax just went up for people and that the government cut billions of dollars in spending (the “sequester”).

http://easynomics.com/wp-content/uploads/2013/04/Real-GDP-Q1-2013-Advance-Estimate-Doug-Short.gif

GDP - Real Gross Domestic Product - Trend Analysis of Latest Data - Easynomics

GDP, CPI and other key economic reports
This week Month ago Year ago
Gross Domestic Product (billions) 16010.2 16010.2 15461.8
Housing Starts (thousands) 610 619 492
Producer Price Index 194.9 196.2 193.8
Consumer Price Index 231.5 232.3 229.2
Purchasing Managers Index 50.7 51.3 54.8
Retail Sales 419027 418284 408039
Unemployment Rate 7.5 7.6 8.1

Read more: Gross Domestic Product | GDP | Consumer Price Index CPI Housing Starts Unemployment Rate US
Follow us: @Bankrate on Twitter | Bankrate on Facebook

I wouldn't celebrate just yet.

iguanaman · May 29, 2013

DA60 said:
Oh course consumer confidence is high.

The stock market is being artificially pumped up by the Fed.

The housing market is being artificially pumped up by the Fed/Fannie/Freddie (again).

Ignoramus economists are preaching how times are getting better.

And the CPI is artificially masking the true inflation rate (which is much higher then reported) - so the Fed can keep bankrolling all this 'growth' AND the government's giant deficits.

Throw enough debt at an economy and eventually the ignorant masses/economists will start to think things are great - it's a no brainer.

Of course, when all this comes crashing down, this chart will plunge with it.

You are right about one thing. Most of us don't care why things are improving, only that they are.
You only get one life and time is ticking, all we want is to get on with it.
Give up with the doom and gloom. We have just begun to shine.

DA60 · May 29, 2013

iguanaman said:
You are right about one thing. Most of us don't care why things are improving, only that they are.
You only get one life and time is ticking, all we want is to get on with it.
Give up with the doom and gloom. We have just begun to shine.

Funny, when I was a crackhead (I quit in 2002), that was EXACTLY what most people I got high with thought.

Sacrificing tomorrow for a better today is never wise - in drug addiction/alcoholism or macroeconomics.

Consumer confidence strongest in over five years in May

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Consumer confidence strongest in over five years in May

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