Bloomberg news reports that Consumer Confidence Rises to Highest Level in Two Years Amid U.S. Recovery:
Confidence among U.S. consumers rose in June to the highest level since January 2008, indicating the decline in stock prices prompted by the European debt crisis has failed to weigh on sentiment.
â€œSpending growth will continue to be decent,â€ said Michael Feroli, chief U.S. economist at JPMorgan Chase & Co., who correctly forecast the index level. â€œIt wonâ€™t be booming but it wonâ€™t be flat or declining.â€
Given our recent musings on home sales, home price declines, unemployment and credit destruction, we just don’t see “decent” spending growth in the near future. But that’s just us. If you feel like going with Mr. Feroli on this, than that’s your prerogative. There’s just nothing that we’re seeing that gives us a good feeling about our economy going forward.
In regards to the uptick in consumer confidence, Tyler Durden at Zero Hedge has an excellent assessment:
The only thing worse than the oil flowing out of the GoM gusher, is the BS now openly flowing out of the government propaganda machine, which has jumped the shark beyond all semblance of credibility. How consumer confidence in May was the highest in over two years, at 76, higher than April’s already ludicrous 73.6, and highest since January 2008, is not even worthy of commentary. It must have been the flash crash, the BP oilspill catastrophe, the market’s 10% drop and Europe’s bankruptcy that really pushed consumer confidence to that near record level…Â Just who do these people call to “gauge” confidence anyway: just Barack Obama, the president, the POTUS, and the Teleprompter in Chief (not necessarily in that order)?
The consumer confidence survey is just that, a survey. These are not numbers based on any actual economic facts, but rather, a phone call asking consumers how confident they feel about a variety of things like their current employment situation and finances. As Zero Hedge pointed out, this begs the question: Who did they call? Because from where we’re standing, we are anything but confident.
I haven’t seen anythig close to reality coming from TPTB since 2008. Why do you think I ware this tin foil hat? Friends and family beleive the fecal matter coming fromÂ TPTB.Â
The Fact is most people only read head lines and think they understand what is happening in our country.Â Even the ones that actually read the article don’t see the facts.Â
Take theÂ Foxnews.com headline aÂ month ago; Housing sales up 27.8%, if I remember right. Well the fact is, that number was signed contracts, not settled sales.Â Â
If you know anything about the current real estate market, you knowÂ that 8 out of 10 signed contracts are going down in flames.
The head lie is just that. They are calling the 47.3% of the population that receives a government check. Yeah we be good, my chec alwaysÂ come on time. Need I say more?Â Â Â
I saw that on ZH Â also. Â lmao! Â I own a business Â and I can tell you nothing is getting better, here. Â Â I wish those Â Bozos would call me….I’d give them some consumer confidence they could book.
This link is from a man of great integrity, John Williams.Â I have subscribed to John’s ShadowStats websiteÂ for a year now and it debunksÂ all of the ObamaÂ and Bernanke economic propaganda, false data, and outright liesÂ with the realÂ facts.Â Â Definitely worth a read and a reliable reference point for your readers.Â Â
Paul, I am not a subscriber but I visit regularly to check current stats. The Hyperinflation article you linked to was the inspiration for my article on hyperinflation at:
There was another article he put together a few months later where he got into food supply disruptions, etc.:
I am glad Williams is out there, otherwise we might have no idea what real unemployment, GDP, etc. are.
I must mention however, that I am not sure hyperinflation is something we will see in the near future. A few years out — perhaps even 5 years out…. But in the near future, I am leaning towards asset price collapses…
Comments…..Mac, I think we’re going to see both, price of assets collapsing, while the price of necessities increasing.Â Therefore people won’t have any collateral to borrow against anymore.
You can already see a huge increase in food and energy prices, we don’t reallize how dependent this economy isÂ on the constant creation on new debt, when that stops everthing stops. Mission acomplished everyone is in debt which equals salvery.
We haven’t even taken the effects of the spill yet into consederation, food price are gong to soar, along with unemployment, we’re only in the first phase of aÂ major collapse.