Q2 GDP revision
Update: 8:30 am Revision to 1.6%, est was 1.4% (original 2Q reading was 2.6%). This is only the first revision folks, it will get worse on the next print.
~How low can you go~ How can they get this number up without the Return of the American Consumer? They can’t. You need us TBTF face it.
Obama expects the Fed to save his bacon. Ummmmm bacon. Obama, unable to take responsibility, has nicely deflected the MFM to portray this as all on the Fed. Pfft. Consumers need $ to consume, period.
We have been calling for a double dip for over a year, and the fact that a trillion dollars in stimulus only got us 3 really good prints on GDP is, well, FRAKKIN PATHETIC!!!
WHAT A WASTE! Ugh! And what do we have to show for it? New infrastructure? Nooooo. I have no G-D idea what they did with all that $. At least when I blow through a wad of cash I can usually look around the house and SEE things I invested the dough in. Like a new door, or pavers, or a tankless water heater or something. These jokers can not even do that much.
Well back to the drawing board for the FED and TBTF and TPTB.
Hey maybe like Churchill said, ‘After they try EVERYTHING ELSE, they will do the right thing’ and you know, HELP CONSUMERS who are, you know, 70% OF GDP. G-D these people are stupid.
I know I know, you don’t want to help homeowners. But hey, HOUSING LED US INTO RECESSION. It will LEAD US INTO THE DOUBLE DIP (it is as we speak).
Stop throwing wads of cash at FIRE and TBTF and try listening to Scott Brown who tried to pass a WORKER PAYROLL TAX HOLIDAY. DEMOCRATS voted against it.
Gawd forbid we get to keep our money. I know lots of folks do not want to help homeowners they perceive as irresponsible but face it, THOSE PEOPLE SPEND LIKE CRAZY!
Give underwater homeowners already backed by the GSEs, who have already blown through 200B with nothing to show for it BTW, give them a 1 pg refi.
We ALREADY back the loan, we are losing nada, zip, zilch. But if they refi and free cash flow it will both stop the bleeding in foreclosures AND boost CONSUMER SPENDING! Leading to ..JOBS! You remember jobs!
But nooooooo, we cannot have all these trillions going to help ACTUAL CONSUMERS, far better to give it to BANKS who are sitting on it to the tune of 1 trillion, doing ABSOLUTELY NOTHING with it. The Fed can give away all the $ it wants, THERE IS NO VELOCITY PEOPLE!!
At least spenders, SPEND!
Consumers gotta spend.
We don’t have time for Obama’s magical export plan to kick in, even though they are crashing the USD as fast as they can to get there.
Address housing in a meaningful way. TPTB don’t seem to get that even if you are staying in your home, the PERCEIVED drop in value AFFECTS CONSUMER BEHAVIOR!!! It is our biggest asset! How could it not? (Well maybe if we were big spendthrifts like D.C. )