Plunge in Confidence Equals it's Steepest Drop on Record

[Beetwasher]

- Consumer confidence plunged this week, matching its steepest drop on record in more than 18 years of weekly polls by ABCNEWS and Money magazine.


The ABC/ Money Consumer Comfort Index, based on ratings of current economic conditions, lost seven points — a single-week fall that’s been matched just twice before, in January 2001 and February 1990. In each of those cases, recessions followed.

The drop erases gains through December and January, pushing confidence back under its long-term average. And expectations have worsened as well: Pessimism about the economy’s direction has jumped by 10 points, to its highest in five months.

--snip--

It seems that the more the Chimp talks up the economy, the more people think he's full of shit and believe just the opposite. Bad news for the chimp. His cheerleading and bullshit has worn thin.

http://dailynews.att.net/cgi-bin/news?e=pri&dt=040217&cat=frontpage&st=frontpageconsumer_confidence_poll_040217&src=abc

[Nite Owl]

1. Quite a Catch 22 for them

the more he talks the worse it seems and if they don't let him out we have the floor. Finally people seem to be catching on.

[lovedems]

2. That's funny on ABC news and PBS they were talking about more

signs the economy is growing. They were talking about growth in the manufacturing sector. What? I think the numbers came from the government and we all know how they are about numbers. They never add up.

[fizzana]

4. This is a trickle down recovery

and we know that doesn't work. It's a recovery where the biggest companies do all the recovering and the only benefit goes to the executives and the shareholders.

David Stockman, Reagan's economic guy eventually admitted the trickle down theory was bullshit.

That's why Bush can keep talking up the economy and spouting numbers except that it's not going to affect the average person. Even those getting jobs are getting jobs paying less with less benefits which isn't exactly causing them to whoop and holler for Bush.

[jayfish]

3. Wait Until The Repubs. Start Calling The Public Stupid...

for not seeing just how good the economy is chugging along. I have a feeling the the bottom is about to drop out for BushCo.

Jay

[RedEarth]

5. That's not good news.....

"a single-week fall that’s been matched just twice before, in January 2001 and February 1990. In each of those cases, recessions followed."


I hate the chimp, but I damn sure don't want another recession. Way too many people have been crushed by the bush economy over the last three years and many more are just hanging by a thread.

[Taeger]

6. There IS a recession

There is a recession for the poor and the middle class. The rich have were NEVER really in that much trouble.

[RedEarth]

7. I certainly agree with you

Most everyone except the wealthy have been beat up over the last 3 years and will continue to be hammered until there is major improvement in employment. If there is another "official" downturn in the economy it will make it even worse for again, everyone except the wealthy.