WHEN WILL THEY ADMIT IT?

Below are various headlines just from the last 24 hours. You have the manufacturing sector in the U.S. contracting. You have unemployment claims rising. You have new and existing home sales falling, even with the lowest mortgage rates in history. You have one of the best retailers in the country announcing that their sales are growing much slower than expected. You have the biggest consumer company in the world announcing they are having big problems and is reducing their expansion. This is all in addition to the European Clusterfuck. Anyone with two brain cells can see we have entered part two of the Greater Depression. Therefore, you won’t hear it from CNBC or any of the other corporate MSM shills. Six months into the recession, they will be forced to admit it.

Philly Fed Craters

 
Tyler Durden's picture

Submitted by Tyler Durdenon 06/21/2012 10:10 -0400

One word to explain the Philly Fed which just printed at -16.6, or the weakest since August 2011, on expectations of an unchanged print: abysmal. Basically every subcomponent of the index was negative except for number of employees, although luckily we already know that US jobs (even part-time ones) are collapsing too. In short: if this horrendous print does not boost stocks higher, nothing can.

 

Unemployment Claims Hit a 7 Month High

The average of new claims over the past month, meanwhile, climbed by 3,500 to 386,250, marking the highest level in almost seven months.

 

Existing Home Sales Fall Again

Total existing-home sales, which are completed transactions that include single-family homes, townhomes, condominiums and co-ops, declined 1.5 percent to a seasonally adjusted annual rate of 4.55 million in May from 4.62 million in April. This was lower than expectations of sales of 4.57 million.

 

Markets Losing Hope After China PMI Hits 7 Month Low

 
Tyler Durden's picture

Submitted by Tyler Durdenon 06/21/2012 00:40 -0400

HSBC’s Flash Manufacturing PMI printed at 48.1 – its lowest in 7 months as contraction continues in the world’s growth engine – as inventories rise at a faster rate and new export orders plunged at the fastest rate since March 2009. Risk markets were already leaking lower before this but extended losses with ES down 6pts from the close (and over 11 from the day’s highs). Treasuries are bleeding a little lower in yield but the real action is an exaggerated slide in WTI (which is rapidly heading towards a sub-$80 handle) and EURUSD which has dropped back to the day’s lows around 1.2660. Copper, Gold, and Silver are also sliding lower as AUD weakens (as we suggested last night) back to 1.0150.

 

Bed, Bath & Beyond Stock Plunges on Outlook

Shares of Bed, Bath & Beyond  fell 14% after the retailer said late Wednesday that it had surpassed expectations with 15% higher profit in the first quarter, but it broke from tradition with a downbeat outlook, middling same-store-sales growth and gross-margin contraction.

 

P&G admits errors and slows expansion

By Barney Jopson in New York and Duncan Robinson in London

Procter & Gamble vowed to halt its expansion into new markets and focus on the biggest emerging economies as it cut earnings and revenue forecasts and acknowledged it had overstretched.

Bob McDonald, chief executive for the past three years, admitted the company had made errors and should have produced better results. “We will continue to expand our developing market portfolio, but we will do it on a more balanced pace,” he told an investor conference in Paris.

 

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ron
ron

When that mohawk guy in the road warrior shoots an crossbow bolt at someone during live tv and rides a wheelie away I always wondered why the news folk dont mind telling you about all the death and misery going on each day in a city near you but dont like talking about how bad the economy is.

Persnickety
Persnickety

US MSM = Baghdad Bob

They will keep repeating the lies they’re ordered to repeat because the alternative is somewhere between losing their job and painful death.

Persnickety
Persnickety

By the way, the 1976 movie Network summed it ALL up quite nicely. Here is only one choice part among many:

If people saw that reality way back in 1976 when “globalization” was a futuristic concept up there with flying cars and household robot maids, what is reality now?

Stigmation
Stigmation

I am surpirsed people can still watch Network. My god the truth is out there, you see it when you watch that movie and still people believe all the MSM bullshit. Unreal

AWD

Everything is going to be peachy keen until the election, even if Obama has to borrow and piss away a trillion to do it.

Europe, one of our biggest markets, is imploding. Incomes going down, unemployment. Everything happening in Europe is a preview of what will happen here.

European imports plummet:
comment image

The kleptocracy seems to have forgotten they need peasants with money to buy their crap

Tampa Gold

Snickety sez…..’what is reality now?’

This skanky coal burner……

…..comment image

Nonanonymous
Nonanonymous

“The kleptocracy seems to have forgotten they need peasants with money to buy their crap”

Do they? It seems the US has become a service economy, because, after all, the oligarchy need servants to service them.

Even slave owners in the antebellum south know that you have to feed, cloth, and house your slaves.

After the crash, the 1% will attempt to establish a two tiered economy. One for them, one for the rest of us, and enforce it with their fiat debt.

Tampa Gold
matt
matt

silver is looking tempting this morning, might be making a call to APMEX shortly here.

DaveL
DaveL

People not working, banks not lending, corporations not producing, foreigners not paying debts, Hugo Chavez dying, Hosni Murbarak in a coma, Syrians killing Syrians, heat wave on the east coast…..

All of this is just a conspiracy by everybody to keep our wonderful first Halfrican from being re-elected. You’re all racists!

Thinker

So this is what SHTF looks like…

Oh, and you may like the overall cost to create ‘green’ jobs from the stimulus bill.

Persnickety
Persnickety

Oh, reality now? Well, as of 2007, check out War, Inc.:

FutureHelot
FutureHelot

If I’m dying of cancer, but my doctor tells me I’m not deteriorating as fast as anticipated, does that translate into good news? Apparently yes it does; but only if communicated to me in an upbeat tone by my doctor’s bubbly blond assistant/mistress. Or perhaps provided it is printed in a soothing font in a recognized professional medical journal. Great news! My liver function is dropping at a much-lower-than-expected rate. I’m just fine. Self-delusion is awesome.

Celtic Tiger

They will admit it after the election. It will all be the Republicans’ fault.

Stigmation
Stigmation

I was 2 numbers away from hitting the 700 million jackpot. 4 out of 6. If I would have won, I would have bought Admin a air conditioned helicopter and all the red meat he could eat. Instead, I won 150.00 dollars. I used it to buy beer to self medicate. I am a loser. I have to franklin….

mary malone
mary malone

You know I honestly do not understand the sounds of silence that greet lies spewed by MSM on a daily basis.

People aren’t silent when you cut them off in line at a fast food joint, yet they are silent when currency is devalued, inflation spikes and their houses are stolen.

Americans aren’t the only people acting polite and compliant when they are being impoverised by the oligarchy.

Look at Japan. The fukishima power plant cleayrly melted down and spewed radiation and nuclear waste, contaminating the air, water and soil. The Japanese will surely begin to experience cancer and other radiation related illnesses. Millions will die. Yet silence.

It’s as tho a spell has been cast – just not normal reactions.

Novista

mary m

Perhaps you missed it, the Japanese prime minister giving the order to fire up two (?) reactors because they have (as always) the energy problem. (Cue a kneejerk reaction from AWD) as they have to impost so much oil and gas and coal and …

Also, I’ve seen the videos of “no more nukes” by their unicorn class. I rather doubt any of them would welcome the new era of bushido feudalism. Just sayin’ …

Reality bites.

Butthurt
Butthurt

Feudalism wasn’t that bad. At least they weren’t killing billions of other life forms everyday, polluting the sea, skies and land and generally making everyone sick. I would take feudalism any day over this wretched “advanced” society.

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