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Posts Tagged ‘The Obama Boom’

The Obama Boom: Dow Jones Fall 512!

by Phantom Ace ( 36 Comments › )
Filed under Economy, Headlines at August 4th, 2011 - 4:36 pm

The Obama Boom myth took another hit by reality today. The Stock Market plunged 512 points in trading today. This is part of a dwonward slide that began 2 weeks ago. A total of 10% has been lost in the last week.

Stocks plunged sharply Thursday, with the Dow down more than 500 points, in its worst one-day drop since December 2008.

All three major averages tumbled into negative territory for the year as investors were rattled over an intensifying global economic slowdown and ahead of the widely-followed monthly unemployment report.

[….]

“We’re not steering this bus—it’s all coming from Europe,” Art Cashin, director of floor operations at UBS Financial Services told CNBC. “We’re hearing reports of funds drawing out of European banks and we’re pretty close to something that might turn ugly.”

“It may translate into a strain on the financials system and earnings on the multinationals, which have been carrying the load for Wall Street,” Cashin added.

The Obama Boom continues apace!

Tags: The Obama Boom, The Obama Depression, The Stock Market
Posted in Economy, Headlines | 36 Comments »

Obama Boom: More Unexpected bad data

by Phantom Ace Comments Off
Filed under Economy, Headlines at August 3rd, 2011 - 3:04 pm

The mythical Obama Boom continues to produce bad data. Service sector demand and factory orders both declined in June.

The pace of growth in the U.S. services sector ticked down unexpectedly in July to the lowest level since February 2010 as new orders received by U.S. factories also fell in June, according to reports released Wednesday.

The Institute for Supply Management said its services index fell to 52.7 last month from 53.3 in June. The reading fell shy of economists’ forecasts for 53.6, according to a Reuters survey.

A reading above 50 indicates expansion in the sector. The new orders gauge slipped to 51.7 from 53.6, while employment fell to 52.5 from 54.1.

“It is slightly weaker than expected, most of the key gauges were down. It looks like this confirms that we are in a bit of a soft patch here,” said Rudy Narvas, senior economist at Societe Generale in New York.

[….]

The Commerce Department said orders for manufactured goods fell 0.8 percent after a revised 0.6 percent increase in May. Economists had forecast a 0.7 percent decline after a previously reported 0.8 percent rise.

Who are these economists that the media claims expect good data? ARe they a

Tags: The Obama Boom, The Obama Depression
Posted in Economy, Headlines | Comments Off on Obama Boom: More Unexpected bad data

The Obama Boom: Another unexpected drop in Consumer Spending

by Phantom Ace ( 3 Comments › )
Filed under Economy, Headlines, unemployment at August 2nd, 2011 - 1:03 pm

The media still has not abandoned the Obama Myth. They still are expecting this miraculous 2nd half rebound. When bad datacomes in, they call it unexpected. Well once again reality intruded on their little dram world. Personal spending was down .02% in June.

U.S. consumer spending dropped in June for the first time in nearly two years as incomes barely rose, suggesting economic growth could remain subdued in the third quarter.

The Commerce Department said on Tuesday consumer spending slipped 0.2 percent, the first drop since September 2009, after edging up 0.1 percent in May.

Economists had expected spending, which accounts for about 70 percent of U.S. economic activity, to rise 0.2 percent.

When adjusted for inflation, spending was flat in June after easing 0.1 percent the prior month.

“The growth potential for the economy has slowed significantly,” said Yelena Shulyatyeva, a U.S. economist at BNP Paribas in New York.

The media needs to give up on the Obama Boom lie. No one believes it and most people know that this is the Obama Depression!

Tags: Consumer Spending, The Obama Boom, The Obama Depression
Posted in Economy, Headlines, unemployment | 3 Comments »

The Obama Boom: Manufacturing Slows More than Expected in July

by Phantom Ace ( 4 Comments › )
Filed under Economy, Energy, Headlines, Media at August 1st, 2011 - 10:31 am

The title of the post is the actually headline opf this story. Once again, unknown economists are wrong! manufacturing activity slowed down and using one of their favorite phrases, more than expected.

Although the pace of growth in the U.S. manufacturing sector slowed more than expected in July, contruction spending hit a six-month high in June, according to reports released Monday.

A reading below 50 indicates contraction in the manufacturing sector, while a number above 50 means expansion.

New orders fell to 49.2 from 51.6. Prices paid was down at 59 from 68. The employment index fell to 53.5 from 59.9.

The media and these mysterious economists still haven’t given up on the fictionally Obama Boom. No matter how many bad reports come out, they still expect good numbers. They are either clueless or delusional!

Tags: The Obama Boom, The Obama Depression
Posted in Economy, Energy, Headlines, Media | 4 Comments »