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Consumer confidence WAY up!

Discussion in 'Business & Economics' started by top gun, Apr 28, 2009.

  1. top gun

    top gun New Member

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    President Obama seems to slowly be getting on top of the Bush Recession? Only been 100 days but I like seeing reports like this. I've read about several good turns lately from a lot of different sources. Good for us!

    Consumer Confidence Jumps Despite Pigs Flying
    by McDonald Group Realtors on April 28, 2009

    Despite the outbreak of swine flu and the low level Air Force One fly over of NY city causing panic and evacuations yesterday and even in spite of the economy in general, guess what? Consumer confidence is up and not just up, but WAY UP. Economists expected an uptick, from 26.9 points in the NY Based Conference Board to 29.5, but it instead jumped to a whopping 39.2; yet another sign we may have hit bottom and are beginning to make the trek back up. I’ve been hearing more and more “we’ve hit bottom” from some economists and even a one liner in an article about 2 weeks back in the Oregonian home section, but this article with MSNBC.com mentions the same thing “another sign the housing crisis could be bottoming”, article available here. They mention in that same paragraph that home prices dropped sharply again in February but for the first time in 25 months it was not a record breaking drop.
    Good news seems to be coming more and more, given it’s not real rosey yet, but seems to be headed in the right direction.


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  2. BigRob

    BigRob Well-Known Member

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    I would be cautious until the stress test results are released. You also have commercial loans starting to be a big problem for banks, many of which are quietly commenting (regional banks especially) that they will need more money.

    I am not sure that the market has factored this in as of yet and it seems to remain skiddish on some good news here and waiting to see if the bad news is coming. I think volatile days are still in the future of the market.
     
  3. Pandora

    Pandora Well-Known Member

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    Everyone at my work is bracing themself for the worst. We lost many people and the rest of us took pay cuts and hour cuts, starting July 1st its going to be bad. No one is buying we are all in saving mode and we are all scared.
     
  4. top gun

    top gun New Member

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    Oh I'm not saying the Bush Recession is a thing of the past. This isn't a 100 days in office and it's fixed thing, far from it!
    I'm just enjoying a little good news.

    Just reading interesting reports and posting what the buzz is... that things have went from virtually all bad to now mixed.

    And a rising consumer confidence index is an often used barometer indicating better future overall conditions. We also see the Stock Market creeping back up little by little.


    But I'm not rushing things. I don't truly expect things to be glaringly better than the end of 08 until probably the middle of 2010.

    But it is historically interesting... a similar Consumer Confidence effect happened and also in a fairly quick time frame with President Clinton after he won election over Bush #41.


     
  5. BigRob

    BigRob Well-Known Member

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    As things tend to do in recessions, regardless of who holds office.

    Well, it has been hovering around 8,000 or so for awhile, had a big day today, but it is mostly just volatile attempting to grab on to any good news it can find. Up always beats down though.

    If anything that would seem to indicate that the "doom and gloom" of "this is the next Great Depression" has been shown to be bogus. Bush #41 left office with a mild recession, if this recession follows suit, it would seem this would was really not all that bad.
     
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