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U.S. Economic Confidence Surges To The Highest Level That Gallup Has Ever Recorded

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donald-trump-accepts-the-nomination-public-domainGallup’s U.S. Economic Confidence Index has never been higher than it is today.  The “Trumphoria” that has gripped the nation ever since Donald Trump’s miraculous victory on election night shows no signs of letting up.  Tens of millions of Americans that were deeply troubled by Barack Obama’s policies over the last eight years are feeling optimistic about the future for the first time in a very long time.  And it is hard to blame them, because what we have already seen happen since November 8th is nothing short of extraordinary.  The stock market keeps hitting record high after record high, the U.S. dollar is now the strongest that it has been in 14 years, and CEOs are personally promising Trump that they will bring jobs back to the United States.  These are things worth getting excited about, and so it makes perfect sense that Gallup’s U.S. Economic Confidence Index has now risen to the highest level that Gallup has ever seen

Americans’ confidence in the economy continues to gradually strengthen after last month’s post-election surge. Gallup’s U.S. Economic Confidence Index averaged +10 for the week ending Dec. 18, marking another new high in its nine-year trend.

The latest figure is up slightly from the index’s previous high of +8 recorded in both of the prior two weeks. The first positive double-digit index score since the inception of Gallup Daily tracking in 2008 reflects a stark change in Americans’ confidence in the U.S. economy from the negative views they expressed in most weeks over the past nine years.

And of course this booming level of confidence is not just reflected in Gallup’s numbers.  As I discussed in a previous article, the mammoth shift in the results of CNBC’s All-America Economic Survey after the election was nothing short of historic…

The CNBC All-America Economic Survey for the fourth quarter found that the percentage of Americans who believe the economy will get better in the next year jumped an unprecedented 17 points to 42 percent, compared with before the election. It’s the highest level since President Barack Obama was first elected in 2008.

The surge was powered by Republicans and independents reversing their outlooks. Republicans swung from deeply pessimistic, with just 15 percent saying the economy would improve in the next year, to strongly optimistic, with 74 percent believing in an economic upswing. Optimism among independents doubled but it fell by more than half for Democrats. Just 16 percent think the economy will improve.

On Tuesday, the Dow Jones Industrial Average closed at yet another all-time record high.

That was the 17th record close since election day, and overall the Dow is up a whopping 8 percent during that time span.

I don’t think that we have ever seen an extended post-election stock market rally quite like this one, and the U.S. dollar is rallying too.  On Tuesday, the U.S. dollar was the strongest that it has been in 14 years

The dollar hit a fresh 14-year high on Tuesday, boosted by upbeat comments from Federal Reserve Chair Janet Yellen that kept alive market expectations for swifter U.S. interest rate hikes next year than had been expected.

The greenback climbed broadly but its gains were strongest against the yen, which slid as much as 1 percent after the Bank of Japan kept monetary policy unchanged.

But of course not everything is rainbows and unicorns.  Signs of trouble continue to erupt all over the U.S. economy, and there are many that believe that Trump will be facing some very serious economic concerns very early in his presidency.

Just look at what is happening in the auto industry.  Unsold vehicles are piling up at an alarming pace at dealers all over the nation, and GM just announced that it is going to temporarily close five factories

GM has been reacting to its fabulously ballooning inventory glut by piling incentives on its vehicles. But that hasn’t worked all that well though it cost a lot of money. Now it’s time to get serious.

It will temporarily close five assembly plants in January and lay off over 10,000 employees, spokeswoman Dayna Hart said today.

And GM is definitely not alone.  Back in October, Ford made a similar announcement

In October, Ford announced that it would temporarily shut down production at one of its F-150 assembly plants (Kansas City), along with production at a plant that assembles the Escape and the Lincoln MKC (Louisville), plus two plants in Mexico. It would also lay off about 13,000 workers, 9,000 in the US and 4,000 in Mexico.

Another signal that the economy is slowing down is the tremendous difficulty that Uber is experiencing right now.  If you can believe it, they just announced that they lost a staggering 800 million dollars in the third quarter

Uber racked up pro-forma losses of more than $800m in the third quarter of this year as a price war with rival ride-hailing service Lyft in the US and heavy spending on new initiatives weighed on its figures, according to a person familiar with its recent financial performance, reports The Financial Times.

The third-quarter figures, first reported by tech news site The Information, show that Uber still faces steep losses even after pulling back from China.

I don’t understand how Uber could possibly lose 800 million dollars in three months.  Something is definitely very wrong over there.

Personally, I hope that things go as well as possible during the Trump administration.  If we truly are entering a new golden era of peace and prosperity, that would be more than okay with me.

But we should not forget that our economic fundamentals have continued to deteriorate all throughout the Obama years, and our nation has been steadily accumulating the largest mountain of debt the world has ever seen.

Unless there is some sort of unprecedented miracle, there is no way that this giant bubble that we are in at the moment is going to end well.  So it is definitely good to be optimistic, but we also need to be realistic about where we are right now and about the great challenges that we will soon be facing.

  • Aprentice

    I’m all in for Mr.Trump ever since he announced his candidacy for President.
    Brilliant man indeed.

    • XSANDIEGOCA

      What impresses me about Trump are his appointments. First rate. He is not afraid to share the power. This demonstrates tremendous inner confidence.

      • sister soldier

        Tremendous dubiousness.

      • Cinderella Man

        Tremendous awesomness

  • Cinderella Man

    It’s good the auto makers are not selling. Autos are the new subprime. I don’t think a new truck should cost $70000. Maybe they won’t be so greedy. It’s nice to see you acknowledge the truth about President Trump. Things are gonna be awesome and you need to get on board with it. I don’t get you sometimes Michael you post a somewhat positive article but you got to put a spin on it at the end. You post another article that Tom Arnold is gonna derail Trump’s presidency with a supposed tape of him saying racist statements and insulting his own son! Why can’t you just accept the inevitable? Trump will be the next president. He will be inaugurated on January 20th! No matter what no matter what no matter what!! If you voted for the man support him! Stop with the nonsensical stories that he will be stopped..you can’t stop fate or the iron will of the people!!!

  • Donald Trump

    The sheeple are stupid!

    • Mike Smithy

      Undoubtedly, the sheeple that voted for Hillary are stupid.

  • mtntrek3

    Better times I’m for as we all are. Yet, I question how for example Donald is going to pay for a trillion dollar infrastructure program. We need it ….. yet can we afford it? Funding is a serious question. As he has said in the past……. all the jobs brought back from overseas will help fund his future plans. ? Time will tell of course. The bubble Michael mentions is the greatest concern. Jesus first.

    • True grit

      Here’s a thought.
      Can He order the U.S. treasury to create 1 trillion U.S. debt free dollars?

      Pay the companies that do the work with U.S. notes (checks) redeemable at any post office.
      That would scare the sht out of the Fed.

      Can He do that??

      • Guest

        Sadly, he’d probably end up like JFK.

      • mtntrek3

        Donald has a tough order to fill. Will he do it? (Is he a magician?) …… To be seen and continued. ………… Hoping for the best……… .

        • sister soldier

          I didn’t get the impression that he is the GOP’s David Copperfield but more like the GOP’s David Lynch.

          • mtntrek3

            Lol. More of the shock and awe/ horror type. Could be. Hope he doesn’t destroy the shop in the process of saving it. A concern to me. I said two hours ago I’d sign off. Now it’s time. Take care. : ). Chris.

      • Stuey

        I have advocated the US Treasury printing their own money for awhile. But the all knowing Socaldude says that is against the law based on the Federal Reserve Act and that the Federal Reserve Act will never be repealed.

      • Alex

        Treasury belongs to the FED. Congress gave it to them in 1920’s.

        • socalbeachdude

          False. The Federal Reserve is the single largest contributor to US Treasury revenues and rebates more than 94% of its profits to the US Treasury each year making it the single largest entity contributor to US government revenues.

      • socalbeachdude

        NO.

    • alan

      He needs to bring back those trillion dollar coins they talked about a couple years ago.

      • mtntrek3

        Lol. That would help. : ).

    • Alex

      Jobs brought back from overseas mean much higher prices if made i the US. Would you pay $2000 for a new iPhone? I doubt it very much. Then, how do you think those corporations will make their profits? This is next to impossible event. What needs to be done is NOT going to be done,-period.

      • mtntrek3

        We could make most of our products here and with only modest increases in cost IF corporate would agree to a lesser income. If is the key word there.

        • socalbeachdude

          Only if robots are used. As to people there is a massive pay difference in countries such as China which pay as little as $8 PER DAY and there is no way to compensate for the difference between US base wages of $10+ per hour including the use of extremely punitive tariffs.

          • mtntrek3

            Well…. it goes back to the owners/upper management taking a pay cut.

      • Jack Frost

        How about making money selling well made consumer goods instead of borrowing almost free money to do stock buy backs in order to achieve bonuses and stock option sell points? And who cares how cheap China based Walmart goods are if no one can afford them in hte end since all jobs are minimum wage and service variety? How about winding down the behemoth banks and encourage more local banks? Bring back Glass-Stegall so the banks cannot gamble in the market, but focus on making loans capable of repayment and attracting funds by paying interest to those willing to forego immediate consumption? Most of the concepts are simple, but not easy.

      • socalbeachdude

        Most of those goods are assembled by ROBOTS and there isn’t much of a cost difference using robots in the US versus Chinese robots.

      • mtntrek3

        It’s too much in profits to me. Corporate greed.

  • Joo

    Trump have only one chance for saving US economy!
    EU and Euro must collapsed first!

    Trump needs for time to rebuild US manufacturing and economy overall!

    If the collapse start from Europe and China, he get the enough time! Devaluating of euro and yuan, give some time for the dollar and US treasury. In this meltdown, US economy will be also in crash, but Trump will get a chance for restore the system.

    If the crash start from USA, Trump will be discredited and globalists, will be one step more close to their dreams. It is a irony that bubble of a stock is boosting. Trump was elected in relation of the giant problems and fake economy. Now the people are stunned. If Trump and his administration do not understand this, that the same can cost a civil war in US or global bank enslaving.

    It is all about discrediting or empowering Trump! Discrediting or empowering the nationalism!
    The crash is inevitable but how you can play cards in your hands?

    • socalbeachdude

      Neither the EU nor EZ (Euro) will “collapse” at all and that area is now the largest economy in the world.

      The epicenter of the Grand Global Depression is and will be China which is the most egregious money creator – by far – ever seen in the history of the world. Now that is blowing up in their faces.

  • Paul Vosper

    This whole system is nothing but F…ing money ,with all you morons . this is why you assholes live like animals . DREAM ON fools , you will never be happy !!!!! ….

    • XSANDIEGOCA

      Merry Xmas to you.

  • XSANDIEGOCA

    Consider the Alternative! Would there be a National Euphoria had Clinton been elected? Would the market be hitting high after high? Would the dollar be the strongest it has been in 14 years? Would there be a skip in everyone’s step? I seriously doubt it. We have problems, big problems. A 20 Trillion dollar debt to name but one. That said, the election of Trump IS a miracle or… is it? I prefer to think it was the Divine Hand of God. Merry Xmas to All.

    • Guest

      I agree with you about our national debt, but I’m starting to think that it just doesn’t matter. It seems that NOTHING matters anymore.

      Look at all foreign nations that this country has literally destroyed in the past 15 years or so. Yet, after all the crimes we’ve committed around the world, things are improving for us or so it seems? It makes no sense.

      • XSANDIEGOCA

        I agree. It is Amazing is it not? All we can do is focus on what we can do and pray.

        • SnodtBlossom

          There is no god.

      • FireHope

        Great comment. I lived for a year in America and found some of the best quality people I have met anywhere in the world and my opinion of the USA has usually been high – by default. Then I started doing some research – e.g. recently been reading Economic Hit Men. I could not believe- I did not want to believe what America has done to entire nations. It is very difficult for me to understand. Some of the most generous, kind, friendly, courageous, moral people on the planet (Americans – but salt of the earth type people) are ruled by seemingly some of the most evil, despicable, greedy, hypocritical and power hungry people on the planet (Also Americans – but they have all this power).

        • Guest

          Well said!

        • SnodtBlossom

          Everyone wants to believe in something. America just tends to do a better PR job.

    • SnodtBlossom

      “the election of Trump IS a miracle or… is it?”
      Nope, just stupid sexism and people believing that the bombastic rich white guy is going to solve their problems.
      It’s all they’ve ever known in america.

      • Mr.Cipher

        At least Trump won’t start a war due to a menstrual cycle.

  • Guest

    It sounds like you’re finally acquiescing, Michael. I’ll admit that I am too, though I’m utterly astonished that things are as “good” as they are, especially in my area. Can it continue? Can Trump undo the damage that has been done during the last several presidential administrations, particularly the last 8 years? I don’t know. I guess that remains to be seen. But I share your reservations that you expressed at the end of the article.

  • Cinderella Man

    Disinformation spreading actively censoring posts…hmmm

  • Cinderella Man

    I don’t get it You will let the trolls say whatever they want but when someone who used to be a big supporter is now criticizing your work and is trying to get you to see that you are resorting to yellow journalism to remain in the spotlight you censor me??? That’s not free speech that suppression of ideas

    • Guest

      Certain words will cause a comment to automatically go into moderation.

      • Cinderella Man

        I used absolutely no profanity although I’ve seen other posts use foul language and the trolls that disrupt the discussions are permitted to have their say…all I did was criticize MS for his sensationalistic articles he posts on here and other sites…I think he doesn’t want my opinion in matters because I was a big supporter in the past I still enjoy his articles that are realistic and portray a real portrait of the human misery that is the reality of an economic downturn..those are the best ones.However to keep your readers in a perpetual state of fear for the sake of either trying to remain relevant or for the purpose of selling products for advertisers is a new low to me. This site used to be about finding hope for the troubled and lost not a yellow journalism National Enquirer style news site

        • Guest

          Well, it is his site, so he can do whatever he wants.

          • Cinderella Man

            It is but if he has a comments section then he should be able to handle criticism, complements or whatever people want to write. I understand the need to censor violent or racist posts but he should be able to take my criticism of posting a story about our future president that absolutely no other news source is picking up. Its outright slander and I wanted him to know that resorting to that kind of news is not a good direction for him…

          • Guest

            Huh? How did he slander Trump? I

          • Cinderella Man

            It was a real fake news story…smh that has been taken down thank God MS didn’t slander him it was a loser that said he had evidence of Trump on tape saying nasty things regardless it’s irrelevant and gone

    • FireHope

      Sorry man. I got the same thing a couple of weeks ago (2-3 comments sensored) Also no profanity, no hate etc. But I said they were creating fear based articles to generate more sales for their sponsors. Also been a supporter of the site (still am to an extent, I think overall their intentions are good). I was just shaking my head afterwards as I looked at a number of other comments that were allowed.

      • ALWAYSTOMORROW

        The road to hell is paved with good intentions.

        • sister soldier

          Yes it is!

    • SnodtBlossom

      That’s because your postings s… stink.

  • pulltheweeds

    this present bull market is just post election euphoria. same thing happened in 1928.

    • Guest

      What’s really scary is that in 1929 we didn’t have an insurmountable national debt like we have now. And a majority of Americans live on farms and produced their own food.

      Yeah, this will end well. Not.

      • alan

        I agree, bla bla bla happy days are here again…20 trillion in debt – fail!

    • sister soldier

      History records that it took WW2 to end the great depression. Although some may argue that it was the shrinkage of government and/or government spending that finally ended the great depression era.

      Modern historians describe that dark period of time for America as being in an all-out wartime economy which makes this “post election euphoria” even more concerning. The reason being that all the normal laws of economics were suspended during 1929-1939.

      What will happen this time with the added benefit of $trillions of dollars in national debt?

      • socalbeachdude

        The so-called “Great Depression was actually just a VERY MINOR AND SHORT-LIVED BLIP.

        The Great Depression itself was really nothing more than two separate periods of recession the first of which started in August 1929 two months before the stock market crash of 1929 and which lasted only until March 1933. Then there was a recovery which lasted 4 full years with positive growth in GDP until May 1937 when the economy dipped into another very short recession which only lasted until June 1938.

        http://ingrimayne.com/econ/EconomicCatastrophe/GreatDepression.html

        This time around the Grand Global Depression is likely to last considerably longer and actually started in August 2007 and will be with us last least out through the end of 2024. The affects of the GGD are being masked by huge government deficits without which GDP would be decisively negative and by such programs as food stamps which are the modern equivalent of soup kitchens for 50 million Americans.

  • Arthur Wholeflaffers

    The house of cards WILL come crumbling down under Trump. Just because Wall Street is euphoric about plundring the rest of the public’s wealth and just because a few plutocrats make false promises about bringing jobs back, these are not the times to celebrate. If you choose to ignore hundreds of outstanding previous articles from The Economic Collapse, that’s your business. But over the previous few years this site has more than amply demonstrated how America’s economy is going and has gone south for a very long time. Trump and his billionaire cabinet are going to destroy the very function of a working government and any economic development that will benefit the vast majority of the working class.

  • JC Teecher

    If one’s self-fulfillment and joy for life, resides upon the increased (hitting 20k) volume of the 30 most traded stocks in the world, then one’s life is not based on the Cornerstone Rock of the Doctrine’s of Jesus Christ.

    All other foundation rocks will crumble, decay, and disappear on the Lord’s Day.
    Coming soon to a neighborhood near you.

    • chris

      Indeed. The love of money is the root of all evil. Money is not real wealth.

      • retired22

        Go pay your bills with spirituality!

  • LIZ THE SHIZ

    what goes up must come down and bubbles always pop , only those who control this market WIN on both sides BEWARE!!

  • retired22

    it is very difficult to foresee the future because we are in unknown territory that no one has seen before.We can’t compare the economic future to past events in anything but the most general way.
    There are so many factors to consider that have not existed in the past.For arguments sake many compare today’s finances to those of 1929.
    The problem in this formula is that in 1929 their was no economic safety net to pay for,there weren’t close to 25 million government employees on all levels,there was no mass consumer markets as there are today fueled by consumer credit cards which didn’t exist in 1929.
    There was no Social Security & no Medicare & there was no gigantic Insured medical industry that today is about 15% of our total economy.
    There were no massive pension plans that threaten to go into insolvency at any time.
    All these factors,effecting each other,are impossible to gauge in importance & when & where the big correction will take us will be impossible to forecast at this point!
    It is like an algebra problem which has no constant values,only X,W & Z’s all of unknown values.

    • JC Teecher

      Very well stated.

      The unchartered territory is what is making the middle class “edgy”. On one hand they want to believe in the “new positive thinking”, era of Trump and the draining of the “swamp” thing. However; in all reality, it is easier said than done…much easier.

      In order to drain the swamp, a complete overhaul of the establishment would have to begin and end in a matter of months, not years. Ain’t happening, as many establishment on both sides of the isle are burrowed in like fat ticks, suckling off the taxpayer teat.

      If just some of the swamp is drained, there has to also be a siphoning off of the 25 million gov employees you speak of. A mere 1 million folks thrown into unemployment figures would look so devastating, that the new era spin doctors would spin their proverbial heads off their necks trying to shadow the true figures from the public. It is just not gonna happen in the space and time provided for trumpsy and his band of workers.

      I do believe Trump wants to do what is best for the Country/America, and the nation’s gov; but, talking and actually fully implementing it two entirely different things.

      Just say, he has a good run, and things begin to show a big,necessary move towards eliminating some gov waste. It will not be until the latter half or end of his term. The liberals will pull out all stops in order to get back into control, and if successful; everything will return to the same old same old destructive patterns.

      If all out war in the Middle East gets ramped up sometime in the next year….Katy bar the doors, because the hinges of the economic recovery will be blown off the door frame, as fuel/energy costs soar.

      • socalbeachdude

        Donald Trump is doing and will do what is best for Goldman Sachs.

        MAGA = Make America Goldman-Sachs Again!

      • socalbeachdude

        The term is “uncharted” not “unchartered.”

  • David

    it is no secret that Trump is the most hated president in US History and this is true even before he is inaugurated. I personally believe that the Rich & powerful Elite will Dog Trump for the next 4 years. Janet Yellin will continuously raise interest rates under Trump that will bring financial chaos to America for quite some time to come. Yes…. operation shift blame is well underway with Trump securing the Electoral College vote ensuring his seat in the Oval Office. The Middle Class & poor will suffer as the Super-Rich try their damnest to erode support for Trump in an attempt to throw him out of Office.
    Fasten your seat belts everyone, 2017 will be a bumpy ride.

    • Cinderella Man

      Speak for yourself pal…Trump is extremely beloved by MILLIONS and MILLIONS of great Americans….I can’t say the same for his predecessor

    • Mike Smithy

      Only time will tell if Trump is truly “The People’s Champion” and follows through with his campaign promises. If he is “The Real Deal”, you are correct in your assessment.

  • chris

    I would say that the problems MS details in the car industry such as massive unsold stock taken together with a Dow breaking records suggest that we are on the cusp of the next ‘official’ recession. Post election euphoria and a Santa rally are not enough i would think to hold this off. Only years of artificially low interest rates have kept this charade going so long. What TPTB do when it crashes is the real worry i think.

  • Confidence is one thing and the reality is totally different.

    Dec 20, 2016 IPOs had Worst Year since 2003. And the Dow at 20,000?

    There’s only one thing that has pumped up this market. Stock indices are frolicking in record territory. The S&P 500 is up almost 11% this year, though the gains came after the election. The Dow has been titillating the entire world, day after day, with the prospect of finally, finally hitting 20,000 after being just a hair shy of it for two weeks. So it would seem that the IPO market would be hot. But for IPOs, 2016 has turned out to be a fabulously terrible year.

    http://wolfstreet.com/2016/12/20/2016-ipo-worst-year-since-2003-reveals-sick-stock-market/

  • seekless

    One of the largest stock flyers is losing tons of cash and had loads of debt.
    So the magical formula of debt is bad doesn’t always work.

  • Richard O. Mann

    It will get deep this coming year. So many things just hanging by a rotten string. 2017 will be the year of fear. Enjoy the bubble while it lasts. Merry Christmas and Happy New Year.

  • socalbeachdude

    Interest rates are SOARING upwards throughout the US economy as a result of yields (interest rates) skyrocketing upwards in the US Treasuries bond markets which are the largest markets in the world. Bond prices are inverse to yields and so bond prices have on average crashed around 15% since July 2016. The gains in the stock market have been limited to a relatively few stocks and total gains in the stock markets are around $1.6 trillion whereas the losses in the bond markets – which are much more important than stock markets – are now up to around $3 trillion.

  • socalbeachdude

    This survey is totally contradicted by plummeting auto and housing sales and by the very substantial decline in brick and mortar retail sales this year at the end of 2016.

    • Mike Smithy

      It will be interesting to see the final numbers on holiday spending. Anecdotally speaking, everyone I talk to, is spending considerably less on gifts.

  • Stuey

    Yep, exactly…….that is what i just said………but the Federal Reserve act may be repealed one day and then the power to print currency will be back with the Treasury where it belongs.

  • socalbeachdude

    The Epicenter of the Grand Global Depression will be China

    China’s Bond Rout Triggers Turmoil as Leverage Curbs Bite

    Leverage, counterparty risks and maturity mismatch. China’s record bull run in bonds had all the signs of a bubble in the making.

    Loose monetary conditions had fueled a sense of complacency, and all that was needed to trigger a reversal was for liquidity to tighten. When expectations for faster U.S. rate increases added to pressure from rising funding costs in China, the correction in the debt market — which started in October — turned into a rout. Bond futures plunged by a record last week, the 10-year yield surged by the most in two years and interest-rate swaps reached a 20-month high.

    The selloff has sparked a chain reaction among banks, funds and brokerages as losses spread. Much of the risk stems from a strategy favored by investment firms managing bank wealth products, which involves the borrowing of short-term funds to invest in debt. A year of low money-market rates made the trade lucrative, until the People’s Bank of China started tightening funding in August in an attempt to trim excessive leverage in the financial system. Lenders began asking for their money back and cut off the supply of cash, forcing the investment firms to reduce their holdings and hedge losses with derivatives.

    “These non-bank institutions have two problems,” said Shi Lei, head of fixed-income research at Ping An Securities Co. in Beijing. “One is that they’re being discriminated against in the funding market. Two, they are commissioned by banks and when banks want their money back, there will naturally be a stampede.”

    https://www.bloomberg.com/news/articles/2016-12-19/china-s-bond-rout-triggers-market-turmoil-as-leverage-curbs-bite

  • Liberty First

    There is no sane way that the average new car should cost…what…is it $30K or more now? We are overdue.

    • socalbeachdude

      The high cost of vehicles today versus vehicles 30 years ago is largely driven by US government regulations.

      • Cinderella Man

        I don’t think so the high cost of vehicles are because they are the new subprime bubble my brother is in auto sales. They have inflated the price and give out 7 year loans it’s just like the houses. Find buyers credit score is irrelevant get them into a loan with subprime rates. He told me straight up it’s a scam. The vehicle deprecates badly but they are stuck with the loan. He reasons that is easier to repossess a car than a home.

        • socalbeachdude

          Vehicle prices have nothing whatsoever to do with the various forms of finance and leasing for vehicles today.

      • Liberty First

        True. But we don’t have to buy.

    • Cinderella Man

      New pickup can go as high as $70K

      • Liberty First

        It is astonishing.

  • socalbeachdude

    Two words: Irrational Exuberance

  • socalbeachdude

    Yuan Bears Strike as Capital Outflows Override PBOC Support

    The currency is set for its biggest annual plunge since 1994

    Forwards and options show traders see more losses ahead

    China’s renewed efforts to curb declines in its currency are doing little to dissuade yuan bears.

    Traders have turned increasingly negative amid tighter liquidity, sending bets for further losses soaring. The gap between forward contracts wagering on the offshore yuan a year from now versus its current level is heading for a record monthly jump, just as the extra cost for options to sell the currency against the dollar hit a six-month high relative to prices for contracts to buy.

    The currency is facing a triple whammy of accelerating capital outflows, faster U.S. interest-rate increases and concerns over domestic financial markets as liquidity tightens. Strategists say its weakening, set to be the biggest this year in more than two decades, may accelerate as the government restores the annual quota for citizens to convert yuan holdings into foreign exchange. President-elect Donald Trump has also threatened to slap 45 percent tariffs on China’s imports to the U.S.

    https://www.bloomberg.com/news/articles/2016-12-20/yuan-bears-strike-as-capital-outflows-override-pboc-s-support

  • Tatiana Covington

    This is what happens when one has a Capitalist for President! A Capitalist with BALLS!

  • George Reichel

    So everything’s ok now?lmao

  • socalbeachdude
  • thegeorgespyman
  • Bob McGillicuddy

    Of course stock markets are at records highs. We just elected a fascist billionaire. Other fascist billionaires *love* the idea of having Trump in charge. No more pesky regulations. Corporations will be free to pollute at will, slash employee wages and benefits, continue to have their lobbyists and trial lawyers submit new laws to their fellow revolving-door multi-millionaire cohorts in congress, and banks will be able to gamble with derivatives at a rate never before seen. Government programs will be sold off to the highest corporate bidder, who will incur giant overhead costs (i.e. executive salaries/bonuses/golden parachutes) and then charge them to the American taxpayer.

    This is how fascism works. The total merger of corporate and state interests is now underway, and, yes, it will all lead to the total collapse of the middle class. Frankly, it will be the end of the American experiment of a constitutionally limited, representative democracy. It was fun while it lasted. Now it’s time to turn the whole shebang back over to the monarchy.

    After all, that is what Trump supporters voted for, whether they know it or not. What do you expect when you put multi-billionaires in charge of everything?

  • Spatial Memory

    Juxtaposed to the hundreds, possibly thousands of crash and collapse rants has provided many many great laughs while my portfolios benefited.

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