Ace of Spades HQ

July 14, 2010

Unexpectedly: Fed Reserve Leaders Say Recovery Is "Slower Than Expected"
— Ace

Recovery Summer, baby. Catch the fever.

Federal Reserve leaders marked down their expectations for growth and inflation last month, concluding that the economic recovery is proceeding more slowly than they had thought in the spring but that the slowdown did not warrant new policy actions.
But Fed leaders did agree to explore options for supporting the economy further in case conditions worsen.

Posted by: Ace at 11:10 AM | Comments (75)
Post contains 88 words, total size 1 kb.

1 This would make a good joke if it wasn't so serious. These lying assholes have become a parody of themselves.

Posted by: Vic at July 14, 2010 11:12 AM (/jbAw)

2 So! This Truman North walks into a bar...

Posted by: Truman North at July 14, 2010 11:13 AM (e8YaH)

3 Just saw this on CNBC, it caused the room to be silent, you could hear a pin drop.

Posted by: curious at July 14, 2010 11:14 AM (p302b)

4 But Fed leaders did agree to explore options for supporting the economy further in case conditions worsen.

The Fed's job is not to "support the economy", even if they could without having it cost all of us more than it produced. The Fed's job is to protect the integrity of the dollar. They suck at that.

Posted by: progressoverpeace at July 14, 2010 11:15 AM (Qp4DT)

5 If only we had a budget to determine the unexpected slow down on the deficit.

Posted by: Dr. Spank at July 14, 2010 11:15 AM (uqo0a)

6 Out of vague curiosity, what exactly would be expected news? Other than that Obama is dreamy.

Posted by: alexthechick at July 14, 2010 11:15 AM (aZnh/)

7 What about the 3 million jobs Joltin' Joe says have already been saved or created?

Have you no faith, Ace? Another five or 10 trillion smackaroons will make everything jus' fiiiiiinnnne.....

Regime Change. It's time.

Posted by: MrScribbler at July 14, 2010 11:16 AM (Ulu3i)

8 Imagine how unexpectedly slow it would be if the gave us the real numbers.

Posted by: FreakyBoy at July 14, 2010 11:16 AM (uKraB)

Every time the Dow closes below 10,000, I go home and make s'mores*. It's symbolic of how the house is burning down and the fire crew showed up with cans of gasoline instead of water.

*For reals. Assemble, wrap in foil and bake at 350 for 10 minutes. Catastrophe never tasted so gooey-gooey good.

Posted by: Joanna at July 14, 2010 11:16 AM (HaYO4)

But Jim Cramer said recovery was just around the corner!

Posted by: Miss'80sBaby at July 14, 2010 11:16 AM (/h097)

11 This is a Big Fuckin' Deal!

Posted by: Joltin' Joe Biden at July 14, 2010 11:17 AM (qzAe1)

12 The Federal Reserve acted stupidly.

Posted by: Barry Obama at July 14, 2010 11:18 AM (P33XN)

13 "Slower than expected"? Would be out of line to take this as meaning the Administration fully intended to crater our economy, and simply weren't competent enough to finish the job? 'Cause that's how it feels.

Posted by: Keith Arnold at July 14, 2010 11:18 AM (Jdtsu)

14 The reaction of those who have lost their jobs or those who will be seeking employment once they graduate was not positive, it was down right devastating and I felt really really bad.

Posted by: curious at July 14, 2010 11:18 AM (p302b)

15 My cock could make better economic policy than Obama, and it only has an 8th grade education.

Posted by: Dr. Spank at July 14, 2010 11:19 AM (uqo0a)

16 "...the slowdown did not warrant new policy actions."

Of course not. All those unemployed are just being "Un-American".

Posted by: GarandFan at July 14, 2010 11:20 AM (6mwMs)

17
today in the same news blurb I heard:

"The recovery is showing signs of heating up as Intel reports record earnings!...and June retail sales were down again for June, following the downward trend from May."

So the big picture shows the 'recovery' does not exist, but the important part is that one company, Intel, is proof that the recovery does indeed exist. We live in Bizzarro Universe.

Posted by: you make me want to smoke at July 14, 2010 11:20 AM (uFokq)

18 Oh, and it might be a good idea to put both those running the economy (Tax-Free Timmy, for example), the advocates of continued wasteful, unsustainable spending (Krugman and everyone at the NY times, for starters) and the mindless bull-market-forever cheerleaders (Kudlow, damn near everyone who appears on the "business" TV shows, and many others) out to pasture.

Give them an unlimited supply of Monopoly money and let them pretend they run things. That, plus limo service and TV cameras pointed at them, will keep them distracted while productive, intelligent people repair the damage they've caused.

Posted by: MrScribbler at July 14, 2010 11:20 AM (Ulu3i)

19 Unexpected : the new expected.

Posted by: MikeTheMoose at July 14, 2010 11:21 AM (0q2P7)

20 Obama Administration Unexpectedly Inflates Saved Jobs Report! would be just as good of a headline.

Posted by: dfbaskwill at July 14, 2010 11:21 AM (usjNq)

21 Didn't the Fed say the recovery would be.

A: Jobless.
B: Dog snot slow?

And it is going slower than "expected"

How fuzzucked are we exactly Fed?

Posted by: MikeTheMoose at July 14, 2010 11:22 AM (0q2P7)

22 Posted by: you make me want to smoke at July 14, 2010 03:20 PM (uFokq)

Listen to the call. The growth was in enterprise, not the consumer. They first uttered the phrase "jobless recovery" shortly after they took office. They knew.

Posted by: curious at July 14, 2010 11:23 AM (p302b)

23 Hair plugs, Biteme, says all is well.

Who you going to believe Joe or your lying eyes?

Posted by: Kemp at July 14, 2010 11:23 AM (2+9Yx)

24 Look. I'm sorry. I f*cked the economy so hard last night, there's no way its recovering now. I'm like that.

Posted by: Will Folks at July 14, 2010 11:23 AM (IhQuA)

25
Not surprising. My take is that printing presses are running at maximum capacity.

Posted by: fapo at July 14, 2010 11:23 AM (3bo9E)

I will henceforth be known as - The Secretary of the Debt.

and, Timmeh!

Posted by: Timmeh! Geithner at July 14, 2010 11:24 AM (qzAe1)

27 I thought the printing presses have come to a grinding halt.

Posted by: curious at July 14, 2010 11:24 AM (p302b)

28 But Fed leaders did agree to explore options for supporting the economy further in case conditions worsen.

Posted by: conscious, but incoherent - placing my bet now at July 14, 2010 11:25 AM (YVZlY)

29 24 Look. I'm sorry. I f*cked the economy so hard last night, there's no way its recovering now. I'm like that.
Posted by: Will Folks at July 14, 2010 03:23 PM (IhQuA

BULLSHIT. Hard? WTF when?

Posted by: Nikki, the charka loving shigh at July 14, 2010 11:25 AM (2+9Yx)

30 I mean it's not like we haven't been reading about this, that some haven't been posting links to sites like Zero Hedge and clusterstock and seeking alpha and deal breaker where people have been questioning the rosy outlook.

Posted by: curious at July 14, 2010 11:26 AM (p302b)

31 Check out this putt...

Posted by: Barry Obama at July 14, 2010 11:27 AM (P33XN)

Hey, we're going to talk about the recovery, but first, you will all blow me!

Posted by: Ben 'Helicoptor Head' Bernanke at July 14, 2010 11:28 AM (YVZlY)

33 Ah, Ace....what spinter am I looking at with the ad here....looks like a bung hole, sn--ch, or a cervix... not appealing. It is black, is this a signal of racism?

Posted by: ford at July 14, 2010 11:28 AM (Ki7fm)

34 Not surprising. My take is that printing presses are running at maximum capacity.

Printing presses are so 1935. We just say the money exists now. We don't actually ever print it.

Posted by: MikeTheMoose at July 14, 2010 11:30 AM (0q2P7)

35 If this recovery got any slower it would be going backwards. Hey come to think of it...

Posted by: TheQuietMan at July 14, 2010 11:30 AM (1Jaio)

36 I think we could make a good deal of money printing up Mel Gibson's choice rants on t shirts.. they are hilarious, and he is clearly a manic depressive not in treatment.

Posted by: ford at July 14, 2010 11:31 AM (Ki7fm)

37 Need some input from the morons: Do putts break left more in Maine than around the DC area?

Posted by: Barack Hussein Obama - always trying to improve my game at July 14, 2010 11:32 AM (YVZlY)

@28

Cut. Jib. Newsletter.

(Note to self: buy more shiny metal)

Posted by: Retired Buckeye Cop at July 14, 2010 11:32 AM (3P3G8)

39 And those options would be... what? Hopes dreams and happy thoughts? Because we're fresh out.

Posted by: MikeTheMoose at July 14, 2010 11:35 AM (0q2P7)

40 One of my friends just tweeted "so is this the signal that we are indeed in for a double dip?"

Posted by: curious at July 14, 2010 11:35 AM (p302b)

41 Someone at the Fed is going to get a spanking for speaking the truth.

/Slow Joe! Bring the bus around!

Posted by: shibumi at July 14, 2010 11:37 AM (OKZrE)

42 What are they going to spank 7 people?

Posted by: curious at July 14, 2010 11:37 AM (p302b)

43 related headlines from a financial site:

Barcly's cuts Q2 gdp estimate from 4.5 to 3.0%.
Fed sees 5 to 6 years of economic weakness
Weakest post recession recovery on record.
Bloomberg poll finds 71% think economy mired in recession
BDIY posts the largest overnight drop of 4.5% in the most recent 34-consecutive day trounce in dry bulk shipping rates.
Retail sales down .5% "unexpectedly"
Mortgage applications sink to 13 year low.
Auto sales plunge 2.3%

Not the type of barbecue I was looking for this recovery summer.

Posted by: Guy Fawkes at July 14, 2010 11:38 AM (JSghx)

44 Frankly, after Sickly Spring gave way to Recovery Summer, I am not looking forward to Life Support Winter.....

Posted by: Critical Condition Autumn at July 14, 2010 11:38 AM (8g9qq)

45 "In the Carboniferous Epoch we were promised abundance for all,
By robbing selected Peter to pay for collective Paul;
But, though we had plenty of money, there was nothing our money could buy,
And the Gods of the Copybook Headings said: 'If you don't work you die.' "

....

"And that after this is accomplished, and the brave new world begins
When all men are paid for existing and no man must pay for his sins,
As surely as Water will wet us, as surely as Fire will burn,
The Gods of the Copybook Headings with terror and slaughter return! "

Posted by: MikeTheMoose at July 14, 2010 11:40 AM (0q2P7)

46 I thought I had hemorrhoids until I discovered I was just feeling the burn of Recovery Summer!

Posted by: Dack Thrombosis at July 14, 2010 11:43 AM (P33XN)

47 Kipling rocks,

One of my favorites:

"They copied all they could follow
but they couldn't copy my mind
So I left them sweating and stealing
a year and a half behind."

Posted by: Pawn at July 14, 2010 11:49 AM (emF0q)

48 _{^{"Former SEC Chairman Harvey Pitt: You Could Clip Together
2,000 Copies Of The Â“Pre-BOOTY Call Agreement,Â” Slap On A Dodd-Frank
Cover Page And No One In Congress Would Be The Wiser"}}

Posted by: curious at July 14, 2010 11:51 AM (p302b)

49 Unexpectedly, the electric bill, telephone bill, and the car payment keep coming due every month.

Posted by: sifty at July 14, 2010 11:55 AM (BDP/V)

50 We are so boned.

Posted by: DelD at July 14, 2010 11:56 AM (lDcoK)

51 The unemployment rate at this house hit 50% on 6/30. Unexpected? Hardly! She got a severance package.

Posted by: Pecos Bill at July 14, 2010 11:57 AM (8WOM0)

52 Are we talking soup line boned, or Mad Max boned?

Posted by: Rat Patrol at July 14, 2010 11:58 AM (dQdrY)

53 "The economic outlook had softened somewhat and a number of members saw the risks to the outlook as having shifted to the downside."

"Participants generally anticipated that, in light of the severity of the economic downturn, it would take some time for the economy to converge fully to its longerrun path as characterized by sustainable rates of output growth, unemployment, and inflation consistent with participantsÂ’ interpretation of the Federal ReserveÂ’s dual objectives; most expected the convergence process to take no more than five to six years"

"In sum, the changes to the outlook were viewed as relatively modest and as not warranting policy accommodation beyond that already in place."

Courtesy of the folks at Zero Hedge...the highlights....

The minutes in their entirety are here

Posted by: curious at July 14, 2010 11:59 AM (p302b)

54 So I guess scratch-off tickets are becoming a viable retirement option. That, coupled with my moonshinin' bidness might get me through the long, cold Winter of Obama.

Posted by: ErikW at July 14, 2010 12:00 PM (9BzMV)

55 Another 5 to 6 YEARS of weakness...nice job Barry.

Posted by: william at July 14, 2010 12:01 PM (CSh9B)

56 Just heard on the news that they "saved or created three to five million jobs"...I wish they would be more specific.

Posted by: curious at July 14, 2010 12:02 PM (p302b)

57 ESPN has picked up what Rush spoke of yesterday regarding Steinbrenner and taxes that the government will "miss out on because of a loophole in the estate tax". "Miss out on"? Awwwww.

Posted by: Doc at July 14, 2010 12:02 PM (MYT77)

58 My wife just went back to work this week after summer TV hiatus.

She notes no fewer than six known Obama stickers have been removed from cars (including a Volvo and a Prius) on her show alone. She also reports that it is very very quiet on set during break times.

Even the most die-hard moonbats are scared shit-less of Obama's obvious failures.

It would be funny if it wasn't a depression.

Posted by: sifty at July 14, 2010 12:02 PM (BDP/V)

59 One of my friends just tweeted "Bush set the layup all he had to do was carry the ball and he dropped it"

Posted by: curious at July 14, 2010 12:03 PM (p302b)

60 "It would be funny if it wasn't a depression.

Posted by: sifty at July 14, 2010 04:02 PM (BDP/V)"

It's what they said it would be in the early days of the administration "a jobless recovery"

Posted by: curious at July 14, 2010 12:05 PM (p302b)

Just heard on the news that they "saved or created three to five million jobs"...I wish they would be more specific.

They must have top men on it.

Top. Men.

Posted by: ErikW at July 14, 2010 12:06 PM (9BzMV)

62 Posted by: ErikW at July 14, 2010 04:06 PM (9BzMV)

They said VP Joe is talking it up...

Posted by: curious at July 14, 2010 12:07 PM (p302b)

Well, I'm sure that Dudlow would make it clear as to how this is part of the plan. Economic recovery is just around the corner and Geithner promised him lower taxes.

Posted by: ed at July 14, 2010 12:33 PM (Urhve)

Look bitches, I don't have a clue about nothin', so I told everyone to just lie.

Fore!

Posted by: Barry Sotero at July 14, 2010 12:38 PM (LBXax)

Federal Reserve leaders marked down their expectations for growth and inflation last month, concluding that the economic recovery is proceeding more slowly than they had thought in the spring but that the slowdown did not warrant new policy actions.

Translation:

We're so far beyond fucked we couldn't catch a bus and get back to fucked.

Posted by: Larsen E. Whipsnade at July 14, 2010 01:05 PM (6BgmB)

66 Jeebus. Did you see those comments over at Zero Hedge? A lot of the jargon is over my head, but the part about this being a gut shot to the market I think I got.

Posted by: Wodeshed at July 14, 2010 01:20 PM (BP84Z)

67 I fucked up. I fucked up bad. QE Infinity dispatched!

Posted by: Carry the One Checker at July 14, 2010 01:23 PM (R4rMI)

68 The sun rose unexpectedly this morning...

Posted by: Merovign, Strong on His Mountain at July 14, 2010 01:54 PM (bxiXv)

69 'Recovery' is slower than expected?! Your 'recovery' is tracking the Great Depression, what's the rush?

Posted by: t-bird at July 14, 2010 01:55 PM (FcR7P)

70 Slow recovery? You don't recover from a quintuple bogey from the ladies tee. Oh, that recovery...

Posted by: Barry O'Putt-Putt at July 14, 2010 01:58 PM (FcR7P)

71 Hard to look at this and not be reminded of all those funemployed who got that way through no fault of their own. A shame everyone's gonna get shit on. Too bad that O&Co cant be the ones to realize the pain.

Posted by: irongrampa at July 14, 2010 02:05 PM (ud5dN)

Unexpected. I do not think this word means what you think it means.

Posted by: Inigo Montoya at July 14, 2010 02:52 PM (0ONli)

73 That's "unexpectedly slower than expected" to you rubes. Have a little respect for the elites.

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74 zentai suits wedding bags

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Posted by: Henry at November 22, 2010 08:35 AM (xx5FU)

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