Glazer: Forget Local/National Media Spin, The Economy Still Sucks!

Well, Kansas City is your income going UP?

Is your home’s value increasing? Do your friends brag about how great business is? The answer is a loud NO! Then how come CNN and CNBC as well as most news outlets say, "We’re out of the recession and people are spending again!" 

The stock market proves it, right? It’s doubled in three years since the crash.
 
I do think – or rather believe – that it’s gotten so bad here our government’s begged the media to deliver good news on the economy for a change. TV did this, especially on the financial channels and evening news. Things are better speeches. Invest in restaurant chains, people are eating out, shopping, buying cars, going on trips.

So they say.

Yes, people are buying cars, you can get a new one now for 10 to 15 grand. They do wear out and we need to replace them every now and so often. But I haven’t see too many expensive ones out there that are new, have you? Shopping, yes credit card spending with women is up. Because they HAVE NO CASH! 

Also new clothes makes one feel better about being broke. Housing is in the shitter, getting worse not better. Nobody can borrow money to buy a home unless they have a 740 credit score and a six figure income. Or want a really cheap home. Housing is still horrible nationwide. Bad. Travel, well Vegas during the week is still empty, even though they give the rooms away.

Even my friends who ‘dance’ say it is terrible. No money coming in at all.

In KC, I have almost no friends who say they’re doing well. Oh, it’s better than last year or the year before. And sure, some of them are well to do, but even they bitch too. I have lots of friends who are still looking for a good job, while they have a crap one to buy food and pay the rent.

I was watching CNBC morning news/stock reports yesterday. They had two Harvard MBA students on the show. Both said two years of school would cost $150,000. And only 11 percent get in that apply. Asked if it was worth it in this economy, they both said, "Well, we now have a great opportunity to make something special happen with our future careers, become entrepreneurs." 

Which really means, there is no work, we are fucked – we should have known better than to waste $150,000 on this stupid idea.
 
I don’t see anyone eating lunch out anywhere. There are no waits. Ever. Except at fast food and BBQ joints. There’s precious little night club biz, except a decent amount on Saturdays. 

If its nice out.

The town’s fairly dead. Shopping is a weekend gig – there’s some at Oak Park Mall, none to speak of on the Plaza during the week. It’s sad. Yet businesses stay open. There is hope.

Maybe tomorrow these "news" stories about the econonmy bouncing back will come true.

Things are getting better. Right?

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23 Responses to Glazer: Forget Local/National Media Spin, The Economy Still Sucks!

  1. Guy Who Says What Others Think says:

    Glazer…sorry fuckstick, u r wrong on home buying in KC
    I just closed on a brand new $250,000 dollar house in the KC northland on Jan. 24. I have neither a 6 figure income, nor is my credit score at 740. It’s under 740. You can still get FHA loans even if your score is around 680. So quit talking about shit you have no clue on.

  2. olathecat says:

    don’t buy it
    People are still able to spend thousands on a crappy seat at the Super Bowl. People even paid 200 bucks to tailgate in the parking lot. The events I’ve been to at the Sprint Center lately have been sold out. The restaurants I go to are ALWAYS packed with people.

    I guess people might be putting all of that on credit cards, but that’s on them and their stupidity. I just don’t buy that the economy is in the crapper. I just don’t see it. The job market could be better, but people are able to get jobs. The people I know, anyway.

  3. Markus Aurelius says:

    big deal
    The primary point of Glazer’s post is still accurate — despite what the MSM wants to force feed us to believe, the economy is still stagnant, at best. Are houses still selling? Sure, but ask any realtor – the housing market is not back and home values are not yet increasing.

  4. Guy Who Says What Others Think says:

    The housing market was inflated anyway.
    Housing market is not back? To where? To where it was 7 years ago? Well no, and it probably shouldn’t be. You had homes selling for 30,000 more than they were really worth. A new, basic 3bed, 2 bath home with a 2 car garage was selling for 160K or higher. The square footage was around 1500 or even less. That’s nuts. The whole idea that banks aren’t lending money is a bunch of crap. You can have a credit rating under 700 and get a loan. Is the economy booming? No. Is it improving? Hell yes.

  5. Henry The Sports Czar says:

    Glazers Points are True
    I think Glazer’s points are clear, the government maybe is proding the media to help fix this economy by kinda lying for the ‘greater good.’ Yes I believe they are. Person who calls him a fuckstick, very funny, not, you may have slid into a home loan no doubt, the man’s point is that home market is slow and houses have been downsized in price. That is all very true. Does the future look bright? It’s anyones guess.

  6. Morey says:

    Right On
    I have had to take a much lower paying job this past year. I was let go from my old one that I had for sixteen years. Glad they are doing well, I’m not. Many of my friends are still looking for decent paying jobs, know any? Hard to find , when you do lots of compition. Yes I want to see it improve, but I don’t see much movement yet.

  7. bschloz says:

    0%- Risk On
    Fed is out of bullets…last ditch effort with continuous QE and POMO operations to create Wealth Effect.
    Hot Money is going to emerging markets and all commodities. No inflation in CPI due to housing and CRE crash.
    Kind of a sick joke on middle class with everything we consume rocketing up….food,energy,health care, tuition.
    Unprecedented for Fed to come out and say we want stocks to go up…trying to flush money out of fixed income into the casino.
    Nothing more than Wall Street getting all coked up again….we’ve already seen this movie a couple of times in last 10 years.
    Extend and Pretend at least until 2012 election.

  8. Pissed Off says:

    Love bschloz
    Good call bschloz, what do you do for a living if you don’t mind me asking? You are so smart. Maybe the best comments come from you on this website. Craig Glazer once again, good post, like when you are doing this type of story instead of drugs and girls. Just me I guess.

  9. Guy Who Says What Others Think says:

    Yes, home prices are down from where they were…
    It’s called a “market correction”. The sonsofbitches were overinflated in price anyway. I’m counting on America bouncing back. Everytime I go out to eat or drink, the restaraunts are packed to the gills. Always an 45 minutes to an hour wait. I’m sorry but Glazer’s statement about not being able to get a home loan is garbage.

  10. harley says:

    AGAIN…GLAZER….YOU ARE WRONG AGAIN….PLEASE STOP!
    1.Homes: The housing market is heating up because people now believe that the prices have
    hit rock bottom. No you don’t need a 740 score…the government is financing 80% of the homes
    now to keep the economy growing…you can buy with a 620 and good payment history…but you
    need 20-30% down minimum.
    2. Unemployments down to 9%. the problem with the unemployment numbers is this…they still
    count people who have left the job market forever…people who are done working are being shown
    as on the unemplyment rolls and thats jacking the numbers up.
    3. Still cheap money out there…low rates to refinance and cut payments and thats what spurred the
    boom in the 2000-2008 period. If you have credit you can stil get a great rate and buy the house you want.
    4. Shoppers are coming out. Retail sales are going up. People want to buy….and we’re seeing they
    are being more price conscious but they are still spending money.
    5. Cars: truth is noone is buying cars. Look at the adson tv…low lease rates is all they promote because
    payments for buying will make it literally impossible to sell all those vehicles. Average age of cars on the
    road now is 6 plus years. Dealers selling older high mileage cars are making big money…
    now….the real facts about what is happening in america.

  11. Guy Who Says What Others Think says:

    Agree with Harley…
    Using myself as an example, I was able to get by with only 3.5% down…and this was just last month…and my rate was in the 4.5 – 4.75% range. Home loans are indeed available, and achievable. And you don’t have to be making a shitpile of money either.

  12. KU Forever says:

    Harley Really?
    Where do you go eat? When I go out, even south, its only busy early evening and on weekends, little lunch business. Maybe I go at wrong times. Home market is way down, the guy meant pricing not so much maybe buying, not sure. Things don’t seem much better to me, but you know best Harley.

  13. HARLEY says:

    SEE WHAT HAPPENED IN EGYPT…..ITS COMING TO AMERICA…….
    WE’VE BEEN FUCKED…AND NOW THE HARD TIMES BEGIN……AND ITS GOING TO
    BE THE END OF AMERICA.
    What we are seeing is a massive move by the ruling and rich class of america to siphon off everything
    that is left for middle and lower income americans (98% of the population).
    This is a plan thatwill gut america of everything worthwhile and worth saving. We are headed
    to third world status…and its planned and ready to take america down.
    1. corporation and high income americans: They are paying about one third the effective tax
    rate of normal middle class americans. the politicians extended their tax breaks at a time that
    revenues were essential. with the loopholes/the tax accounting/and the ability of the corporations
    to lobby for laws that save them billions its left this nation in a huge hole. the cuts the politicians
    are talking about will kill everything that is important to middle american (education/housing/vital services
    such as police and fire protection)/and everything else that the government can take away from the
    98% of the americans need and want. The politicians have essentially bankrupted this nation and they
    are going to try to get back in line financially on the backs of average americans.
    Corporationss in the u.s. now hold 2 trillion dollars in their balance sheets…money that could be invested
    in this nation and expanding markets here in america. Insted they are taking tht money overseas
    to invest in foreign countries while this nation goes broke. Corporate welfare is not being cut
    (subsidies to farmers NOT to grow product/subsidies to oil companies/subsidies even to companies to
    send jobs offshore to other nations (WTF is this about)! oVER 200 BILLLION DOLLARS A YEAR IN
    CORPORATE WELFARE WILL CONTINUE BECAUSE THEY HAVE THE VOTES IN CONGRESS AND
    IN THE WHITE HOUSE TO PROTECT THEIR OWN GOVERNMENT GRAB BAGS.
    2. taxes: the rich and major corporations are sending billions to offshore accounts to avoid paying
    taxes. The government themselves estimated that this is costing the government over 100 billion
    dollars in taxes that are illegally being sent overseas. The government knows the people and companies
    illegally doing this but they won’t take action to bring these tax cheats to trial. Imagine another 100
    billiondollars in tax revenues…that puts a lot of police and services back to middle america that
    they have paid for…but now will not get.
    3. WAR: 200 BILLION DOLLARS A YEAR FOR WARS NOONE KNOWS WHY WERE FINGHTING
    AND WHAT THE END GAME IS ALL ABOUT. BRING OUR KIDS HOME NOW….LEAVE 30,000
    THERE….AND BRING IN SOME HEAVY ARTILLERY/HUGE BOMBERS AND GO AFTER THE
    ENEMY AND OBLITERATE THEM AND THEIR SUPPORTERS
    4. lobbyists….they’ve ruined this nation and taken the power away from average americans in doing
    what is right for this nation…
    5. energy: we’re running out of oil and the price in 2012 is to be $5/gallon…no fucking lie!
    Obama came out with a strong energy program only to have the oil companies squash it.
    Imagine 1 trillion dollars that we send to our enemies in saudi arabia/and the middle east
    staying in america……..imagine finding new alternative energy sources in the next 5 years..
    but the corporations will killit…the politicians who need the campaign money will kill it….
    and america will be high and dry and that $5/gallon gas kills america for good.
    WE MUST WAKE UP….WE MUST TAKE TO THE STREETS TO SAVE THE COUNTRY OUR
    PARENTS FOUGHT FOR.
    I AM NOT A TEA BAGGER…I AM NOT A REPUBLICAN OR DEMOCRAT…I WAS ONCE A
    LIBERAL DEMOCRAT BUT NOW HAVE SEEN THAT THIS NATION IS HEADING TO
    A HUGE MESS.
    YOU HAVE SEEN WHAT HAPPENED IN EGYPT AND TUNISIA AND WHAT WILL NOW SPREAD
    TO OTHER NATIONS ACROSS THE GLOBE.
    IT IS COMING TO AMERICA. WE NEED TO TAKE BACK THIS NATION NOW.
    TO THOSE WHO ARE WAITING FOR A MIRACLE…ITS NOT GOING TO HAPPEN….
    WE MUST TAKE BACK OUR GOVERNMENT BECAUSE THEY DON’T GIVE A SHIT ABOUT
    ANYONE OF US…UNLESS WE BACK THEM FINANCIALLY!
    WATCH….WHEN THEY MAKE THOSE CUTS IN MEDICARE…MEDICAID….SOCIAL SECURITY
    AND THEY LET THE CROOKS ON WALL STREET WHO ARE KILLING THIS NATION GO
    FREE….IT WILL BE THE END OF AMERICA AS A GREAT NATION………….
    EITHER WE RISE UP….OR WE WILL COLLAPSE UNDER THE WEIGHT OF THE MESS THESE
    POLITICAL HACKS HAVE PUT US IN.
    THE REVOLUTION TO END AMERICAS DOWNWARD SPIRAL IS COMING……

  14. Cowboy says:

    I had to move to get work
    Hey I had to move to Texas for work. did live in kc, hated to move, glad I did. Go chiefs.

  15. Good Person says:

    WTF Harley
    You just wrote forever how Glazer is wrong..again. Now you say we are going down. Which is it?

  16. Guy Who Says What Others Think says:

    two different harley’s
    one has his name in all caps, the other doesn’t.

  17. Cliffy says:

    I think Morey …
    …is really Hearne.

  18. harley says:

    1. glazer facts off/story right 2. bschloz is 100% right
    some of glazers facts are off…but essentially he is right. But the economy will recover
    and the middle class will still never recover.
    bschloz is right….the wall street gangsters are licking their chops at the chance to get
    their hands on social security and other government money…and then we’ll see what
    the casino does to america.
    harley is right….100% right…and until we all wake up and see whats going on in america
    right now we’re all just like sheep going to slaughter.
    hpefully someone will lead us out of this mess…although its not anyone on the national
    scene now who will do it…it will take a massive revolution the likes this nation has not
    seen ever.

  19. chuck says:

    I’m so fuckin stupid that I
    agreed with everything Glaze said, and then agreed with EVERY SINGLE COMMENTER!!! Sheesh…

    Laplace’s Demon would have a hard time getting his arms around the variables in this economy.

    Two salient points seem to reoccur again and again in conversations that at first blush, can seem mutually exclusive. The arrogation of economic resources by an ever diminishing percentage of the population (Google this stuff—estimates are that 1.5 to 4% of the population controls 35% of the wealth and another 10% of the population controls another 50% of the wealth—I would be very interested in what BSCHLOZ says about this…) coupled with the decline of the numbers and power of what has been for decades, considered, THE MIDDLE CLASS. This Anti-American chimera is now our country’s real time, realpolitik.

    Our industrial base, seems to me, eviscerated, and the former employees of said companies, now wear cardboard hats. Captains of industry, aided and abetted by slimy American beaurocrats and oligarchs, promised the masses untold wealth by way of NAFTA, easier immigration policies, and looking the other way when Wall Street used the term laissez fair to metaphorically cut our fuckin economic heads off on You Tube.

    The insurmountable chasm between the rich and the poor, is no longer a term, or an idea, but an emotion that many more Americans feel in their gut, as well as their wallet. As the government squanders more and more trillions on wars we shoudn’t have fought, and the Plutocrats who now control our economic future engage in an almost carnal, disgusting grab for every last penny they can squeeze out of their fellow citizens by sending jobs, money and hope overseas, maybe Harley is right.

    Time for some propaganda of the deed motherfuckers! The angst, the fear, the existential dread of the future for our kids and our families is real, and keeps more than a few of us up most nights.

    I wonder if it is just human nature to hoard, steal and cut corners to get a bigger house and faster car than your neighbor. Maybe its time for “those who hold high places” to consider a more altruistic approach to their fellow Americans when it comes to cash and goods.

    Rudyard would let me change one word, were he here…

    They paid the price to reach their goal
    Across a world in flame.
    But their own greed slew their own soul
    Before that victory came.

  20. Hearne Christopher says:

    When Houston’s closed in Fairway several years back, people were saying, “But it was always packed when I went there.”
    Yeah, on Friday and Saturday nights or prime dining time, yes. But Houston’s wants to make money seven days a week from opening until closing.

    And if you choose to attend only the big ticket concerts at Sprint or wherever, they’ll be packed. But every show is not a sellout and that doesn’t speak to how many or how few shows the venue may be hosting. People are buying record numbers of Subarus too but that doesn’t help other car makers.

  21. Hearne Christopher says:

    Who’s Morey?

  22. Gordon Gecko says:

    You Are Right
    We are simply pawns in the game of big business and corporate America. The stokc market is up cause these big corporations have let go 75% of their staff, cut backs, moving numbers and anything to make the ledger look good. Most Americans are only in the market with 401K’s and money management funds. Few trade on their own, unless they have big-time money and know whats going on. It’s always smoke and mirrors. Greed can be good, if you are wealthy not if you are in the middle or below.

  23. Rainbow Man says:

    too many lazy people
    People are complaining about the economy but they have not changed their work habits. I know several people with community college degrees and no degrees makink 350K plus. A lot of degreed people are sitting around waiting for that sweet job to land in their lap. And when they get it they will still only work 40 hours a week.
    That is the problem with America. Jobs are beneath us now. The Mexicans and Muslims are roofing houses and running gas stations while white boy jacks around on LinkedIn all day.

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