Talking Points Memo carries an article talking about retail sales rebounding in July, except of course the article also states that sales didn’t really rebound.
And why not, one may ask…
"Sales remain restricted by weak fundamentals including few new jobs, low income growth, high unemployment, low and volatile wealth, limited access to credit, and low confidence," said analyst Scott Hoyt at Moody’s Economy.com.
Yeah, okay, sure, what he said, except maybe that cryptic bit about ‘low and volatile wealth’.
The retail sales trend "underscores the loss of momentum in consumer spending, with no signs of a turnaround to speak of," added analyst Aneta Markowska of Societe Generale.
Yeah, no kidding, people aren’t buying stuff. People don’t got no mo. They don’t got no money either.
But here’s the deep explanation, the real profound one:
"This recovery needs time so that the damage from the housing and financial sector meltdowns can be healed further and the impression that a slow but steady upturn is sustainable can be created," said economist Joel Naroff at Naroff Economic Advisors.
"When households and businesses finally accept that gratification will be slow in coming, they will stop being so depressing and spending will return, triggering additional hiring and ultimately a stronger period of growth," he said.
Maybe Naroff has spent too much time hanging around the marketing department and forgotten how to speak normal English, or maybe he’s been hanging around the Republicans and gotten all impressed with language that sounds intelligent but doesn’t mean squat.
See, what’s important to Naroff here is ‘the impression…that a(n)… upturn is sustainable can be created’. Yeah, Joel, how about you pay your rent with an impression of money, or feed your kids impressions of food.
And that bit about ‘gratification will be slow in coming, they will stop being so depressing and spending will return’? Oh me oh my, you mean we’re all so depressed because we can’t get our jollies from instant gratification at the supermarket anymore? Or is it that our suffering is ‘so depressing’ to you and yours? Why else would you say ‘depressing’?
How about people being depressed because they don’t have frigging jobs and can’t pay the damned rent or the damned mortgage and don’t know if they can put food on the table tonight and they don’t see any chance of that changing anytime in the near future? How about they see that, and they also see fatass fatcats like Joel Naroff accusing them of whining about a lack of instant gratification while his financial buddies on Wall Street suck up taxpayer money to support their fatass bonuses and fancy lifestyles? And how about Naroff whining that we’re making him depressed because we’re just all oh so caught up in whining about our lack of instant gratification?
And lest anyone doubt Joel’s Wall Street ties, he served as Chief Economist for TD Bank, Commerce Bank, First Union Bank, and Fidelity Bancorp.
You want to know what gratification is, Joel? Gratification is poking you in the eye when you dump on people struggling to keep from drowning in your twisted, greed-ridden, brutal economic system.