Another Friday Night Dose Of Squid Humiliation: Goldman Lowers Q2 GDP From 3% to 2%

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Fri, 06/17/2011 - 20:24 | 1379200 oogs66
oogs66's picture

and sadly people want to keep buying stocks because they think Greece is solved and we can't 'double dip'? 

Sat, 06/18/2011 - 06:54 | 1379879 MarketTruth
MarketTruth's picture

It is a double dip per se because REAL inflation has increased to approximately 8% yet GDP may only be up 2%, and thus the consumer is contracting.

Sat, 06/18/2011 - 11:22 | 1380124 Panafrican Funk...
Panafrican Funktron Robot's picture

Right, it's so not hard to figure out that a contraction is actually very likely by Q4, and Q3 is going to be a .8 - 1.3% print.  The man reason for the budget action delay is that government spending is the only one keeping the corpse animated.  Are we seriously not aware that even very mild austerity will put us GDP negative?  I'm not even arguing against it, it's obviously necessary, but this is not a have cake/eat it too scenario.  THOSE SCENARIOS DON'T ACTUALLY EXIST. 

Fri, 06/17/2011 - 21:13 | 1379300 Subprime JD
Subprime JD's picture

LOL Thats a man baby



Fri, 06/17/2011 - 20:32 | 1379234 buzzsaw99
buzzsaw99's picture

Like they don't KNOW what will happen. The squid and JPM give orders to the fed. Pretending like they don't own the fedgub and fedres is disingenuous.

Fri, 06/17/2011 - 22:15 | 1379397 bigdumbnugly
bigdumbnugly's picture

disingenuousness is their business.

their only business.

Fri, 06/17/2011 - 23:11 | 1379516 Thomas
Thomas's picture

Speaking of not knowing, the other morning CNBC's Car Shill (LeBeau), came on with breathless "Breaking News" about Boeing: They project plane sales to top four trillion dollars over the next 20 years. Sure glad they got that timely prediction out in the nick of time.

Sat, 06/18/2011 - 06:35 | 1379864 mayhem_korner
mayhem_korner's picture

I actually think that's on the low side.  Given the worth of the dollar, that's something like three 777s and some patchwork 737s for Southwest.


Fri, 06/17/2011 - 23:12 | 1379522 eureka
eureka's picture

Spot On - the Bernank and the Blankfein were room mates at Ivy Ilk... 

- and we know WHO was the BITCH.

Sat, 06/18/2011 - 00:45 | 1379633 Problem Is
Problem Is's picture

Did they shine each others cue balls with sex wax??

it's a bitch being two bald fuckers in college...

Fri, 06/17/2011 - 20:34 | 1379238 gwar5
gwar5's picture

Keynesian Multiliar Effect no longer works, either. 

Fri, 06/17/2011 - 21:27 | 1379325 Long-John-Silver
Long-John-Silver's picture

It's never worked.

Fri, 06/17/2011 - 23:51 | 1379567 luciusfargo
luciusfargo's picture

The multiliar effect seems to work reasonably well, in the short term. The multiplier effect, on the other hand...


Fri, 06/17/2011 - 20:43 | 1379250 bob_dabolina
bob_dabolina's picture

Despite some encouraging signs of stability in the “hard” data

Made my laptop move.

Fri, 06/17/2011 - 22:08 | 1379385 homegr0wn
homegr0wn's picture

This is clearly the best comment in this thread. I think many didn't understand the humor.

Sat, 06/18/2011 - 06:33 | 1379869 mayhem_korner
mayhem_korner's picture

We got it, dude.  Pointing it out makes us wonder if you're in the same room...

Fri, 06/17/2011 - 20:59 | 1379270 FOC 1183
FOC 1183's picture

Funny thing is, 2 was the logical number 3 weeks ago. At this point, it's probably closer to 1.5. And Tyler's 48 ISM is probably about right, contingent on Chicago, Dallas and Milwaukee surveys. Otherwise it will be closer to mid-40's. (and fwiw, the 53 ISM in May correlates with 1.8 GDP; 1.5 goes with a sub-50 ISM)

Fri, 06/17/2011 - 21:17 | 1379310 oogs66
oogs66's picture


Sat, 06/18/2011 - 05:18 | 1379832 LudwigVon
LudwigVon's picture

So then GS says we are growing still. Up from Q1 1.9%? (which includes lots of gov't spending)

Fri, 06/17/2011 - 20:59 | 1379283 gigeze787
gigeze787's picture

Goldman Cuts GDP View to 2% as Economy Weakens

Fri, 06/17/2011 - 21:25 | 1379323 Long-John-Silver
Long-John-Silver's picture

When do TPTB admit we are now in Great Depression II?


Great Recession, Great Depression: a sign of things to come

Fri, 06/17/2011 - 22:00 | 1379374 buzzsaw99
buzzsaw99's picture

Five years ago the S&P was at 1270. Now, after the death of FNM, FRE, the near deaths of C, AIG, GM, etc. we are back at 1270. Congrats everyone! WOOHOO! [bondz bitchez]

Fri, 06/17/2011 - 22:35 | 1379446 Mentaliusanything
Mentaliusanything's picture

the near deaths of C, AIG, GM, etc. -  The lot of them are Now the same as Lazurus with a triple bypass. 

The walking dead - nothing learned - nothing changed - nothing conglomerates who hide in high castles of vanity.

But I get your point even if we are all shareholders in vain zombies

Sat, 06/18/2011 - 12:58 | 1380320 I did it by Occident
I did it by Occident's picture

PMs bitchez!

Gold up ~2.5 in past 5 years (nominally)

Silver up ~ 3.5 in past 5 years (nominally)


Fri, 06/17/2011 - 22:31 | 1379442 JLee2027
JLee2027's picture

What industries are "growing"? I'm still confused on this.



Fri, 06/17/2011 - 22:42 | 1379463 Mentaliusanything
Mentaliusanything's picture

Think - Government spending on food stamps and various other growth industries created by debt nazis (why beat around the bush - Bush x 2).

without it and the "Wars you had to have" you would be well and truly pickin ya nose

Fri, 06/17/2011 - 23:28 | 1379537 ebworthen
ebworthen's picture

Porn, Raiders gear, meth, liquor, cigarettes, oppression.

Sat, 06/18/2011 - 00:49 | 1379641 Problem Is
Problem Is's picture

Guns, ammo, reload kits, generators, short wave radios...

Fri, 06/17/2011 - 22:43 | 1379466 Sunshine n Lollipops
Sunshine n Lollipops's picture

As Burn, Baby, Burnanke rubs his hands in wicked glee, cooing to his Mega-printer 9000, "Soon, my precious, soon."

Sat, 06/18/2011 - 00:47 | 1379637 Problem Is
Problem Is's picture

I saw The Bernank at Costco buying one of those wall mount air conditioners... Said he needed to keep the Mega-printer from overheating...

Had a pallet of ink cartridges, too...

Bernanke Buck Green they were...

Fri, 06/17/2011 - 23:42 | 1379549 mcarthur
mcarthur's picture

I've got some work to do sorting out fact from fiction but Standard was front running Goldman for a number of weeks on the copper bonded warehouse story coming out of China.

Seems Standard was ruining Goldmans position here so they got Bloomberg to pipe in to ruin Standards/FT's thesis. 

Long gone are the days when actual producer supply/consumer demand ruled.  We are now just left with smoke and mirrors in order to save speculator positions. 


Everyone should read up on the tin cartel to understand the ultimate outcome.  

Sat, 06/18/2011 - 05:24 | 1379833 LudwigVon
LudwigVon's picture

any links or helpful info other than that suggestion?

Sat, 06/18/2011 - 01:07 | 1379655 Miles Kendig
Miles Kendig's picture

First, we use our setup to identify a threshold above which the Fed might start to tighten. Assuming the FOMC moves in lumpy increments of 25bp...

There is the real news from this release.  GS is now openly talking about introducing FOMC moves in increments <25bp whenever the economy strengthens.  Japan here we come as Goldman unzips and whips out the incremental increases of 10bp cock to see how badly everyone chokes on it before attempting the standard sized 25 cock. 

Sat, 06/18/2011 - 02:36 | 1379747 libelmage
libelmage's picture

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Sat, 06/18/2011 - 02:51 | 1379761 Yen Cross
Yen Cross's picture

 Friday night "Suction Cups".    Or better yet!  Sea of CORTEZ SQUID!?


  I like how those consumer confidence numbers were swept under the rug. (71.8 vs a projected  74.2?) "Sinatra" must be Replaying," Jack the Knife" in his grave!

Sat, 06/18/2011 - 08:46 | 1379926 PulauHantu29
PulauHantu29's picture

Well, do you want Wall Street GDP which includes Fat Mega-Bonuses...or do you want Main Street GDP? There is a massive abyss between.

Sat, 06/18/2011 - 09:18 | 1379978 Yen Cross
Yen Cross's picture

You are a good poster, BTW.

Sat, 06/18/2011 - 09:17 | 1379977 Yen Cross
Yen Cross's picture

 I love Z/H . Man the sun is coming up, and my 6hour Jet lag is a little bit easier!

   I hate that Pan pacific time change. BRUTAL!

Sat, 06/18/2011 - 09:34 | 1379992 MiningJunkie
MiningJunkie's picture

RIMM implodes; AAPL implodes; S&P implodes but basket of Yukon gold explorers continues to advance with ATC.V and KAM.V reporting continued stellar world-class drill core results. GLD continues to crank along near record high levels insulating portfolios from the 7-weeks of carnage. 1966-1982 saw U.S. stocks in a trading range of Dow 585-1024 but gold advanced from $35/oz. to $857 with about 1% of the money managers invested until it hit $500.

Sat, 06/18/2011 - 09:38 | 1379998 Downtoolong
Downtoolong's picture

This is the constantly changing information they expect their clients and other market participants to use for trading and investing. Clearly it’s not the same information Goldman uses for its own trading and investing, otherwise, they could never book perfect trading quarters like they do. Clearly the information Goldman trades on is far different from what they feed us to use, which if we reacted to each time they spew it would leave us broke within a few years. I wonder what their information might be. Hey Maria Bartiromo, can you tell me anything about that? Anybody?

Sat, 06/18/2011 - 11:03 | 1380097 Hedgetard55
Hedgetard55's picture

They own the FED. They create the conditions they need to frontrun the system.

Sat, 06/18/2011 - 10:54 | 1380092 TexDenim
TexDenim's picture

I'm not offended by this. New data inputs = a new forecast. That's true even for the Goldman-Satans

Sat, 06/18/2011 - 11:09 | 1380114 LRC Fan
LRC Fan's picture

Anyone can look at the data and retroactively say "things are slowing down" when every economic report misses huge.  Just read ZH headlines and you know that.  Unemployment is "stubbornly high" according to Ben himself and yet people pay GS to basically say the same thing?  Lol. 

Then they have the balls to say "if things change, we will update our forecast."  Basically, we forecast sunny skies, but if we look outside and see rain, we'll let you know. 

Just like all the downgrades of RIMM lately.  Where the fuck were they when the stock was at $70?  It's too late now, the easy money has been made shorting or selling it.  It's like looking at a box score of a baseball game and saying "the Yankees hitters are looking good lately" after they bang out 14 runs.  Thanks for the fucking insight. 

My point is, these "research calls" have no value, because you can't trade on them.  If an equity collapses 80% and then it gets downgraded, it could easily bounce back, or fall maybe a few % lower.  But again, the easy money was already made. 

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