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Deutsche Bank's Joe Lavorgna Cuts His NFP Forecast From 300,000 To 160,000 In Two Days

Tyler Durden's picture




 

There is little we can add to what can only be classified as career suicide facilitated by terminal incompetence from one of CNBC's most beloved "economists" (in this case, naturally, Deutsche Bank's Joe LaVorgna), who just cut his NFP estimate from 300,000 to 160,000 in two days. From yesterday: "Our preliminary estimates were for +300k on payrolls and a three-tenths decline in the unemployment rate to 8.7%. However, in light of the softer tone of the data—particularly the inability of initial jobless claims to recover below 400k—we trimmed our projections. We lowered our May payroll estimate to +225k and raised our unemployment rate target to 8.9%." And from 10 minutes ago: "In light of the significant downside surprise in the ADP employment numbers earlier today, as well as the equally important slowdown in the ISM employment component, we are trimming our May nonfarm payroll projection to 160k from 225k as we previously estimated. We project private payrolls to increase 185k. We continue to anticipate a one-tenth decline in the unemployment rate to 8.9%."

And that, ladies and gentlemen, is how Joe Lavorgna does it.

 

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Wed, 06/01/2011 - 12:03 | 1329038 XenoFrog
XenoFrog's picture

Don't worry, already priced in. Buy more equities.

Wed, 06/01/2011 - 15:32 | 1329879 Northern Crock
Northern Crock's picture

....or perhaps nobody actually believes a word Joe says...hence this second "re-estimate" in 2 days from a top 5 global bank(ster) will never reach the front page in any financial publications or move the markets....and Joe if you're reading this....the 20+ point drop on the S&P is not down to you OK???

Wed, 06/01/2011 - 12:00 | 1329044 oogs66
oogs66's picture

I'm surprised he could do this from the hamptons?  And in other newes, CNBS announces stocks are up on the week, if you take into account the rally from the lows we will likely get.

Wed, 06/01/2011 - 12:00 | 1329045 SheepDog-One
SheepDog-One's picture

Gee I wish I was a real 'economist' too! Then I could get paid 7 figures for batting .000 even when I'm fed the pitches ahead of time thru my Blackberry!

Wed, 06/01/2011 - 12:06 | 1329064 Clueless Economist
Clueless Economist's picture

and to think that all I got for batting .000 is a lousy Nobel Prize

Wed, 06/01/2011 - 12:08 | 1329080 SheepDog-One
SheepDog-One's picture

You didnt even get one of MomoFaders 'I heart the FED' T shirts?

Wed, 06/01/2011 - 12:31 | 1329103 hedgeless_horseman
hedgeless_horseman's picture

...he started his professional career at the Federal Reserve Bank of New York in 1992, where he was an eCONomist on the Monetary Analysis and Projections Staff. 

 

Wed, 06/01/2011 - 12:40 | 1329223 newworldorder
newworldorder's picture

Working at the Federal Reserve is the place where all future economists of stature go to become indoctrinated. One cannot work as an economist in the financial/academic/media power structure without a FED administered lobotomy.

Find an economist with no FED or wall street work record and hire them as the next Treasury Secretary.

Wed, 06/01/2011 - 12:10 | 1329093 Cognitive Dissonance
Cognitive Dissonance's picture

It's the substantial cash award that goes along with the Nobel Prize that's the payoff for all his "keepers of the public (financial) myth" work.

Wed, 06/01/2011 - 12:05 | 1329051 Cognitive Dissonance
Cognitive Dissonance's picture

And that, ladies and gentlemen, is how Joe Lavorgna does it.

My operative tells me Joe's out of the bathroom and back at his desk. Though he is still looking a little green around the gills.

Wed, 06/01/2011 - 12:11 | 1329095 lizzy36
lizzy36's picture

HAHAHAHA as if he throws up over this.

DB clients probably use his forecasts to trade against, not with.

Here's JOE:

 

Wed, 06/01/2011 - 12:14 | 1329116 Cdad
Cdad's picture

I think he [DB] just hacked out 800 k shares of the XRT right at the bottom of the intraday channel.  So as everyone talks about the transitory nature of the ISM miss and the ADP [un]employment miss, transitory apparently does not include today...nor does it apply to bullishness on retail stocks...or confidence in the ETF arb fiasco...these things right along with  Lavorgna chunks.

Wed, 06/01/2011 - 12:25 | 1329172 Cognitive Dissonance
Cognitive Dissonance's picture

The very wise old fart who broke me in to 'da bidness' 25 years ago would say that the chart pattern high at the beginning and end of yesterday in the XRT (and S&P) was called 'rabbit ears' because it reminded him of the built in antenna of small TVs that could be pulled out and adjusted. Back then it signified a top. Nowadays it means BTFD.

Wed, 06/01/2011 - 12:29 | 1329191 Cdad
Cdad's picture

Hmmmm?  BTFD.  Never heard that one.

What would the wise old fart say about an index that takes out its 10, 20, and 50 day sma in one session?

Wed, 06/01/2011 - 12:36 | 1329205 Cognitive Dissonance
Cognitive Dissonance's picture

"Take your protein pills and put your helmet on."

http://www.youtube.com/watch?v=D67kmFzSh_o

 

Wed, 06/01/2011 - 12:53 | 1329304 Cdad
Cdad's picture

This is ground control to brother Cog, I'm stepping through the fog, and I'm choking in a most peculiar way, 'cause the ISM looked different today.

Ground control to brother Cog, the SPY is down, there's something wrong.  Can you hear me brother Cog?  Can you hear me brother Cog? Can you hear me brother Cog?

...and I'm sitting on my VIX calls, far above the world.  Joe Lavorgna's chunks just blew and there's nothing Ben can do.

 

Wed, 06/01/2011 - 13:08 | 1329369 Cognitive Dissonance
Cognitive Dissonance's picture

I hear ya brother Cdad, I hear ya. :>)

Wed, 06/01/2011 - 13:25 | 1329447 Cdad
Cdad's picture

Oops.  Now the NASDAQ composite is going to join the S&P with the inverse triple 10,20,50 sma wipe out.  I'm sure that is bullish, and dip buyers are just around the corner.

Everyone knows that if you just counterfeit US dollars and pile them into Netflix, economic activity explodes!  

Wed, 06/01/2011 - 13:39 | 1329515 Cognitive Dissonance
Cognitive Dissonance's picture

Joe L on CNBC yesterday saying we shall have a housing shortage. Too fracking funny.

http://video.cnbc.com/gallery/?video=3000024882

Wed, 06/01/2011 - 14:46 | 1329716 Cdad
Cdad's picture

Can it be?  Will the S&P wipe out four sma marks in one session?  I think it could.  If she goes bidless into the close, you might have to add another chart here, brother Cog...with those sma's drawn.

But good thing Cramer was not the least bit concerned about this utter and complete technical breakdown of...umm...everything.

Wed, 06/01/2011 - 12:01 | 1329056 BlackholeDivestment
BlackholeDivestment's picture

...paaaaaaaathetic!

Wed, 06/01/2011 - 12:05 | 1329060 RobotTrader
RobotTrader's picture

Hilarious.  Another high paid flip flopper with fancy Powerpoint presentations which are utterly useless.

Wed, 06/01/2011 - 12:07 | 1329066 Internet Tough Guy
Internet Tough Guy's picture

Joey bag o doughnuts is more accurate than your calls, Momo.

Crisis now over, nobody needs gold, but they are clamoring for bank stocks
RobotTrader - Mon, May 30, 2011 - 10:55 PM

Heh, so typical.

 

Wed, 06/01/2011 - 12:10 | 1329087 SheepDog-One
SheepDog-One's picture

'The market is not pricing in QE3, the markets are pricing in a robust consumer driven recovery'....oyyyy veyyyyyy

Wed, 06/01/2011 - 12:08 | 1329102 lieutenantjohnchard
lieutenantjohnchard's picture

hilarious. the king of flip flops, who changes his tune from post to post, calling somebody else a flip-flopper.

btw: jim sinclair sends warm regards. said he offers his sympathies to you for the losses in your widows and orphans portfolio.

Wed, 06/01/2011 - 12:08 | 1329075 pepperspray
pepperspray's picture

9.1

Wed, 06/01/2011 - 12:05 | 1329076 Corduroy
Corduroy's picture

What a FKN TOOL

How cool are sound bites though... as long as you say something new two days in a row you can forget any reference to what you said three days ago and nobody in MSM will pull you up on it WICKED

Wed, 06/01/2011 - 12:08 | 1329079 Hondo
Hondo's picture

His imcompetence shines again!

Wed, 06/01/2011 - 12:09 | 1329083 lunaticfringe
lunaticfringe's picture

I watched this douche nozzle preaching the company line the other day. Wow. Underwhelmed, to say the least.

Wed, 06/01/2011 - 12:10 | 1329086 JR
JR's picture

There is no single subject domestically to the financial picture than the spectacular increase in the Hispanic population.  What’s more, there’s no greater financial story cover-up than what this increase in the Hispanic population means to the social framework of America or to the economic implications.

Today’s San Francisco Chronicle reports on US Census statistics in a front page article - South, Midwest Tops in Hispanic Growth: Nation’s largest minority group heads to states with best prospects - noting that while California still has more Hispanics than any other state – 14 Million – “the rest of the country is trying to catch up.”  Nationwide, the number of Hispanics grew by 43 percent over the past decade – to 50.5 Million – with officials noting that “it is only going to get even bigger in the next few decades” and that “the country should expect that to show up in more elected Hispanic leaders in the coming years” with “the nation as a whole becoming far more Hispanic influenced.” 

Said Census Bureau demographer Merarys Rios-Vargas: “We do not ask about legal status.”

Total U.S. Hispanic population: up 43 percent.

Northeast:  up 33.1 percent.

Midwest:  up 49.2 percent.

South:  up 57.3 percent.

West:  up 34.3 percent.

California:  up 27.8 percent.

Texas: up 41.8 percent.

Iowa:  up 83.7 percent.

Nebraska:  up 77.3 percent.

Alabama:  up 144.8 percent.

Kentucky:  up 121.6 percent.

Source: U.S. Census Bureau

Read more: http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2011/05/31/MN031JNMA2.DTL#ixzz1O2WT6bWQ

Wed, 06/01/2011 - 12:07 | 1329091 John McCloy
John McCloy's picture

Can we get a pool going on the Birth/Death number? Winner gets a ZH T-Shirt?

I predict 90k Non Farm 

53,000 B/D

Wed, 06/01/2011 - 12:13 | 1329106 Cognitive Dissonance
Cognitive Dissonance's picture

More like 150,000 B/D number.

Wed, 06/01/2011 - 12:21 | 1329157 John McCloy
John McCloy's picture

I am keeping track Cog. I will purchase a ZH T-shirt for the nearest estimate. What is your non-farm number if your B/D is 150k. I do not think they could be so bold.

Wed, 06/01/2011 - 13:35 | 1329204 traderjoe
traderjoe's picture

My B/D estimate would be 210k. Go to this page: http://www.bls.gov/web/empsit/cesbd.htm. This current month should be similar to May 2010 - but even higher (because if a model isn't working, you should just increase it). 

Of course, it should be noted that the first part of the B/D model is never reported: when they call businesses and get no response (deaths), they still count the previously supplied number in the survey (as if the business had never closed). That's the black box of the model. Nefarious stuff. 

Edit: if I need both - NFP 165k.

Wed, 06/01/2011 - 12:36 | 1329218 Cognitive Dissonance
Cognitive Dissonance's picture

What is your non-farm number if your B/D is 150k.

140,000 to 160,000. So I'll call 150,000.

And yes, they could, would and eventually will be that bold. :>)

BTW if I win give the shit to any homeless person or SNAP recipient you trip over while walking to work. Maybe they'll get the message. :>)

Wed, 06/01/2011 - 12:47 | 1329260 John McCloy
John McCloy's picture

  Yeah your right. I wake up everyday and say " there is no chance they could attempt this one" and then I find out that if you simply surrender yourself to the fact that what will be done with the most theater to the detriment of personal liberties and economic individual liberties of U.S. citizens will be what goes down. And the MSM will follow along with the blitzkrieg of how great this all is for us. 

   If yesterdays ES lowered margins did not confirm this then I do not know what will. QE3 cannot come because it is not possible without silver/gold taking off into the stratosphere..by this logic we should be able to dechiper it is necessary. A 20% fall in the markets and scary data will not be the catalyst..they need something greater such as a threat to security or a big Lehman like event that requires more threat of martial law. This means after Jackson Hole we probably will start hearing rumors of a "small" QE package greater than QE lite but not as bold as QE2. 

   We all know the markets cannot survive any longer without perpetual QE, 0% rates, abandonment of Mark to Market so yes QE3 will need to be reserved so as not to attract attention. A market fall is not enough. The MSM will pretend we have had 2+ years of recovery anyway and this is a "Natural cycle" of economics. We know the truth however and that is the entire market is now reliant upon Fed subsidization which means free markets no longer exist and central planning is what we have..just like in the USSR

Wed, 06/01/2011 - 12:54 | 1329285 Cognitive Dissonance
Cognitive Dissonance's picture

Read this important article by Tom Engelhardt about post legal America.

http://www.tomdispatch.com/post/175398/tomgram:_engelhardt,_welcome_to_post-legal_america/

Wed, 06/01/2011 - 12:43 | 1329248 BC6
BC6's picture

163K

Wed, 06/01/2011 - 13:21 | 1329425 John McCloy
John McCloy's picture

B/D or non-farm?

Need both.

Wed, 06/01/2011 - 14:28 | 1329663 BC6
BC6's picture

B/D 163K

NFP 114K

Wed, 06/01/2011 - 14:44 | 1329723 Cognitive Dissonance
Cognitive Dissonance's picture

LOL

And I thought I was out there. Looks like I'm safely in the middle of the herd. :>)

Wed, 06/01/2011 - 14:31 | 1329677 jsmfr
jsmfr's picture

Keep in mind that the B/D adjustment is to the non-seasonally adjusted data.  You can't take the B/D adjustment and compare it to the reported seasonally adjusted change.  For instance, in April, B/D was +175K, and unadjusted increase in payrolls was +1169K, so B/D accounted for 15% of the rise. In March, B/D was +117 versus unadjusted +925K, which was 13%. February was +112K /+811K for 14%.

Wed, 06/01/2011 - 12:09 | 1329096 Astute Investor
Astute Investor's picture

29% estimate reduction = "trimming"

I wonder what constitutes "slashing" in Joey's world?

Wed, 06/01/2011 - 16:45 | 1330262 Hedgetard55
Hedgetard55's picture

+55, Astute.

That struck me as well.

 

I guess Joe is not there to provide accurate forecasts but to endorse the current propaganda meme, whatever he is told it is.

Wed, 06/01/2011 - 12:08 | 1329099 NotApplicable
NotApplicable's picture

You just gotta love the "We continue to anticipate a one-tenth decline in the unemployment rate to 8.9%."

Wannabe sophists, take note!

Wed, 06/01/2011 - 12:09 | 1329108 urbanelf
urbanelf's picture

It's uncanny how accurately these guys can predict the future after the fact.

Wed, 06/01/2011 - 12:14 | 1329115 OrdellRobbie
OrdellRobbie's picture

hahaha muhammad says no QE3!

http://www.cnbc.com/id/43237587

Wed, 06/01/2011 - 12:12 | 1329123 silvertrain
silvertrain's picture

He really gets paid to provide this information?

Wed, 06/01/2011 - 12:16 | 1329125 TheGameIsRigged
TheGameIsRigged's picture

Douche Bag's  (I mean Deutsche Bank's) Joe La V.....hittin another one out a da park!

I want what HE'S smoking!!

Wed, 06/01/2011 - 12:26 | 1329164 espirit
espirit's picture

Joe BaLogna is smoking salami.  The group can't even keep the story straight between themselves, so now you know they don't care how close the end is. 

Should you?

Wed, 06/01/2011 - 12:18 | 1329137 Mentaliusanything
Mentaliusanything's picture

Could one of you chaps run over and get the attention of the PPT away from the smutty porn channels 

Mr Market needs their warm hands for a little carousing.

 

Wed, 06/01/2011 - 12:16 | 1329142 Famous Rapper
Famous Rapper's picture

How does this guy have a job? What do "economists" do when their careers implode? Become weathermen?

Wed, 06/01/2011 - 12:35 | 1329212 traderjoe
traderjoe's picture

He's doing exactly what his keepers want him to do, to permanently and frequently spout bullish crap so they can lure retail back to their stocks and other fee products and earn their bonuses. 

Wed, 06/01/2011 - 12:39 | 1329237 JR
JR's picture

“The offshored economy is the ‘New Economy,’ which the ‘free trade’ hirelings of Wall Street and the global corporations invented in order to pay, with grants from the offshoring corporations, for their summer homes in the Hamptons.” – Paul Craig Roberts

Offshoring is not free trade. Says Roberts: “the classic theory of free trade is based on comparative advantage, not on absolute advantage… offshoring is based on absolute advantage. Thus, offshoring is not free trade.”

Writes Roberts: Ralph Gomory’s book, ‘Global Trade and Conflicting National Interests,’ coauthored with William J. Baumol, a past president of the American Economics Association, is the most important work in trade theory ever produced. This book, and subsequent papers by Gomory, prove beyond all doubt that the free trade theory set out by David Ricardo at the beginning of the 19th century is merely a special case, not a general theory.” 

As to those high profile, bought-and-paid for Establishment economists, Roberts writes: “In exchange for grants from offshoring corporations these hirelings invented ‘the New Economy,’ in which everyone would prosper as a result of getting rid of ‘dirty fingernail jobs.’  The New Economy wouldn’t make anything, but it would lead the world in innovation and in financing what others did make.  The ‘new economists’ were not sufficiently bright to realize that if a country didn’t make anything, it couldn’t innovate.”

Wed, 06/01/2011 - 12:16 | 1329145 OldPhart
OldPhart's picture

Tyler...

Off Topic, but sharable.

http://www.cnbc.com/id/43236764

"Interest rates are amazingly low and that, thanks to Ben Bernanke, is driving everything," Yastrow said. "We’re on the verge of a great, great depression. The [Federal Reserve] knows it. ..."

 

Wed, 06/01/2011 - 13:17 | 1329402 JR
JR's picture

Bullseye, OP.

The artificial driving down of interest rates to “free up credit” not only does not work, according to proof established by the late economist Henry Hazlitt, but it has the OPPOSITE effect of that intended – unemployment. Massive unemployment means there’s no recovery; there’s no such thing as a “jobless recovery.”

To decrease unemployment during the Great Depression, Hazlitt said Keynesians recommended two main remedies :

“One is deficit spending.  How good is this remedy? It was tried in the United States for a full decade during the Great Depression. What were the results?” Official figures cited by Hazlitt in his books show that: “The central and decisive fact is that heavy deficits were accompanied by mass unemployment…”

Hazlitt continues: The other main Keynesian remedy for unemployment is low interest rates… artificially produced by printing more money, i.e. by deliberate inflation… The question immediately before us is: Did low interest rates prevent mass unemployment?” …

No! Official statistics show that:  In sum, over this period of a dozen years low interest rates did NOT eliminate unemployment. On the contrary, unemployment actually INCREASED as interest rates went down. In the seven-year period from 1934 to 1940, when the cheap money policy was pushed to an average infra-low rate below 1 percent (.77 of 1 per cent) an average of more than 17 in every 100 persons in the labor force were unemployed.”

Wed, 06/01/2011 - 12:22 | 1329163 sbenard
sbenard's picture

The Pollyanna Party is taking a breather today!

Wed, 06/01/2011 - 12:27 | 1329180 TheGameIsRigged
TheGameIsRigged's picture

what? No POMO?  :(

Wed, 06/01/2011 - 12:27 | 1329181 j0nx
j0nx's picture

Just like weathermen, these financial terrorists face no consequences when they are wrong.

Wed, 06/01/2011 - 12:33 | 1329207 TheGameIsRigged
TheGameIsRigged's picture

Could you imagine a world in which they were paid based on PERFORMANCE?

Them, Bernank, the Mortgage insurers?

 

 

Wed, 06/01/2011 - 12:38 | 1329229 zeek
zeek's picture

Hopefully, he'll be receiving his own trimming soon!

Maybe I'm just naive because I don't work in the financial sector, but it is truly incredible how incompetent so many of these 'experts' are in performing their duties...

Wed, 06/01/2011 - 12:44 | 1329254 carbonmutant
carbonmutant's picture

Credibility is not a prerequisite for a job as an economist...

Wed, 06/01/2011 - 12:47 | 1329269 fastishplastic
fastishplastic's picture

joe eee eek. only reason he didn't go to 150,000 is because he read your post TD, that predicted he would. he probably wishes he could've gone lower but unfortunately like so many other eCONomists his models don't include humility - or reality for that matter. 

Wed, 06/01/2011 - 12:56 | 1329293 mayhem_korner
mayhem_korner's picture

Unabashed embarassment is such a lost art...

Wed, 06/01/2011 - 12:59 | 1329316 MonkeySmoke
MonkeySmoke's picture

This asshole can't even keep his number straight from one day to the next--From yesterday: "Our preliminary estimates were for +300k on payrolls and a three-tenths decline in the unemployment rate to 8.7%

And from 10 minutes ago:... "We continue to anticipate a one-tenth decline in the unemployment rate to 8.9%."

Who is this idiot that is "reporting" numbers that he can't even keep straight?!

If i remember correctly, last months BLSBS was 9.0%.

Wed, 06/01/2011 - 13:26 | 1329438 jmc8888
jmc8888's picture

Maybe Joe can sign up for that Fukushima Suicide Corps just talked about on CNN.  At least there he has a chance of doing something productive. 

http://www.cnn.com/2011/WORLD/asiapcf/05/31/japan.nuclear.suicide/

 

Wed, 06/01/2011 - 13:31 | 1329460 FreeNewEnergy
FreeNewEnergy's picture

I can't find the video anywhere, but yesterday morning, after the Case-Shiller shitbag, Lavorgna was on CNBC trying vainly to explain why there is actually a housing shortage.

HOUSING SHORTAGE! I kid you not. Nearly fell off my chair. Santelli's eyes glazed over and he tried to be nice, not mentioning the fact that Joe is a disgrace to Italian-Americans.

The video was probably quickly erased from all archives, lest Joe become even more of a laughing stock than he already is.

Would Joe, if he were Japanese, do the honorable thing about now and just slit his throat as he has lost all "face."

I do hope Joe is on CNBC with more regularity in the future. I do so love his brand of humor.

Yes, Joe, there's a housing shortage. All those boarded up, REO, for sale homes scattered around every neighborhood in the nation are actually occupied by rich Americans vacationing on the Greek Isles.

What a maroon!

Wed, 06/01/2011 - 13:45 | 1329522 FreeNewEnergy
FreeNewEnergy's picture

You're good, CD. I found it and didn't see your post. Thanks, and don't move! There's a housing shortage after all, and you may not find anywhere else to live.

Wed, 06/01/2011 - 13:51 | 1329540 Cognitive Dissonance
Cognitive Dissonance's picture

LOL

Anytime you have too much of something there is always a shortage coming just around the corner. Particularly if those things are 1800 sf, anchored to the ground and not consumed. I listened to it but could only stomach half and then hit to exit stage right button.

The new math my grand-kids have been telling me about. :>)

Wed, 06/01/2011 - 13:33 | 1329471 friendly manitoba
friendly manitoba's picture

too bad there are so many smart ass unfunny posts -

would be nice to be able to find the  intelligent comments without the drivel

- at least he corrects his forecasts  - doubt that few of you could do better

 

Wed, 06/01/2011 - 13:53 | 1329558 FreeNewEnergy
FreeNewEnergy's picture

 doubt that few of you could do better

Please, with the amount of data this guy - and others of his ilk - have access to, they should be a lot more accurate. Their problem is that they have to talk their book, and the Fed's book and the CNBC book, that all is rosy, stocks are on the rise and this USA is numero UNO, baby!

USA, USA, USA.

Revising your bad calls doesn't really work in the real world. You say what you mean and mean what you say. If you're wrong, you should own up to it, something nobody on Wall Street ever does.

These "economists" should be relabeled, "econo-missed."

Apologizing for their many egregious mistakes does not make them any better at what they do - badly.

Wed, 06/01/2011 - 14:05 | 1329617 SheepDog-One
SheepDog-One's picture

Ive done better calling for far worse all along while asshats like Joey Bagodonuts has pie in the sky projections and batting .000

Wed, 06/01/2011 - 13:39 | 1329505 FreeNewEnergy
FreeNewEnergy's picture

Ah, found it.

http://video.cnbc.com/gallery/?video=3000024882

Joe Lavorgna calling for housing shortage. Check it out. Priceless.

Wed, 06/01/2011 - 14:39 | 1329696 IEVI
IEVI's picture

Lavorgna should work for The Onion.

Wed, 06/01/2011 - 13:40 | 1329519 Snakeeyes
Snakeeyes's picture

Joe worked at DB with me in the late 1990s when he was wet behind the ears. He still looks the same ... and says the same things.

Wed, 06/01/2011 - 14:55 | 1329744 Gimp
Gimp's picture

Joe is a product of his environment - yes man and cock sucker right to the very end....honesty will get you no where in corporate Amerika!

Wed, 06/01/2011 - 15:23 | 1329856 Eireann go Brach
Eireann go Brach's picture

Fucking idiot!

Wed, 06/01/2011 - 22:14 | 1331229 Madhouse
Madhouse's picture

Everyone in hyper NY and DC are completely insane - once again not correctly discounting the true level of inflation out there - just look at gas v. the S&P. Pretty the only indicator one needs to know when to get short. They have little perception of just how on the edge 85% of the country is. So, what is driving global growth ? A few hundred Chinese party hacks with stakes in their real estate bubble ?  We are all going to get fracked up, friends..

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