• Knave Dave
    05/23/2016 - 18:16
    This past Thursday marked the one-year anniversary of the US stock market’s death when stocks saw their last high. Market bulls have spent a year looking like the walking dead. They’ve...

Goldman Issues Apology #3 For Its Economic Renaissance Call

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Sun, 12/05/2010 - 22:28 | 780866 bugs_
bugs_'s picture

"The monetary policy outlook is both simple and complicated."

Could Goldman be right this time?


Sun, 12/05/2010 - 22:52 | 780956 tickhound
tickhound's picture

LMFAO!!!  yes.

Mon, 12/06/2010 - 08:32 | 781594 NumberNone
NumberNone's picture

Economics is hard.

Sun, 12/05/2010 - 22:30 | 780885 liberal sodomy
liberal sodomy's picture

ah, never mind.

Sun, 12/05/2010 - 22:39 | 780916 Bastiat
Bastiat's picture

If the apology were sincere it would have ended with:  "Should I just go fuck myself?

Sun, 12/05/2010 - 23:19 | 781033 cosmictrainwreck
cosmictrainwreck's picture

LOL....excellent. I have a new qualifying criterion... thx

Mon, 12/06/2010 - 00:39 | 781206 knukles
knukles's picture

If they'd ever acted in thier counter-party's interest, it would've ended; "I shall now go fuck myself."

Sun, 12/05/2010 - 22:46 | 780937 honestann
honestann's picture


Sun, 12/05/2010 - 22:50 | 780948 unum mountaineer
unum mountaineer's picture

Jan, my man, (word of advice): be good or be good at it

Sun, 12/05/2010 - 22:50 | 780950 Justin Credible
Justin Credible's picture

fuck people= this isn't   rock sxcience, fuck!

Sun, 12/05/2010 - 22:52 | 780957 doggis
doggis's picture

lying pricks!!!!

Sun, 12/05/2010 - 22:53 | 780962 Caviar Emptor
Caviar Emptor's picture

Ben to print more bills.

Pay me in specie.

Sun, 12/05/2010 - 23:02 | 780984 Careless Whisper
Careless Whisper's picture

how much do the zh whores get paid to publish this crap?

Sun, 12/05/2010 - 23:34 | 781072 cbxer55
cbxer55's picture

How much does it pay to be a troll?

Don't like what ya read here, leave.

Don't let the door hit ya where the good lord split ya.

Sun, 12/05/2010 - 23:43 | 781092 Careless Whisper
Careless Whisper's picture

what i don't like reading is stupid economic forecasts from mister hatzoos all in the name of trying to help idiots like you. goldman sachs are scum. zh knows it, yet they publish this drivel; so to me they acting like the fi dolla ho that they are.

Mon, 12/06/2010 - 03:13 | 781146 cbxer55
cbxer55's picture

The squid is not helping me, I have no money in any of their "banks". Do not own goldman sucks stock.

Nope, not helping me. And if I do not want to read something, I have the choice not to click the linkie.

So do you.

Mon, 12/06/2010 - 00:12 | 781154 tickhound
tickhound's picture

unsure if you... err, I.. they... ah fuck it.

Mon, 12/06/2010 - 01:47 | 781325 cosmictrainwreck
cosmictrainwreck's picture

yeah...I was thinking the same thing

Sun, 12/05/2010 - 23:53 | 781123 Tyler Durden
Tyler Durden's picture

Absolutely nothing. We rely on the donations of our generous readers. We are confused by why donations drop when zerohedge becomes a complete and total echo chamber of the type preferred by you

Mon, 12/06/2010 - 10:54 | 781859 H. Perowne
H. Perowne's picture

As long as we read only that which we agree with, we learn nothing. Sort of like the current US Community Organizer in Chief, Zimbabwe Ben, and all our other credentialed but not qualified fearless leaders. If nothing else, reading the enemy's words allows you to predict their actions (they are as frequently predictable as they are incompetent) and allows you to clarify your own thought process better. That is what ZH brings to the table. 

Sun, 12/05/2010 - 23:03 | 780989 Id fight Gandhi
Id fight Gandhi's picture

If they fail to stimulate job growth with all the printing till now, they'll just keep doing it. Smart.

Sun, 12/05/2010 - 23:09 | 781008 Caviar Emptor
Caviar Emptor's picture

QE as the national allowance. Fed has to condition the world to accept is as routine. A POMO a day keeps deflation away.

Sun, 12/05/2010 - 23:16 | 781022 Convolved Man
Convolved Man's picture

All well and good, but what does this have to do with the price of tea in China?

Sun, 12/05/2010 - 23:18 | 781028 SDRII
SDRII's picture

NYT magazine about Dimon being the least hated banker and Bernanke on TV as the NYT leads with an article on preditory china hacking. Welcome to oz. 

Sun, 12/05/2010 - 23:31 | 781067 Careless Whisper
Careless Whisper's picture

controlled media spreading propaganda

Sun, 12/05/2010 - 23:27 | 781053 George Costanza
George Costanza's picture

I believe QE is a declaration of economic war on China.  Our "leaders" woke up and realized that several million of our jobs got exported to China.  QE is debasing the dollar to help level the playing field, and exporting inflation to further level the playing field.

Mon, 12/06/2010 - 01:44 | 781314 Devore
Devore's picture

How much will have to debase, to level this playing field?

Sun, 12/05/2010 - 23:28 | 781056 Coldfire
Coldfire's picture

No apology necessary, Goldie, we already know that you can't predict the future with any material accuracy. Don't take it personally; no one else can either. Pretending otherwise is a delusion.

Sun, 12/05/2010 - 23:33 | 781070 Careless Whisper
Careless Whisper's picture

Pretending otherwise is a delusion.

correction: Pretending to be an investment bank is a delusion.


Sun, 12/05/2010 - 23:38 | 781079 UP4Liberty
UP4Liberty's picture

George Orwell, 1984:

"The Party seeks power entirely for its own sake. We are not interested in the good of others; we are interested solely in power. Not wealth or luxury or long life or happiness: only power, pure power. What pure power means you will understand presently. We are different from all the oligarchies of the past, in that we know what we are doing. All the others, even those who resembled ourselves, were cowards and hypocrites. The German Nazis and the Russian Communists came very close to us in their methods, but they never had the courage to recognize their own motives. They pretended, perhaps they even believed, that they had seized power unwillingly and for a limited time, and that just round the corner there lay a paradise where human beings would be free and equal. We are not like that. We know that no one ever seizes power with the intention of relinquishing it. Power is not a means; it is an end. One does not establish a dictatorship in order to safeguard a revolution; one makes the revolution in order to establish the dictatorship. The object of persecution is persecution. The object of torture is torture. The object of power is power."

Mon, 12/06/2010 - 01:01 | 781248 macholatte
macholatte's picture


Mon, 12/06/2010 - 04:25 | 781475 CitizenPete
CitizenPete's picture

I feel it.

Mon, 12/06/2010 - 09:02 | 781622 Ese Pinche
Ese Pinche's picture

"One does not establish a dictatorship in order to safeguard a revolution; one makes the revolution in order to establish the dictatorship.

+ # of BLS revisions

Mon, 12/06/2010 - 01:01 | 781247 knukles
knukles's picture


For which recommendation is this apology now?

Are they shooting for first place in the Increasingly Bad and Embarrassing Decisions of the Soon to Be Irrelevant Investment Advice Dispensaries Event?



Mon, 12/06/2010 - 02:51 | 781385 David99
David99's picture
These are the following sequence of events :-   Fraud Street gang = 2007 = Crisis  crisis   crisis Helicopter Ben = What happened   Fraud Street gang = 2007 = Bubble  bubble   bubble Helicopter Ben = There is no bubble, every thing is under control

  Fraud Street gang = 2007 = Housing Crisis  crisis   crisis Helicopter Ben = OK, I will reduce interest rates to satisfy you greedy buddies. Take your yearly bonus and keep quite.   Fraud Street gang = 2008 = Crisis  crisis   crisis Helicopter Ben = Now What happened   Fraud Street gang = 2008 = Bear Stearns is troubling us  Helicopter Ben = Don't worry, Bear Stearns won't be on this planet and I am reducing further interest rates  

Fraud Street gang = 2008 = Crisis  crisis   crisis Helicopter Ben = What the Hell, what went wrong now    Fraud Street gang = 2008 = Lehman is troubling us Helicopter Ben  & Paulson= We will kick out this Lehman to the galaxy, no need on earth and reducing further interest rates. We are printing $ 10 trillion but don't tell to any body on Main Street. We will keep it top secret for another 100 years. Bush = I am gifting another $ 850 billion to Fraud Street gang to calm down To Main Street = Keep working hard you slaves and pay your taxes regularly & promptly   Fraud Street gang =December 2008 = Crisis  crisis   crisis Helicopter Ben = OK, calm down boys @ Fraud Street, I am reducing interest rates to ZERO forever Take your yearly bonus and keep quite.   Fraud Street gang = 2009 = Crisis  crisis   crisis Obama = I am gifting $ 850 billion as getting me elected as President of USA, calm down boys Helicopter Ben = I am printing $ 10 trillion but don't tell to any body on Main Street. We will keep it top secret for another 100 years. To Main Street = Keep working hard you slaves and pay your taxes regularly & promptly Casino up + 50%   Fraud Street gang = 2010 = Crisis  crisis   crisis Helicopter Ben = Now what is the matter?   Fraud Street gang = 2010 = Dubai & PIIGS + Investigations are troubling Helicopter Ben = OK, I will get you QE Lite and $ 5 trillion POMO's will continue but Main Street shouldn't come to know our trade secrets and keep quite. Casino goes up another 20%   Fraud Street gang = 2010 = Crisis crisis crisis Helicopter Ben = What is the matter now   Fraud Street gang = 2010 = PIIGS + Investigations are troubling, SEC is after us Helicopter Ben = OK, I will get you QE2  and $ 5 trillion POMO's will continue but Main Street shouldn't come to know our trade secrets and keep quite. And ZERO rate of interest will continue forever. Take your bonus & enjoy Casino goes up + 1000 points To Main Street = Keep working hard you slaves and pay your taxes regularly & promptly   Thank you   Fraud FED
Mon, 12/06/2010 - 07:07 | 781561 Ned Zeppelin
Ned Zeppelin's picture

If inflation is low, why does gas now cost over $3.00 a gallon? 

Mon, 12/06/2010 - 07:15 | 781565 BW
BW's picture

The fact that almost all of their market calls are wrong, proves that there 100% trading day average is pure front running.

Mon, 12/06/2010 - 07:16 | 781566 BW
BW's picture

"their" instead of "there", typo.

Mon, 12/06/2010 - 08:43 | 781602 Tyler Durden
Tyler Durden's picture

Actually, "there" instead of "there"

Mon, 12/06/2010 - 07:24 | 781572 HarryWanger
HarryWanger's picture

Wrapped up our show and heading back West. This was by far our most successful event in 9 years of operating this business. People were spending like they were in the mid 2000's. But this time even more, a ton more.

I never put much into the "pent up demand" mantra that I kept hearing. But now? Wow, it was nothing short of insanity - like somebody said, "It's ok to spend now and everything you wanted the past couple of years, go buy it." 

We are excited and convinced that the economy is moving ahead nicely. It was beginning to show up much stronger in the Fall and has accelerated into the holiday season. In our business, consumer discretionary, the clouds have lifted and the sun is shining brightly.

Mon, 12/06/2010 - 07:30 | 781573 BW
BW's picture

What do you sell? 

Mon, 12/06/2010 - 07:34 | 781575 HarryWanger
HarryWanger's picture

Home decor, as in wall art/prints/reproductions and some smaller items. 

Mon, 12/06/2010 - 07:38 | 781576 BW
BW's picture

Small businesses with low overhead are doing well. 

Mon, 12/06/2010 - 07:56 | 781586 HarryWanger
HarryWanger's picture

Yes, I'm hearing that from everyone I talked with at this event. We should have a total of 18 employees by the end of Q1. We just signed a huge licensing agreement that will take us into international markets as well. 

We sell products at just about every price level and while the mid level products were not moving as fast, they are now moving rapidly. We never lost the high end or lower end customers throughout the recession.

Mon, 12/06/2010 - 09:15 | 781641 overmedicatedun...
overmedicatedundersexed's picture

harry, whats the problem with Harry..

keep up the dark humor harry me boy ..

some will even think it's truth which will give you even more laughs..a sick mind

Mon, 12/06/2010 - 10:05 | 781713 Tanz der Lemminge
Tanz der Lemminge's picture

Got any good deals on velvet Elvis prints - need one for my double wide.

Tue, 12/07/2010 - 03:21 | 784807 cbxer55
cbxer55's picture

LOL!  ;-)

Mon, 12/06/2010 - 07:53 | 781585 jesse livermoore
jesse livermoore's picture

is "the Harry Wag" in bed with "the Goldman Sac" , or just their mouthpiece?

Mon, 12/06/2010 - 08:02 | 781588 primefool
primefool's picture

Thanks for that input. It seems to be always "that time of the month" at zerohedge - a devastingly unproductive, unprofitable mindset.

Mon, 12/06/2010 - 09:16 | 781637 AR
AR's picture

It should not surprise anyone that firms get their estimates wrong. After all, an economist is the only profession in the modern day world, who can always be wrong (actually very wrong), and still make over $1-million per year.  What is amusing is that, market players actually expect these morons to get it right. We've had a colleague who has cleared his $7-billion hedge fund with Goldman  for 10 years. He says, like the rest of Wall Street, these analysts always get it wrong. He states that is not their job. Their JOB is to SELL.  Sell the market on creating "flow & transactions."  He also states that Wall Street is the greatest "selling machine" in the world. That there is no other industry in the world that can create and sell so many new products and services. Most of which are just the "renaming" of other older products with a new twist (like CDOs, or CDS', etc.) which for example have been around for a while, though "packaged" in some other deriviative form. So... next time you read their anaylsis, take it with a grain of salt. Research is not created to guide you with accuracy -- but rather, to create flow and volume (of which, like Lloyd Blankfein states, they are on the other side of that trade).  Buyer beware. Good luck this week everyone.

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