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Goldman Lowers Major Banks' Projected Q1 EPS By 15%
No!!!!!
Say is ain't so Goldman, say it ain't so.
http://www.thisdayinquotes.com/2009/09/it-ain-so-joe-actually-wasnt-so.html
Translation:
About the last 90 days? We was jus' kiddin' while we shorted-the-fuck-out-of the FINS.
Hey, our call is still, "Rosy." What do you want?
-Giant Squid
I miss former squid analyst Coralie Tournier-Witter. Nice set of tenticles, if you know what I mean.
The question is, will a poor Q1 performance in financials produce a general sell off in equities? If so, when in April/May will the trend reflect true valuations?
Mark Beck
no, shit sherlock, u bid em up too sell em off, lol, no more buyers for hft's and u got ram jobs coming back on mortgages, and detiorating everything, fwiw, i've been shorting up last week
This is very amusing stuff! A blockbuster Hollywood hit movie will be written about this and Jason Alexander will play LLoyd, hey?
Rockefeller is so proud of the GS boys, playing out exactly as per the family's, CFR & Bilderberg script. Money well spent as far as he is concerned, superpower bought on the cheap.
They upped their standard of living - now up yours!
"They upped their standard of living - now up yours!"
Nice. I'm stealing that one. No royalty check for you so up yours. :>)
Q1 EPS wll probably come in +50% LOL
It is only a matter of time before Meredith Whitney is correct once again. They laughed at her when she snickered literally about banks having enough capital and flat out said, " Not even close..they will have to raise more capital".Few weeks later BAC, Wells and C diluted further. She was right on saying GS was overvalued and will be right about a double dip. It is very evident the headwinds banks are facing currently will not translate into profits. There are a number :
* Mark-to-market is temporarily allowing them to fictionalize their assets, increase their leverage and postpone losses with the anticipation that they will return to bubble levels.
* Consumer credit is plunging as Zero Hedge points out frequently. This is a cycle that took 30+ years to end and the deleveraging will take quite awhile.
* FASB 166/167 which already have banks a 1 year reprieve in delyaing the rule will not give banks as of Jan 1, 2010 one year to raise the capital needed for those off-balance sheet assets. I am sure the banks have their best performing assets in those SPE's.
* Unemployment is rising and the largest job losses came in 2008. Add the 99 weeks to give us July 2010 when tremendous amount of citizens will be out of work and without income. Once these people are without income they are going to put considerable pressure on small business.
* The President according to Rasmussen polls is at or near new lows. It is becoming more evident to the general public they he was a media creation and judging by the assembly of his staff advisors heavily indebted to the Wall Street monopoly. He is also becoming aware that he will not be elected unless banks the size of GS are dismantled like Ma Bell, Bank execs face RICO charges, Bernanke or Geithner is replaced and unprecedented financial regulation akin to Glass Steagall is instated. It is not a coincidence that after announcing the Volker rule Obama got a little pop in his ratings. The political grandstanding at the expense of Wall Street will be deafening the nearer November approaches.
* Those unemployed without a check will begin to erode the prime foreclosure values which will panic banks who were holding onto defaulted homes and allowing the tenants to reside there for $70.00 a month in order to reflect the asset as "performing" to flood the market with homes which are still severely overprices. The credit history of Americans has been hit with a financial nuke. As lending standards become even more stringent and the regulations hinder the ability for banks to lend home prices will continue to fall. Homes are still 75% overprices in my opinion. Nothing will end a recession faster than affordable homes which is exactly what the banks and the Fed are trying to avoid. There can be no abolition of financial slavery for the middle and lower class. They can never again allow a single earner to afford a home, send a child to college and lead a respectable life. It now takes two earners to just barely pay an overpriced mortgage and purchase unnecessary cars and durable goods on credit while vacationing at Sandals annually.
* Unfortunately for banks lending money has never been the most lucrative business unless you exercise caution in whom you lend to and the risk you assume. They are too accustomed to high flying temporary false profits from securitization, tricky accounting and trading desks. It will become too burdenous for many of the top talent at investment banks to remain and they will jettison to hedge funds, private equity or even begin hedge funds. The glory days of Wall Street are over and I expect an SEC to emerge in the coming decade that is more feared than the IRS ever has been. Perhaps incentivizing their hirees with high paying jobs to compete with the Wall Street machine will get the job done.
* People are angry with banks in general and many people are moving their money to regional and local banks or credit unions. I personally reco to all of my friends, family and coworkers to move their money out of large U.S. banks because of what they have done to us in the past and how they are trading with taxpayer money. I use the recent Citigroup prohibition from withdrawing from your checking account without advance 7 day notice as evidence of how weak these banks are and how unprecedented the action.
* The markets already rallied 80%. As we know the banks saw much of their profits as a results of these short squeeze summer/spring rallies however those gains are near impossible to replicate.
People dreaming of "normalized" earnings should start peering at the 1984 earnings of some of these banks because as much as they will attempt to recreate this bubble it will not occur. So forget about that $2.00 EPS for BAC. Where are they going to see 22 billion in net revenue from? How can they when the first time around that 22 billion in net revenue was fictional.
You left off body odor and chronic halitosis. lol
Nicely argued John.
I wonder what this will mean for Joe Cohen's, I mean Abby Jo Cohen's, EPS for the S&P500 projection, of which she has been harping on and on?
Stocks are OVERPRICED by about 40-50% right now thanks to:
1) Fraud accounting
2) Extend and pretend
3) Mega Ben Bucks lottery
4) Market participant stupidity
5) Low volume, big players
I've always wondered if Ab Jo was a hemaphrodite.
And "the window" is getting more expensive.
The Squid is up to something AGAIN! Volume picking up heavy on the declining side so far today.
Market has topped.
The fraud rally only runs off the banks, it is over.
No one knows, says Dick Bove, the wise and fearless analyst at Rochdale Securities.
http://finance.yahoo.com/tech-ticker/dick-bove-housing-market-will-fall-...,^dji,^gspc&sec=topStories&pos=8&asset=&ccode=
Laugh....I nearly cried
Maybe they will lower their estimates on PALM too and maintain a rosy outlook.
nothing to worry about, drive on bye, everyone is smart enough to see this bubble we've seen two in ten years we will all know when to get out
delusions of crowds
people laugh at greece, yet, u add em up, it is finally becoming obvious to all taxpayers worldwide, they ain't getting what they paid for, they did not pay for stupidity and insanity, iceland says fu in a vote, greece okay it's greece yet they are mad, or maddoff, or whatever, the fear was social unrest, u let bankers bank big bonuses it's obvious u fck up royally, the last straws so they say
the only way all balance sheets balance out is 50-60 oil for 4 years, oil we loved u at 140, was tempted again at 83, and best can say is good luck.........xom buying xto top o duh morning
I found this interesting today: http://biggovernment.com/capitolconfidential/2010/03/19/the-heat-is-on-congressmans-office-says-constituent-calls-are-harassment/
India raised its rates today.
http://online.wsj.com/article/BT-CO-20100319-707991.html?mod=WSJ_latesth...
Hopefully it ignites some sanity in other parts of the world.
http://blogs.miaminewtimes.com/riptide/2010/03/wachovia_admits_it_launde...
Here to remind all : Goldman's projection in Jan 2010 was for 2010 EPS of $81 for S&P500 , now eagerly awaiting the relentless stealthy ratcheting down while the institutional portfolio managers and retail mom and pop pile into stocks and high yields of all kinds. Someone should hold the squids responsible for the pump and propaganda; and people should come together and expose the portfolio managers irresponsible bahaviour of "buy the propaganda, ignore the downgrades" - get them to pay back their freaking bonuses. It's a lie!
Bearish DOW / SP500 charts have been giving warnings for months now.
Daily charts remain overextended.
FX warnings have started with the resumption of EURO downtrend.
http://www.zerohedge.com/forum/latest-market-outlook-0
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