Goldman's Hatzius Launches Pre-Emptive Mea Culpa

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Mon, 03/07/2011 - 00:05 | 1025227 Careless Whisper
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when i see goldman and hatzius in the same sentence i don't even read the article

Mon, 03/07/2011 - 00:18 | 1025244 defender
defender's picture

Let me summarize it for you then:

"I am considering getting an new job.  I know that people are more likely to hire me if I actually make correct calls.  This is the first time in months that I have actually talked about reality in a release, so please pretend like you didn't see it, unless you are a prospective employer."

Of course, you can't just walk away from the Kool-Aid when you work at Goldman.

Mon, 03/07/2011 - 01:48 | 1025402 Orly
Orly's picture

Jan Hatzius is the best economist in the world.  What's your track record lately?

Mon, 03/07/2011 - 10:01 | 1025777 thepigman
thepigman's picture

Anybody that puts "3.5% GDP" and

momentum in the same sentence is

an idiot. This is paltry.

Mon, 03/07/2011 - 10:43 | 1025929 freedmon
freedmon's picture

Could you please define "best"? He doesn't seem to be doing so well here, nor as we've seen has he been very accurate recently.


Mon, 03/07/2011 - 06:49 | 1025542 Twindrives
Twindrives's picture

Monkey Obama and his pet chimp Bernanke now have the perfect cover for the coming U.S. dollar hyperinflation and NY stock market debacle they have so incompetently's all MENA and oils' fault. 

Of course the CIA is involved in causing the spontaneous combustion of U.S. backed regimes in MENA and Obama being a ex-CIA operative himself knew he could count on his Langley based buddies to provide the cover that he and chimpster Bernanke needed to exonerate themselves from the coming economic disaster.


Obama and Bernanke deserve a banana each. 



Mon, 03/07/2011 - 08:10 | 1025577 Judge Judy Scheinlok
Judge Judy Scheinlok's picture

"count on his Langley based buddies".

His Reston based buddies own banana farms.

Mon, 03/07/2011 - 00:19 | 1025245 holdbuysell
holdbuysell's picture

Isn't this playbook well-known by those with an historic perspective (the Goldman's).

After reading the "Dying of Money..." book, it seems that this is simply running according to plan.

Mon, 03/07/2011 - 00:25 | 1025250 Misean
Misean's picture

1. The recent numbers show a US economy with a lot of momentum." This is often the case when a train comes of the rails and heads over a cliff.

2. All this is basically what we have been expecting since the sharp upgrade to our growth forecast in December.  And by itself, it is not a reason for the Fed to tighten monetary policy.  After all, there are tons of boxcar still being pulled to the edge of the cliff.

 3. However, there are several reasons why we are not yet ready to change this call.  For one thing, it would be a mistake to extrapolate the speed of the recent drop into the chasm as either terminal velocity or the rocks below the cliff will decrease acceleration. This should flatten out many things.

4. Moreover, Fed officials themselves continue to sound quite dovish, however a few five ounce birds cannot lift a multi-ton locomotive, no matter where thye grip it.

Mon, 03/07/2011 - 00:22 | 1025251 Yardfarmer
Yardfarmer's picture

an exemplary display of gobbledegook

Mon, 03/07/2011 - 00:22 | 1025253 bob_dabolina
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I don't trust any guy named Jan or Stephanie.

Mon, 03/07/2011 - 08:02 | 1025570 Judge Judy Scheinlok
Judge Judy Scheinlok's picture

What about Shalom?

Mon, 03/07/2011 - 00:29 | 1025267 gwar5
gwar5's picture

"Never trust a banker who wears socks" -- John Dellinger.

Mon, 03/07/2011 - 03:19 | 1025475 StychoKiller
StychoKiller's picture

The understatement of the Century:

"The increase in oil prices is emerging as a more meaningful downside risk to growth later in the year...."


Mon, 03/07/2011 - 00:30 | 1025268 Billy Shears
Billy Shears's picture

I especially like the use of the phrase: "as distortions unwind".

Oh yeah, not to mention the biggest distortion of them all, the mother of all distortions: ZIRP AND UNLIMITED FIAT CURRENCY PRINTING. Praise the Lord and pass the ammunition.

Mon, 03/07/2011 - 00:34 | 1025271 Billy Shears
Billy Shears's picture

I especially like the use of the phrase: "as distortions unwind".

Oh yeah, not to mention the biggest distortion of them all, the mother of all distortions: ZIRP AND UNLIMITED FIAT CURRENCY PRINTING. Praise the Lord and pass the ammunition.

So good, I had to post it twice!

Mon, 03/07/2011 - 01:04 | 1025323 Milton Waddams
Milton Waddams's picture

LOL wut? The first phase of monetary tightening, when it eventually never arrives, will be represented by the Term Deposit Facility. That is, ask not what your central bank charges you for short term cash, ask what you can charge the central bank for holding your cash. In other words, lock them dead presidents up lest the trillion in excess reserves leaks into the "real" economy, causing a tailwind to inflation. The Bernank had a bit of a gaffe in one of his recent testimonies - he was like, we are not like Japan, the massive excess reserves aren't going toward broad lending (oh shit, what did I just say, people are (irrationally) upset that banks are not making easy loans to unqualified borrowers like the good old days and this run contrary to the conspiracy of the confidence game), erm, I mean they are making loans but not enough to be inflationary.

Fed Funds Rate is a complete joke when depository institutions are sitting on a trillion-plus LOLars in ill-gotten loot.

Further, TD is spot on. This iConomyth bit the administration's apple. If my memory serves me correctly, the overwhelming majority of iConomyth's pivoted under pressure from the administration.

Fuck jobs, what this country needs is more liars, I mean confidence artists. Cult, anyone?

Mon, 03/07/2011 - 03:20 | 1025477 StychoKiller
Mon, 03/07/2011 - 01:06 | 1025325 Caviar Emptor
Caviar Emptor's picture

Dear customers. Don't blame us cause we told you so but did you listen? No. 

Mon, 03/07/2011 - 01:32 | 1025380 Scottj88
Mon, 03/07/2011 - 07:58 | 1025566 Judge Judy Scheinlok
Judge Judy Scheinlok's picture

Looks like Rosie might be allowed back into the country. Maybe employed by the Squid, maybe not.

Mon, 03/07/2011 - 08:08 | 1025575 nohweh
nohweh's picture

Doubleplusgood Doublespeak

Mon, 03/07/2011 - 08:54 | 1025634 slewie the pi-rat
slewie the pi-rat's picture

tyler, i don't think we should be too picky-picky about para's 5 & 6, above, by the haz-mate...

reflation is working!!!  the "higher" fuel "costs" are re-flatedly transformed by the econometric engines of capital formation into...the sta-puff marshmallow man?

and, the REAL estate market, where most head-wedged sheeple are still waaaay over-invested, may, indeed, recover in 7-10 years, too! ...right after the wealth from the Dow reaching 25,000 is "re-invested" there, of course...

Mon, 03/07/2011 - 10:11 | 1025805 lieutenantjohnchard
lieutenantjohnchard's picture

exactly: cya, and blame it on the oil analysts if his calculus proves ridiculous.

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