Goldman's Jim "BRIC" O'Neill Now Openly Taunting Market Skeptics

Tyler Durden's picture

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bugs_'s picture

Could Goldman be right this time?

homersimpson's picture

Just like Obama is "right"..

Fish Gone Bad's picture

If anyone read "Margin of Safety" by Klarman, Zero Hedge had it up over the weekend, then you know how all of this will end.  You know this because it has happened again and again and again over time.  20 years ago it was the junk bonds that blew up, now it is all those CDOs.  All that toxic paper created by bankers just to earn commissions.

 

MrTrader's picture

No, loudmouth Goldman is playing the old volatility dispersion game. If you have enough alumni friends around you sitting in at least 20 befriended hedge funds you can allow to do so, isn't Jim ? So why did you take tax payers money you carnival barker ?

reading's picture

He might want to stop in with those UK retailers again after they actually looked at their sales numbers

 

Ned Zeppelin's picture

He'd need to brush up on the Heimlich maneuver if they reviewed those figures during dinner.

Wonder what they ate? Fresh human baby?

Leo Kolivakis's picture

They should both STFUP!

What_Me_Worry's picture

Dear Mr Oneil,

I disagree with you.

Love,

The Euro

if's picture

Where would it be without the SNB ?

HarryWanger's picture

Actually, BP could dictate today's final move. Any official announcement that there has been great success will give the market one more thing to be happy about and send it flying. 

On the other hand, a grim prognosis and look out below.

homersimpson's picture

I'm sure sooner or later he's going to parlay his attempts to throw darts blindfolded into a Tom Vu type-ad for financial advice..

http://1.bp.blogspot.com/_KNJyR_TT3zo/RqKAWEao3_I/AAAAAAAAAFY/f1PGKSBtXs...

 

Cursive's picture

@HW

If you think BP has anything to do with this market move, it is another sign of your trollishness.  This move is predicated by the strengthening of the Euro, which was itself predicated by the ChiComms saying that they weren't selling.  Question is, do you believe the ChiComms?  Since you seem to buy the CNBS/Liesman reporting, you probably do.

Cognitive Dissonance's picture

We will be told either nothing or that all is well until the markets close for the weekend tomorrow afternoon. Then the truth, if it is negative, will come out.

We must remember that as they plug this gusher, the pressure will build within, acting naturally to defeat any resistance they have managed to apply with the weight of the mud. They are trying to fill the entire pipe below the sea surface with mud in order to "plug" this gusher. It may or may not work and it may not last.

JiangxiDad's picture

I know there's an analogy somewhere here to the oil spill, hiding the details, trying to plug it, etc, and the economy, and the morons who run it-- but I can't find it right now.

Cognitive Dissonance's picture

The pressure of the truth of reality, that the various governments efforts to deny the deflationary collapse by endless money printing along with public assumption of private debt to prevent that from crashing, is a natural pressure. 

This pressure is so similar to BP trying desperately to stop the natural pressure of an uncapped well from destroying their own credibility, along with a sizeable portion of the economies of a few states.

They could care less about the environment. They are concerned about their short term viability as a company that is increasingly being discussed next to the words "nationalization".

Ned Zeppelin's picture

I understand the next move is to plug the well by stuffing it full of overfed BP executives.   

Cpl Hicks's picture

It's there, just keep looking!

Hint: 0bama at todays press conference...pathetic oil-soaked sea mammal.

Coldcall's picture

Jim, than man in the bubble.

Jim only says that because he knows the US, EU, UK and now the stimulus addled Chinese refuse to let the crap hit the fan. He knows they wont allow the collapse which should have occured a long time ago. He knows they cannot stop releasing ballast as the sub sinks to the bottom of the sea.

he is right, but for all the wrong reasons. Jim represents the epitome of all thats wrong with the system.

 

Gully Foyle's picture

Coldcall

http://www.nakedcapitalism.com/

President Kucinich also announced a new “Marshall Plan” for war-ravaged Europe, which has descended into near anarchy since the EU collapsed in late 2010. He called on the Italian Red Brigade army to end its siege of Berlin. He promised to begin an airlift of food for Europe’s starving millions, to be followed by industrial products to help European nations to begin to produce for domestic consumption. He called for an end to fiscal austerity and argued that since each nation had adopted its own currency with the collapse of the euro, each now had the ability to “spend by crediting bank accounts.” Hence, “whatever is technologically feasible is financially feasible.”

Wall Street rallied on the news, with Nasdaq reaching a new high of nearly 250 and the Dow hitting 1150—the highest levels seen since the Great Crash of October 2011. The dollar also rose on the news, to $52 per Chinese RMB. Optimism spread to Japanese markets, with the yen remaining close to 132 per dollar.

In his statement, President Kucinich said that the long “nightmare” was coming to an end. He struck a conciliatory tone when he responded to a question about the actions of the administration of President Obama in the early years of the Great Depression, which many believe to have set the stage for the Great Crash. “Look, President Obama as well as his successors followed the advice of economists—who continually called for more fiscal austerity, much like the misguided physicians used to bleed patients to death. They were, and still are, clueless. I promise you that I will ban all economists from my administration. I will not seek, nor will I follow, advice from economists.” After a decade of suffering over the course of the second Great Depression, the nation breathed a collective sigh of relief.

The President pointed to the experiences of China, India and Botswana, the only nations to escape the Great Depression. He recalled that just a decade ago, US GDP and the standard of living of the average American were many times higher than those in any of these nations. Indeed, Botswana was widely derided for its policies, which had generated hyperinflation. Yet, each of these countries had adopted a job guarantee and had developed programs that achieved full employment with wage and price stability. And while unemployment rose dramatically all around the globe, these three nations enjoyed full employment and rising living standards—indeed, all three have surpassed the US median real household income level. President Kucinich said that Botswana has offered to send advisors to help get America’s fiscal and monetary policy back on track. He proclaimed that the days of misguided fiscal austerity are over, and promised to “spend whatever it takes to get our nation’s workers and factories operating at full capacity.”

In related news, a handful of economists have declared their support for President Kucinich’s policies. Among them is former Fed Chairman Alan Greenspan, who had recanted his belief in free market economics early in the depression. Over the years he has moved ever further to the left as he embraced reforms ranging from socialized medicine to abolition of private ownership of the means of production. While some economists have dismissed Greenspan’s public statements as the rants of “a senile old man” others have noted that the statements have become remarkably cogent in contrast to the testimonies he used to provide as Chairman. An early disciple of Ayn Rand, Greenspan’s recent testimonies now include obscure quotes from Marx, Lenin, and Rosa Luxemburg. He has also been calling for the elimination of the Fed, arguing that monetary policy and fiscal policy should be consolidated in the Treasury Department.

*Disclaimer: Some of the events reported here have not been fact-checked**.

**Disclaimer: Actually, none of the events reported here has yet occurred, although some are quite likely.

trav7777's picture

Garbage.

The yen will deflatively implode before the dollar.  The yuan is being printed into oblivion.

Lndmvr's picture

" They were and still are clueless" should be changed to " at least they have met thier maker and we don't have to put up with that crap anymore"

TraderMark's picture

Must read David Einhorn op-ed in today's NYT

http://www.fundmymutualfund.com/2010/05/david-einhorn-op-ed-easy-money-h...

 

Are you worried that we are passing our debt on to future generations? Well, you need not worry. Before this recession it appeared that absent action, the government’s long-term commitments would become a problem in a few decades. I believe the government response to the recession has created budgetary stress sufficient to bring about the crisis much sooner. Our generation — not our grandchildren’s — will have to deal with the consequences.

 

  • The question we need to ask is this: If we don’t change direction, how long can we travel down this path without having a crisis? The answer lies in two critical issues
  1. First, how long will the capital markets continue to finance government borrowings that may be refinanced but never repaid on reasonable terms?
  2. And second, to what extent can obligations that are not financed through traditional fiscal means be satisfied through central bank monetization of debts — that is, by the printing of money?
Duuude's picture

WTF?

This reads like a kid's letter from camp.

These morons run tha financial world?

Ah don' thin' so...

Gully Foyle's picture

Duuude

I'm always amazed at just how truly stupid those in power and their mouth pieces are. Most public speak involves baffling them with bullshit.

I guess big wads of money in your pocket makes you look smarter, just like it makes you look more attractive with a larger penis.

Vix_Noob's picture

Oh..so THATs why the girls laugh when I pull mine out.  Damnit, why didn't I go to business school?

thesapein's picture

Don't forget to be amazed by the voters who (poor creatures) can't help but be just average, barely, in what they think of as intelligence.

BrianOFlanagan's picture

my thoughts exactly - even the elites have been Cramerized.  

thesapein's picture

It looks like "farcism" to those with excessive intelligence. Laugh, cry, pity them.

Clayton Bigsby's picture

Guys, figure it out - it's the New York Times, not II (or ZH for that matter) - sure Einhorn could have "Greenspanned" the shit out of it and made himself look really smart, and made us, who are a little more financially astute than the US public at large, feel really smart and important because we can understand what the hell he's talking about, but that is not the point.

NYT is a mass-market publication and you need to speak to your audience to get your message across.  If you want to persuade the "dum dums", you have to speak "dum dum".  I think his article was incredibly lucid and to-the-point and I agree wholeheartedly with what he had to say.

It's amazing how fast the unthinkable can become the inevitable.  We, as humans, tend to think in linear progressions, and the world doesn't work that way - In other words, when shit goes really bad (think one failed Treasury auction), it goes bad in an exponential way - hence the reason why words like "clusterfuck" exist.  We could get to a point where we can't pay our bills as a country a hell of a lot faster than most people realize, and I, for one, don't want to see that shit.

That's his point.  All due respect to the big brains on ZH...

qualia's picture

Smug, casual air of someone who knows he'll be ok, regardless of what happens.

In other words, what women like.  (And there is the actual root of the problem.)

AccreditedEYE's picture

"Anyhow, dear grizzlies....bet your [sic] worried about today’s rally? See u later."

LMAO!!! Is this guy kidding me? How much do you get paid Squid Jim? Clearly, it is WAY too much. Us "grizzlies" see this rally for what it really is, an opportunity. Thank your prop desk for us. PS- YOU SUCK!

Clayton Bigsby's picture

agreed - he just smoked whatever credibility he had left - why didn't he just sign off TTYL BFFS!

Missing_Link's picture

Heh.  And someone smart enough to work for Goldman should know that your != you're  ...

Gully Foyle's picture

http://www.innovationsinnewspapers.com/index.php/2010/05/25/less-hype-le...

Lovely graphic on just how useless Brit austerity has been so far.

doggings's picture

that is a great picture.

and the English will be rioting about those cuts within 6 months IMO

Shrimp Head's picture

Hey, it's only a lot of debt if you are trying to pay it back

glenlloyd's picture

he obviously lives on another planet

Turd Ferguson's picture

What a fucking douchebag.

MyFriendMises's picture

My thoughts exactly.  He is the definition of a Douche.

Double down's picture

Yeah, I hate this guy more and more.  I hate him on principle, I do not care if he is right, he is just so.... revolting.  He is like a flying whore.  

MilleniumJane's picture

Psycho.  Completely bonkers.  "...the China/US economic outlook is simply way more important than all this European stuff."  *snicker*  Hasn't he picked up a paper in the last 20 years?  IT'S ALL INTERCONNECTED NOW, ASSMUNCH.  Welcome to the Global Economy.

Übermensch's picture

Hyperinflation, dow = 50,000 = gold

Hondo's picture

Goldman is never right.......but they do always try to separate you from your money.

Leo Kolivakis's picture

Jim, the phone is ringing:

Cognitive Dissonance's picture

"Not sure this type of smugness by god's firm should be surprising, or even deserve to be pointed out, but we just wanted to store this for posterity, as we are confident we will return to this quote on many occasions in the future."

Tyler, I love you but didn't mom ever tell you not to play with your food? Now settle down and eat your peas and carrots. :>)

AnAnonymous's picture

I like the whole comment. For once, it is homogenous and the last line sums it up well.

The guy has no insight over the future and turns it into a kid/counter strike players game.

The guy has lost the plot, cast some thoughts without bothering to know if they are cogent (he does not have to care, he will get paid) and taunts his opposition as a diversion.

Gimp's picture

Self serving remarks as usual from the ponzi masters. They need the masses to keep pumping their hard earned money into the stock market so they can sell. Nothing new here, move along.

401K = 201K = 101K = 50.5K =25.25K=0000

Gimp's picture

Self serving remarks as usual from the ponzi masters. They need the masses to keep pumping their hard earned money into the stock market so they can sell. Nothing new here, move along.

401K = 201K = 101K = 50.5K =25.25K=0000

Headbanger's picture

Some of the best replies ever on ZH! LMAO, Thanks!