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Goldman's Roadmap To Losing All Credibility... And A Propaganda-Based Utopia

Tyler Durden's picture




 

We have already had our share of laughs at Jan Hatzius selling out his credibility to Goldman's bigger picture order flow creation agenda, whereby his Wednesday upgrade of the economy ended up being (certainly at least in the short term) a complete mockery, after disappointing Case Shiller results, a declining ISM, whose Inventory less New Orders differential virtually guarantees a double dip, a worse than expected Initial Jobless Claims (which next week will be revised to an even worse number), a further downward revised already disappointing Durable Goods number, and last but not least, the worst miss to Non Farm Payroll expectations in years, indicated that his "revolutionary" forecast couldn't be further from the truth, is driven entirely by some secondary motivation, and that even the supreme chancellor of the Inkjet Federation is now threatening to print more linen yet again as the economic deterioration worsens. Luckily, the Goldman strategist has a sense of humor, and he himself admits the irony associated with his very untimely flip: "It had to be: in a week when we upgraded our forecast, the data have been somewhat soft. The two biggies? the Institute for Supply Management's (ISM's) index of manufacturing and the employment report? were both weaker than expected in November." Actually, it wasn't "somewhat" and there were many more than two (see above). Yet what is inexcusable is that Hatzius now has become a version of CNBC-lite, advising clients to focus on the facts that support his view and discard those that detract from the optimistic outlook: "Forecasters dismiss data at their peril, but there are good reasons not to worry...So not to worry-pay attention to the data, but don't let a report or two derail the forecast." As this is Jan's first foray into what is now open media propaganda we will give him some advice: please stick to what you are good at - providing objective advice. Else, CNBC's ratings are a brilliant case in point of what happens when one loses all credibility and become nothing but a mouthpiece for the establishment. Then again, there are certainly third vacation home, second yacht, Netjets timeshare, and last but not least, Ponzi perpetuation, considerations at hand, so who are we to give Jan any advice...

For those who wish to have a few laughs at Jan's expense, below is Goldman's full roadmap to losing all credibility, or, as the firm calls it, Above-Trend growth.

 

 

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Sat, 12/04/2010 - 13:49 | 778162 the mad hatter
the mad hatter's picture

more like "above-trend growth in government and inflation"

Sat, 12/04/2010 - 13:54 | 778167 Herd Redirectio...
Herd Redirection Committee's picture

Oh man, yep, this report definitely started with the conclusion firmly in mind, and worked backwards from there.

High unemployment prevents increase in core inflation?  Yeah, if there wasn't a Madman with a Printing Press on the loose!

Its the story of the boy who cried Wolf, in reverse!  Instead of trying to warn us, GS is trying to reassure us that there is no wolf, put your head down, keep working, and then go buy things you can barely afford.

No Dollar Crash to see here, folks!  Move along!

Fiat money is as good as ever.  Move along, now.

PsychoNews: Exposing the Oligarchy, one Psycho at a time.

http://psychonews.site90.net

"This week's PsychoNews Update will start with a short anecdote from history. The year is 1815, and Napoleon has just been defeated at Waterloo.  There is a blockade on the English Channel, but a ship belonging to a certain banker named Rothschild is allowed through.  The Rothschilds are already prominent bankers, but they are on the verge of their greatest ever 'trade'. "

Sat, 12/04/2010 - 13:54 | 778168 Oracle of Kypseli
Oracle of Kypseli's picture

Nice looking presentation, Substance?

Every quarter and every year we go back and check these forecasters and they all end up being wrong again and again.

It's all contained. Of course it is (intergallactically speaking)

She will blow. She is coming down. Just a matter of time.

Sun, 12/05/2010 - 11:29 | 779427 Founders Keeper
Founders Keeper's picture

[She will blow. She is coming down. Just a matter of time.]---Oracle of Kypseli

Agreed.

GS just goosing one last Xmas bonus.

Sat, 12/04/2010 - 14:19 | 778185 Phineas Gage
Phineas Gage's picture

The man is a hedge fun with one client and a single trade on: he went long at-the-money puts on his paycheck.  Is anyone surprised?

Sat, 12/04/2010 - 14:30 | 778197 John Law Lives
John Law Lives's picture

Here is more news brought to you by elitists who seem determined to export America's wealth  and undermine our sovereignty.   Check out this website run by our government:   http://www.bea.gov/international/#trade   Go to the following link on the aforementioned website and click on it.  It is a spreadsheet detailing the US trade balance:    Trade in Goods and Services, 1992-present   You can see that the US has run a net trade deficit EVERY SINGLE MONTH since January of 1992.  This represents a cumulative net trade deficit of over $6 Trillion.  America is exporting its wealth every single month.   Many of the same elitists who support "Free Trade" believe in:   Outsourcing of American jobs to maximize corporate profits... Importing H-1B Visa workers into the US to work for low wages in lieu of Americans... Refusing to strictly enforce illegal immigration and allowing low wage immigrants to flood the USA... Printing $$$ and destroying the value of the $$$ that you work for every day...   Got pitchforks, bitchez?

Sat, 12/04/2010 - 17:09 | 778198 Thanatos
Thanatos's picture

Crapo and Coburn admit we are RIGHT NOW going down in flames.

They warn that the Fereal Government will be soon forced to make changes that will be very painful, difficult and damaging in many ways to every American.

They offer up some weak ass solutions (Tax Reform etc.) that will never fly past congress.

It's an official admission from the Government as far as I am concerned. We are going down soon (short term).

Politicians never say shit like this unless they know it's going to happen and they want to be seen as "working against" whatever caused it.

I have seen a million speeches by a million polys, this one isn't much different. They couch the key terms in their "fluffy" solutions so they don't look like they are just bringing bad news. But the key terms they use are what got my attention.

National Survival

Extreme Suffering

Short Term

Dollar Collapse

Unwinding of the Nation

Scared to Death

See for yourself:

http://www.c-span.org/Watch/Media/2010/12/02/HP/A/41425/Sen+Crapo+RID+Se...

Sat, 12/04/2010 - 14:39 | 778211 bob_dabolina
bob_dabolina's picture

Being bullish on the market and being bullish on the economy are not the same thing.

As long as Ben prints money the market can go up just look at Zimbabwe. It has had the best performing stock market in the past decade but it's a shit hole and their economy is a gay blow job.

Shorting the market just because the economy is bad can lose you some coin my boy.

Going long commodities of any kind will outperform the S&P in this enviroment.

Sat, 12/04/2010 - 16:17 | 778363 Reese Bobby
Reese Bobby's picture

I also think it is a stretch to expect a rational market anytime soon.  If the our crooked Government is aligned with Wall Street and the MSM, supported by the wold's CB's what is the trigger for a correction?  This all ends badly but I am losing faith that those who control capital flows will do anything more than ride the Bernake put.  What am I missing?

Sat, 12/04/2010 - 14:55 | 778239 Joe44oz
Joe44oz's picture

And there sits Ben with his coconut headphones and bamboo antenna feverishly chanting to the Keynesian deities while throwing fiat offerings to the sky in true cargo cult fashion.

Sat, 12/04/2010 - 15:17 | 778269 gwar5
gwar5's picture

GS and the other usual suspects are all major institutional holders of the media conglomerates.

The internet must drive them nuts. Their game is unmasked. They're bitter clingers to their own BS.  

 

 

 

 

 

Sat, 12/04/2010 - 18:28 | 778566 Kali
Kali's picture

GS and credibility in one sentence?  Blasphemy!  They have credibility.  Amongst thieves and sociopaths maybe.

Sat, 12/04/2010 - 18:45 | 778589 deadhead
deadhead's picture

"...only anemic recovery in housing...."

I fell on the floor.

Housing is in its double dip and it will get worse.

Sat, 12/04/2010 - 18:55 | 778598 knukles
knukles's picture

LOL
Enuf already. 
We're all loosing track of bullish, bearish, of what, how much, when, why, where, which spokesperson, which trading desk, which analyst, consultant, salesperson, banker, trader, assistant, secretary, janitor........

Gunning for the All American Second Rate B Rated Embarrassment Team.   

 

Sun, 12/05/2010 - 00:14 | 778983 g3h
g3h's picture

"Forecasters dismiss data at their peril, but there are
good reasons not to worry."

 

Probably best English major but fail high school math.

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