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The One You've All Been Waiting For: Heeeeeeere's Joe LaVorgna

Tyler Durden's picture




 

Joe LaVorgna, who yesterday raised his NFP estimate from 100,000 to 175,000 was off only by a factor of 972% (and who can forget his 300,000 NFP forecast from last month two days before the final number ended up being a revised 25,000). Here is his, uh, "explanation."

There was very little positive news in the June employment report as job gains were paltry, the unemployment rate rose, the work week declined and average hourly earnings were unchanged. Headline payrolls rose just +18k following downward revisions to the prior two months: April was lowered to +217k from +232k and May was reduced to +25k from +54k as previously reported. The weakness was broad?based within the underlying categories. In the goods sector, construction shed ?9k jobs versus ?4k previously and manufacturing rose just +6k compared to ?2k in May. Private service?sector hiring also slowed significantly (+53k vs. +70k previously), as net layoffs occurred in financial services (?15k vs. +14k), temp workers (?12k vs. ?2k) and auto dealerships (?1k vs. +4k). Government layoffs continued (?39k vs. ?48k).

The unemployment rate backed up another tenth to 9.2% as household unemployment was unchanged but household employment declined by ?445k (vs. +105k previously). The length of the workweek declined a tenth to 34.3 hours and average hourly earnings were unchanged in the month. We are hard pressed to find any redeeming qualities of this report, which did not reflect the improvement in the manufacturing ISM or the ADP data. If the soft?patch in hiring does not improve in July, the outlook for second half of the year will diminish.

But, but, but Joe.... This is not at all what you predicted yesterday:

As we warned in yesterday’s note, our June payroll forecast was susceptible to revision pending the results of the ADP report given the recent improvement in that series’ forecasting track record. The ADP results were much better than expected, so we are raising our payroll forecast. ADP employment rose by +157k in June following a modest downward revision (-2k) to May. Over the last four months, the average miss on ADP has been just 43k, but these misses have all been in the same direction, to the low side. Thus, if we assume a similar forecast miss, this is consistent with a 200k increase in private payrolls. With the public sector shedding on average -25k jobs per month, headline nonfarm payrolls should come in at +175k. Previously, we were forecasting +100k. Our forecast of a one tenth decline in the unemployment rate (to 9.0%) remains intact.

Joe: please, tell us... We beg you... What is the secret? How do you have the absolutely worst forecasting record in the history of Wall Street and still keep your job? How do you do it? If you trademark it you would make gobs more money than using the excel goalseek function month after month with results so wrong that it boggles the mind.

Seriously.

 

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Fri, 07/08/2011 - 10:00 | 1436213 johngaltfla
johngaltfla's picture

Just remember when Bear Stearns collapsed he said on Bubblevision that we weren't in a recession nor heading towards one.

3 months after it had already started....

Fri, 07/08/2011 - 10:07 | 1436270 Mercury
Mercury's picture

Bubblevision - awesome.  How have I not heard that one before?

Is there a house artist in the house?

Bring on the three-part female harmony station ID!

Fri, 07/08/2011 - 10:15 | 1436314 coppertop
coppertop's picture

you watchin too much Oprah dude

Fri, 07/08/2011 - 10:18 | 1436340 10kby2k
10kby2k's picture

I thought all the numbers were fixed, so why does anyone try to predict them or even print them as news?

Fri, 07/08/2011 - 10:56 | 1436594 Fish Gone Bad
Fish Gone Bad's picture

What is the secret?

He is the smartest retard.

 

Fri, 07/08/2011 - 13:03 | 1437253 Harlequin001
Harlequin001's picture

because that's how they make their bonus...

Fri, 07/08/2011 - 12:38 | 1437143 Hurdy Gurdy Man
Hurdy Gurdy Man's picture

yes... bubblevision is awesome

 

Fri, 07/08/2011 - 12:37 | 1437144 Hurdy Gurdy Man
Hurdy Gurdy Man's picture

yes... bubblevision is awesome

 

Fri, 07/08/2011 - 10:00 | 1436215 hugovanderbubble
hugovanderbubble's picture

Fired,

Dismissed,

Kicked...

Resigned

No will be in his place job...

Incredible

 

Deutsche bank guys are all scammers, like GS in US

Fri, 07/08/2011 - 10:12 | 1436301 coppertop
coppertop's picture

Even you might be better Eb.

Fri, 07/08/2011 - 10:16 | 1436323 Libertarians fo...
Libertarians for Prosperity's picture

Few people know that Lavorgna began his career at FRBNY where he honed his skills as an analyst in their Projections department. 

Fri, 07/08/2011 - 12:07 | 1437028 SparkySC
SparkySC's picture

LOLLLLLLLLLLLL

He better start 'past posting'. 

 

Fri, 07/08/2011 - 10:00 | 1436218 SparkySC
SparkySC's picture

LOL He should just STFU and save his career.

 

 

Fri, 07/08/2011 - 10:56 | 1436592 richard in norway
richard in norway's picture

i bet he placed a large short 2 mins before the report came out

 

i wish i had

Fri, 07/08/2011 - 14:02 | 1437465 mayhem_korner
mayhem_korner's picture

I bet he placed something large in his shorts 2 minutes after it came out.

Fri, 07/08/2011 - 11:43 | 1436887 mayhem_korner
mayhem_korner's picture

He could be our next Treasury Secretary.

Fri, 07/08/2011 - 10:00 | 1436219 Arius
Arius's picture

Joe .... keep it up...as long as there are still suckers out there listening to you ... looking forward to listening to you on Kudlow ...

Fri, 07/08/2011 - 10:01 | 1436234 GetZeeGold
GetZeeGold's picture

 

You got some splaining to do Lucy!

 

 

Fri, 07/08/2011 - 10:15 | 1436315 pesamystik
pesamystik's picture

This guy is such a joke it hurts. Maybe CNBC will hire him.

Fri, 07/08/2011 - 10:16 | 1436327 coppertop
coppertop's picture

Who hired Air n Burr Net? Jess sayin.

Fri, 07/08/2011 - 10:00 | 1436223 FEDbuster
FEDbuster's picture

"Turbo Tax" Timmy's replacement? or next FED Chairman?  I see a bright future for Joe in government.

Fri, 07/08/2011 - 11:22 | 1436700 firefighter302
firefighter302's picture

Exactly FEDbuster,

Joe is eminently qualified for a top Treasury or FED position.

An abject shill/puppet who is wrong almost every time.

Perfect government/FED hire for Obama. Another idiot who believes that massive government and taxation is the answer to the problem caused by massive government and taxation.

LOL.

Fri, 07/08/2011 - 10:01 | 1436230 Dr. Engali
Dr. Engali's picture

How do you have the absolutely worst forecasting record in the history of Wall Street and still keep your job? How do you do it?

It's called wall street socialism. A race to the bottom for talent.

Fri, 07/08/2011 - 10:01 | 1436236 proLiberty
proLiberty's picture

Only a "stunner" to Keynesians.  Austrians know better.

Fri, 07/08/2011 - 11:26 | 1436800 firefighter302
firefighter302's picture

+1 !!!!!

I was laughing, yesterday, at the updated forecasts on jobs. And the media carrying water for the boys, as usual.

I'm laughing today, too.

Fools, all.

 

Fri, 07/08/2011 - 10:01 | 1436238 Paul Krugman
Paul Krugman's picture

Don't you know Tyler--he gives great head. 

Fri, 07/08/2011 - 10:02 | 1436240 Dick Darlington
Dick Darlington's picture

Gotta love this shit, just priceless!

Fri, 07/08/2011 - 10:03 | 1436242 Cognitive Dissonance
Cognitive Dissonance's picture

Joe LaVorgna has turned into the ZH pinata. Who's up next and where the hell did I put that baseball bat?

Fri, 07/08/2011 - 10:04 | 1436254 Dr. Engali
Dr. Engali's picture

Who's up next and where the hell did I put that baseball bat?

I can think of a contributor named after a certain feline zodiac sign.

Fri, 07/08/2011 - 10:07 | 1436266 Arius
Arius's picture

they are picking on him because of its french ... La ... discrimination thats what i say ...

fight back Joe!  next prediction double up ... 350,000 !!!

 

Fri, 07/08/2011 - 22:26 | 1439000 StychoKiller
StychoKiller's picture

Lavorgna looks more Italian than French to me. :>D

Fri, 07/08/2011 - 10:12 | 1436300 snowball777
snowball777's picture

You left it with the momo monkey on the other thread.

Fri, 07/08/2011 - 10:27 | 1436386 Cognitive Dissonance
Cognitive Dissonance's picture

LOL

But that old momo monkey won't let it go. He said something about trying to pry it from his cold dead fingers. 

Say it ain't so Shoeless "Joe LaVorgna" Jackson deserves a 47 ounce hickory bat like Babe Ruth used.

Fri, 07/08/2011 - 13:50 | 1437422 TruthInSunshine
TruthInSunshine's picture

Say it ain't so Shoeless "Joe LaVorgna" Jackson deserves a 47 ounce hickory bat like Babe Ruth used.

I'd prefer to see him get the one that Al Capone used.

Fri, 07/08/2011 - 15:01 | 1437731 FEDbuster
FEDbuster's picture

or Kevin "walstreetpro2" Rowland from youtube (sure miss that guy!)

http://www.youtube.com/watch?v=-NWFA6g2x-4&feature=channel_video_title

I love an angry man with an axe in hand.

Fri, 07/08/2011 - 10:18 | 1436332 pesamystik
pesamystik's picture

It's not Joe's fault really. It's the U.S. Government's fault for not lying harder. Perhaps there is a Chinese division Joe can go work for, forecasting government payrolls over there. Or perhaps the Chinese government can just hire him. He likes big numbers, so does China. They were meant for each other.

Fri, 07/08/2011 - 10:25 | 1436376 Taint Boil
Taint Boil's picture

I was hoping for the deer in the head light picture - my all time favorite.

Fri, 07/08/2011 - 13:51 | 1437426 TruthInSunshine
Fri, 07/08/2011 - 10:02 | 1436243 giovanni_f
giovanni_f's picture

Che vergogna

Fri, 07/08/2011 - 10:05 | 1436260 Caviar Emptor
Caviar Emptor's picture

lol

Fri, 07/08/2011 - 10:03 | 1436247 inkarri9
inkarri9's picture

$5 says he ends up working for the US Government.  Again, if new weekly UE claims have been averaging 400K+, doesn't that mean that we've been losing 1.6M jobs a month for months on end now??  

 

Rally on!

Fri, 07/08/2011 - 10:04 | 1436252 lizzy36
lizzy36's picture

Lavorgna's bonus should be put into his personal PA, which he would be forced to trade based on his recommendations.

PnL bitchez.

Fri, 07/08/2011 - 10:11 | 1436295 Arius
Arius's picture

right ... but how can he make any money that way ?

Fri, 07/08/2011 - 10:05 | 1436258 Caviar Emptor
Caviar Emptor's picture

Last winter he was "Snow Lavorgna" :-)

Fri, 07/08/2011 - 10:05 | 1436259 Peter K
Peter K's picture

Are you trying to get poor Joe fired?

If so, hope you know that talent like Joe's is always sought by the White House.

Unintended consequences anyone? 

Fri, 07/08/2011 - 10:06 | 1436263 Cursive
Cursive's picture

I suggest that, henceforth, the term "dumbass" be replaced with "LaVorgnass".

Fri, 07/08/2011 - 10:22 | 1436359 Fazzie
Fazzie's picture

 I second that. BTW is this the kind of "talent" that wall street touts as an excuse to use taxpayer money to fund record bonuses?

Fri, 07/08/2011 - 10:08 | 1436267 New Normalist
New Normalist's picture

You guys did not know that Joe got a magic 8-ball?

Fri, 07/08/2011 - 10:07 | 1436268 buzzsaw99
buzzsaw99's picture

Lavorgna can do for your portfolio what he did for Lehman.

Fri, 07/08/2011 - 10:07 | 1436271 alien-IQ
alien-IQ's picture

...and he still has a job because........?

Fri, 07/08/2011 - 10:07 | 1436272 Archimedes
Archimedes's picture

and inventories are up almost 2% Ha! The fall is gonna suck!

Fri, 07/08/2011 - 10:08 | 1436276 Caviar Emptor
Caviar Emptor's picture

There was a huge cheerleading rally for almost 2 weeks leading into this number. If it had come within 15K there woulda been Crystal flowing. It's how these guys collaborate, like the fake players at a street 3-card Monte game 

Fri, 07/08/2011 - 10:14 | 1436309 snowball777
snowball777's picture

You mean that first guy wasn't really a big winner? Son of a...

Fri, 07/08/2011 - 10:17 | 1436335 Caviar Emptor
Caviar Emptor's picture

hehe I spent a summer shillin' for a 3 card Monte game in Times Square. It was a WS job requirement :-)

Fri, 07/08/2011 - 10:20 | 1436345 snowball777
snowball777's picture

Many IBs have excellent training programs in place and, contrary to popular belief, they don't actually have boilers in them.

Fri, 07/08/2011 - 10:22 | 1436361 Caviar Emptor
Caviar Emptor's picture

Right. Sometimes they trade wingtips for two-tones and train at race track, bookie joint, vegas sports book and really cut their teeth

Fri, 07/08/2011 - 10:08 | 1436277 monopoly
monopoly's picture

Amazing how so many of these "brilliant people" keep their jobs. Would not hire him to clean my windows.

Fri, 07/08/2011 - 10:09 | 1436279 rodocostarica
rodocostarica's picture

Why do they even need these idiots. If the formula is take rolling average miss on ADP then deduct that from ADP and make that your forecast.

 

Just put an excell spreadsheet up on your website using this.

Fri, 07/08/2011 - 10:10 | 1436284 espirit
espirit's picture

Garbage in Joe, garbage out Joe.

Fri, 07/08/2011 - 10:10 | 1436286 Turd Ferguson
Turd Ferguson's picture

This fool, Lavorgna, is a complete and total douchebag, rivaled only by LIESman and Zandi.

Fri, 07/08/2011 - 10:14 | 1436311 Calculated_Risk
Calculated_Risk's picture

don't forget shit for brains pissani..

Fri, 07/08/2011 - 10:11 | 1436292 equity_momo
equity_momo's picture

Joe : suck my hairy asshole

 

Tool

Fri, 07/08/2011 - 10:14 | 1436304 msnrochny
msnrochny's picture

An excellent example of the Wall Street talent which requires ongoing bonuses in order to retain.  Why, if they didn't pay the bonuses they do, they'd lose talent like Joe and those who gave us Lehman and AIG to McDonald's and Walmart.

Fri, 07/08/2011 - 10:25 | 1436372 Fazzie
Fazzie's picture

 Joe would fuck up orders at McDonalds.

Fri, 07/08/2011 - 10:14 | 1436308 Archimedes
Archimedes's picture

So when do we hear from the Telepromter again? I am actually gonna listen to this one!

Fri, 07/08/2011 - 10:16 | 1436324 equity_momo
equity_momo's picture

Think he's up at 10.30am but maybe its postponed as i hear hes got a golf lesson down on the range thats taking a while.

Fri, 07/08/2011 - 10:14 | 1436313 Caviar Emptor
Caviar Emptor's picture

Are we seeing "Buy-the-Dipper's Remorse"?

Fri, 07/08/2011 - 10:15 | 1436320 snowball777
snowball777's picture

Buy the dip....no that dip... no that one...ummmm...

Fri, 07/08/2011 - 10:15 | 1436317 HUGE_Gamma
HUGE_Gamma's picture

thats what you get when you hire an "economist" from Vassar College.

these IBs need to stick with sophisticated intellectuals from top 10 school

Fri, 07/08/2011 - 10:15 | 1436318 wandstrasse
wandstrasse's picture

yesterday there were totally different assumptions, conditions etc. In the internet age everything changes quickly. Do not blame Vergogna. I am sure he 'bemühte sich im Rahmen seiner begrenzten Möglichkeiten', roughly: 'he did the best endeavours within his limited capabilities', this is the worst possible sentence in a job reference, yet sounding positive. I was always proud when I read it in my references first.

Fri, 07/08/2011 - 10:17 | 1436334 snowball777
snowball777's picture

A kindergartner with a couple darts could outmatch this retarded assclown.

 

Fri, 07/08/2011 - 10:15 | 1436319 oogs66
oogs66's picture

maybe he uses linked in to keep his job, it would help explain the valuation

Fri, 07/08/2011 - 10:16 | 1436328 Overpowered By Funk
Overpowered By Funk's picture

Joe BaLogna and LIEsman are spooning on the couch in the CNBC office lounge cursing Santelli name.

Fri, 07/08/2011 - 10:19 | 1436333 Cult_of_Reason
Cult_of_Reason's picture

ADP number was completely made up out of thin air and leaked to have an excuse for Wall Street crooks and NY Fed to mark up the stock market before a terrible jobs report -- without this recent mark up we would be entering a bear market (where the stock market should be and the government asshats and Bernank know it).

Fri, 07/08/2011 - 10:20 | 1436344 Caviar Emptor
Caviar Emptor's picture

Wholesale inventories jump. 

Fri, 07/08/2011 - 10:23 | 1436348 Franken_Stein
Franken_Stein's picture

 

You are all wrong.

 

You are confusing stupidity with intention here.

LaVorgna isn't stupid.

 

He's being paid to make false predictions, because internally he and his bank's prop trading desk are betting the opposite direction.

Do you really believe he doesn't know what he's doing ?

Deutsche Bank made a gain of $10bn this year for a reason.

 

Why do you think banks employ analysts ?

Because they are so generous and out of the love of their hearts give investment advice for free ?

Please don't say you're so naive.

 

Fri, 07/08/2011 - 10:26 | 1436378 SheepDog-One
SheepDog-One's picture

Right, like Ive said since day 1 here on Zerohedge, 'planned demolition'. Under the guise of 'No, really, it will work....keep your 401K's dont sell em SEE markets green!' While the country is 3rd worlded, as planned.
And MOST people BELIEVED it!

Fri, 07/08/2011 - 11:58 | 1436980 gmrpeabody
gmrpeabody's picture

Douche Bank taking profits ystrdy, no doubt.

Fri, 07/08/2011 - 12:16 | 1437055 firefighter302
firefighter302's picture

"Planned demolition"?   Yes, it is.

Good call,  Sheepdog.

And the CNBC puppets (Liesman, Pissani and the new Troll, Simon Hobbs, etc.) continue to be an advertisement for Wall Street.  Carnival barkers with suits on.

 

 

Fri, 07/08/2011 - 10:33 | 1436426 wandstrasse
wandstrasse's picture

I do not know why ZH cares so much about anything any tbtf bank publishes, too. Shall we read this analyst report reverse? or in an affirmative way? or hyper-reverse, which equals affirmatively? or the first section reverse and the middle section hyper-reverse... everybody, in words: EVERYBODY knows that banks are looting and shitting the population as deeply and widely as they possibly can. Caring about their PR number crunching is kind of masochistic.

Fri, 07/08/2011 - 10:37 | 1436451 SheepDog-One
SheepDog-One's picture

Seems to me everyone thinks the central banks main goal is to keep retail mom and pops 401K green. LOL, what a laffer.

Fri, 07/08/2011 - 11:04 | 1436660 richard in norway
richard in norway's picture

+ 12717

 

which is about the level joe bought his short

Fri, 07/08/2011 - 10:22 | 1436358 ShankyS
ShankyS's picture

Just pumping their longs waiting on the debt ceiling to pass and for the next round of QE. That's all.

Fri, 07/08/2011 - 10:27 | 1436384 Caviar Emptor
Caviar Emptor's picture

Right on, bro. It's a proven business model

Fri, 07/08/2011 - 10:28 | 1436395 SheepDog-One
SheepDog-One's picture

Or, contrary to what EVERYONE retail believes, theyre stacking their shorts. Wouldnt that be spectaculary hillarious!

Fri, 07/08/2011 - 12:18 | 1437062 firefighter302
firefighter302's picture

+1

Fri, 07/08/2011 - 10:23 | 1436364 Frank N. Beans
Frank N. Beans's picture

who is Joe Lavorgna, and why should I care?

 

Fri, 07/08/2011 - 10:24 | 1436366 SheepDog-One
SheepDog-One's picture

Joey Bagodonuts, what a loser.

Fri, 07/08/2011 - 10:27 | 1436385 Franken_Stein
Franken_Stein's picture

 

Not a loser.

Intentional and paid public misleader/talking head/front end puppet.

He's raking in $500,000 per year for this and you're not.

 

Fri, 07/08/2011 - 10:28 | 1436394 Caviar Emptor
Caviar Emptor's picture

His mom says he was always a good boy

Fri, 07/08/2011 - 10:29 | 1436402 SheepDog-One
SheepDog-One's picture

How do you know what Im making from it? Ive called it right all along.

Fri, 07/08/2011 - 10:32 | 1436416 Franken_Stein
Franken_Stein's picture

 

But you are not a public analyst with a bank, I assume.

That's what I wanted to say by that.

Confusing incompetence with planned malicious deceit is dangerous.

 

Fri, 07/08/2011 - 10:42 | 1436437 SheepDog-One
SheepDog-One's picture

Im my own central bank now. All the rest of this is just sideshow freak entertainment. The plan from TARP was ensure the complete destruction and bankruptcy of the USA....no big deal everyone should have been able to see it, but all blinded by $$$$ signs. So easy to cull the herd, and look how fat they are now. Good luck mom and pops, your 401K will soon be gone, buy a good tent.

Fri, 07/08/2011 - 10:28 | 1436383 vast-dom
vast-dom's picture

He has a job because he has a PERFECT track record; meaning, everyone does the EXACT opposite and they do well. It actually makes perfect sense. 

Fri, 07/08/2011 - 10:34 | 1436412 SheepDog-One
SheepDog-One's picture

Awesome how everyone still believes theyve got these guys pegged and believe these guys all work to ensure ever-green markets, and 100% certainty endless bailouts continue...behind the scenes theyre piling on their shorts. Have fun, retail 401K longs, while you can.
Wall St loaded short people, keep thinking Bernank is there to pump your stupid stocks, I couldnt care less really.

Fri, 07/08/2011 - 10:33 | 1436425 slaughterer
slaughterer's picture

Joe is smarter than you think.  He shorted the ES heavily yesterday.  I just saw him at Sothebys buying Elizabeth Taylors 28 Karat ring.  /sarc

Fri, 07/08/2011 - 10:36 | 1436445 williambanzai7
williambanzai7's picture

Fri, 07/08/2011 - 10:39 | 1436457 SheepDog-One
SheepDog-One's picture

Oy VEY!

Fri, 07/08/2011 - 11:16 | 1436746 Cognitive Dissonance
Cognitive Dissonance's picture

Now those are some pearly whites.

Fri, 07/08/2011 - 10:39 | 1436458 fbrothers
fbrothers's picture

But, he really does look good. With all that mousse in his hair and the heavy starched shirts, $300. ties, etc. And, always smirking. I like his smirk. Of course like the rest of the talking heads he knows nothing.

Fri, 07/08/2011 - 10:40 | 1436462 shortus cynicus
shortus cynicus's picture

That's how FIRE industry is hurting real economy: they employ all the best talented people.

Nobody is left for producing common stuff.

Fri, 07/08/2011 - 10:41 | 1436472 adonisdemilo
adonisdemilo's picture

I like this forecasting thingy, I'm sure it's a great job. No problem if you get it all wrong and I bet the pay and perks are pretty good too.

I have a grandson who could do this job. He's a smart guy, really quick to catch on.

I think he could do the job as good as Joe does, and a lot of the other tossers too.

OK he's only 5 years old, but give him twenty minutes and he'll get the hang of it.

 

Fri, 07/08/2011 - 10:44 | 1436490 buzzsaw99
buzzsaw99's picture

He reminds me of a "friend" who sells cars. I buy elsewhere. lulz

Fri, 07/08/2011 - 10:47 | 1436513 strannick
strannick's picture

John Nadler at Kitco easily beats Joe. He's been calling gold a bubble since 2002. For lessons in deluded, rationaling cognitive dissonance, with a healthy splash of academic nitwitizm, Nadler is supreme.

In other news, Kitco asks for Creditor Protection as Revenue Quebec demands almost $400 million.

Now if their 'unallocated' gold holders start asking for redemption, then they could really be in trouble.

Fri, 07/08/2011 - 10:59 | 1436615 Dr. Gonzo
Dr. Gonzo's picture

Nadler is a complete tool. I stopped reading his daily columb almost 8 years ago. He was just consistanly wrong and his bias towards trashing gold and sucking Central Planners dick's was thinly veiled. Strange for a senior analyst for a company selling PM's. Maybe he just wanted to brown nose the Central Planning authorities while his company was defrauding them. He is a complete joke.

Fri, 07/08/2011 - 11:04 | 1436658 Stuart
Stuart's picture

+1000.  Directionally, Nadler to the gold market is the opposite of what David Lareah was for Real Estate.  Both exemplify the complete absence of integrity.   Little wonder Kitco is embroiled in a scandal now about false gold transactions.   Shocked I say, shocked.    

 

Fri, 07/08/2011 - 10:56 | 1436595 Reese Bobby
Reese Bobby's picture

Nobody has ever seen Joe L. & Leo K. at the same time.  I'm just saying...

Fri, 07/08/2011 - 11:01 | 1436629 Stuart
Stuart's picture

Joe completely ignored the whole topic of why he was so wrong.  Could it be because he's believing his own kool-aid coloured BS and that same BS from from the Central bank's perception management agenda... say it ain't so Joe.

Fri, 07/08/2011 - 11:20 | 1436765 i_fly_me
i_fly_me's picture

Other careers beckon ... meteorology perhaps?

Fri, 07/08/2011 - 11:52 | 1436941 PulauHantu29
PulauHantu29's picture

Typical Wall Street Trash.....I wonder what stocks he holds?

If a doctor or lawyer make a mistake like this they gets sued or lose thier license...on Wall Street, a mistake of this magnitude gets you a Fat Bonus (usually from taxpayer money via Fed, no less).

Fri, 07/08/2011 - 12:55 | 1437223 Overpowered By Funk
Overpowered By Funk's picture

UPDATE: BaLogna nuts up admits on CNBC, "I was a trifecta of wrongness..."

Fri, 07/08/2011 - 12:56 | 1437226 el-greco
el-greco's picture

Tyler, you are hilarious! keep up the entertainment please. News on its own can be quite depressing.

Fri, 07/08/2011 - 13:49 | 1437420 fellatio is not...
fellatio is not fattening's picture

Joe is Larry Kudlow's bitch, he is the only person who is always MORE bullish than Kudlow.  Amazing how these guys have this lovefest on CNBS and are not right.

Fri, 07/08/2011 - 14:16 | 1437518 jointhewave
jointhewave's picture

Watch the YouTube video 'RIOTS ARE COMING TO AMERICA !!!'

http://www.youtube.com/watch?v=QypD1z7rcqg

Do NOT follow this link or you will be banned from the site!