Rosenberg On The Revenue-Less, And Now Margin-Less, Recovery

Tyler Durden's picture

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SheepDog-One's picture

Pump anemic markets ever more GREEN! Only game in town, as insiders dump at a 6 month 3,000:1 ratio, 'cost cutting' is played out and growth will take a huge hit, way sooner than most people think.

Everyone finishing their last call drink while nervously eyeing the narrow exit door. And for those who think perpetual melt-up is the new normal, they'll be the ones trampled hardest.

Cleanclog's picture

The largest asset class, MBS, that barely existed 30 years ago, is the only place the Fed could actually make a shock and awe difference. And further screw up the mortgage/housing world by keeping real market actions at bay.

Everything else is just more of the same.  Lower rates have no juice anymore - they aren't driving any economic activity differently.

Oh regional Indian's picture

Clean, lower rates are all very well if you could actually get aloan at those lower rates, right?

That is the joke, low or next to nothing rates on savings and credit tap dry. I hear SME's are squeezed tight because no one is doing Working Capital loans etc. So yes, economic activity driving does not seem to be the goal here for CB's/FED.

It's the grab-all-you-can-as-ship-sinks time.


billhilly's picture

Damn, I wish this would hurry up and happen already, I'm getting killed on the short side.  Luckily I have some PM's that are helping but for all the negativity (reality) on this site (I'm not trying to complain) the downside sure hasn't materialized like one would have thought/believed.

There is No Spoon's picture

Maybe the market's not going down because of rising inflation expectations, not because anyone really believes the economy is going to do well. As this site has pointed out, holding precious metals is a de facto short position on the stock market, so there's no point in taking the risk of shorting stocks if you're holding precious metals.

jus_lite_reading's picture

As expected, the largest amount of talk about "GROWTH" the day before elections. Reality. Bites. Hard.

OutLookingIn's picture


 Cost cutting will work until it doesn't. Okay. Now it doesn't. Next step - close the door. More unemployment. Less consumers. More tax dollar support. Higher deficits. Less tax revenues. Government (at all levels) labor force shrinkage. More doors close. Re-load, wash, rinse, repeat...

MachoMan's picture

bingo.  The biggest problem right now is that this is only largely happening in the private sector...  while the public sector (dependent on taxable revenues from the private sector) churns right along oblivious to its certain demise.  Eventually, the day where the productive (1%) shake the non-productive (most of us) off their coattails, will come...  and it will be unpleasant.

Rainman's picture

Between the gutting of capex and the tax windfall of NOLs, there's no reason to raise revenue or even have a sales, marketing or advertising department. Lots of " earnings " opportunities remain.

drb48's picture

Apparently, "the markets" didn't get the word re future corporate profits - they're busy pushing higher.  Any wonder BTW, that the retail investor - i.e. me - won't go near the place?

Vampyroteuthis infernalis's picture

How long can they perpetuate this kind of fraud? As an engineer, I am waiting for the SHTF so I can get into the next true, organic big thing product. The way it is now, we are just defending the status quo sucking the life out of everything in the economy. It frustrates and sickens me to the core.

aerojet's picture

Yup, you're not alone. And what perplexes me most of all is all the new commercial construction going on where I live.  Who the fuck are the customers going to be?  Didn't we learn a single lesson 2008?

Something Wicked This Way Comes's picture

Like most of us, my problem was always the issue of timing. That a collapse is coming is evident.

The stock market is the prize. That is the battleground. The government and the FED are absolutely willing to do anything to create the illusion of market health. They have to.

When the market has its grand mal seizure, the lie will be officially over. Every retirement fund in this country will be fucked. Politicians and the FED will be dragged to the square and hung. That is how serious it is. We know it, they know it, and thus we have this grand tug of war. Sooner or later, peeps are gonna see that the emporer has no clothes.

No Mas's picture

"Politicians and the FED will be dragged to the square and hung."

Hyperbole.  Don't leave home without it.

Lucius Cornelius Sulla's picture

Trying to effect change with the Demopublicans is kind of like playing a long game of Whac-A-Mole.  I'm guessing that's what's in store for us.

Instant Karma's picture

It's hard to generalize. Often, it's industry by industry, or company by company.

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