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The sell side is pushing with all of their might to inflate the market...
Yes, Goldman Sachs, the big, powerful, influential Wall Street bank
put out a big buy reco on the very same banks that I have called
insolvent. You can guess what happened, in damn near real time...
First, Wells Fargo, JPMorgan `Attractive' on Earnings Outlook, Goldman Sachs Says - then... Stocks in U.S. Climb as Goldman Upgrades Banks, ISM Index Beats Estimates.
I know I don't carry that Goldman pedigree, you know being a brother
from Brooklyn and all. Yet, Goldman and I have disagreed on this very
same issue before. Let me refresh your collective memories...
I was quite suspect of Lehman, among many other investment banks (including Goldman). See "Is Lehman really a lemming in disguise?" (Thursday, 21 February 2008) and Is this the Breaking of the Bear?. Then peruse:
- Lehman rumors may be more founded than some may have us believe Tuesday, 01 April 2008
(be sure to read through the comments, its like deja vu, all over again!) -
Lehman stock, rumors and anti-rumors that support the rumors Friday, 28 March 2008 - Funny CLO business at Lehman
Friday, 04 April 2008
The esteemed Goldman Sachs did not agree with my thesis. Reference the
following graph, and click it if you need to enlarge. Notice the tone,
and ultimately the outright inidcation of a fall in the posts from
February through April 2008, and cross reference with the rather rosy
and optimistic guidance from the esteemed Goldman (Sachs) boys during
the same time period, then... Oh yeah, Lehman filed for bankruptcy!!!
Now, I'm not saying that I am all that, but I am saying that Goldman is
not necessarily all that as well. Or to put it more bluntly, yeah,
there are a lot of smart guys over there around Broad and Wall, but
there are smart guys all over the city. Intellect is a common
commodity. Now, a dearth of conflicted interests is something that is a
lot harder to find!!! Calling for such a trait in the Goldman
headquarters will result in tumbleweeds rolling through, old western
movie style, and echoes bouncing off of the walls amid all of those
crickets chirping.
On that note, seek and ye shall find. See Janet Takavoli tell it like it is. I just love a woman that doesn't bite her tongue. Outright FRAUD! That's what she calls today's baking system. I just love it.
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With fantasy accounting ok again, shorting neutered, "too big to fail" written in stone, unlimited credit line to fed/treasury for any entity at risk.... What will be the event that triggers the implosion this time?( which will be worse than what would've and should've happened last fall )
A failed Treasury auction with the FED the only buyer of it's own assets? No bids on it's MBS when they begin their exit strategy because of $1500 gold and $150 oil?
I know their are more people/govts/central banks who want a strong dollar than a weaker dollar, but at what point is their manipulative control lost? Bernanke and Geithner crowing about how they saved the world seems like a scary bit of hubris.
Reeeeggie!!!
Glad to see you guest posting on here, I've enjoyed your East coast version of Dr. Housing Bubble's on-the-ground state of real estate reporting.
so . . .did GS ever come out with a price target of zero-
probably not
so . . .it appears that GS's price tqarget of Lehman followed them down- but GS always had higer expectations on price than the price reality delivered-
hmmm . . .
@ Reggie
Good to see you here, old friend. You've always been talent.
While your analysis isn't always appreciated in real time, you do make an impact that lasts for those that follow the storyline.
Wow! Reggie makes it to zerohedge. moving up in the world. good stuff from this guy.
Who is Reggie Middleton?
All hail the Brother from Brooklyn! :)
Brilliant Reggie! I definitely agree with you in all, but the idea that "Intellect is a common commodity". Somehow, individual rationale (even the smartest ones), while working in/for the financial markets, has to take into account the herd response. It would be long to describe in here, but we're all very aware of how that weird phenomena can put the whole market on its knees.
Too many brilliant minds have been responsible for the major mess the US is going through right now. Beware of the Goldies... and any investment banker under 35!!! He/she knows nothing about Main St.
Seems like a downleg has just commenced.
http://www.zerohedge.com/forum/market-outlook-0
Small Supercycle,
give reasons for your calls or keep your junk for yourself.
Although he does have a nice avatar.
Nice post Reggie!
Wasn't this on Save Haven before?
I knew it, ZeroHedge/Tyler Durden is really Reggie Middleton.
Small world ...
Good post. I like your style..