Shock And Yawn: BofA's David Bianco Proves He Is "Smarter" Than Goldman By Raising His S&P EPS Estimates

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Tue, 08/10/2010 - 11:55 | 512735 NoBull1994
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yeah but Operating EPS will be $900 on the S&P next year, so I predict a 10x rise in the index.

Tue, 08/10/2010 - 11:54 | 512727 101 years and c...
101 years and counting's picture

"What about the herds of fat lazy cattle sitting behind desks in some administrative department who do nothing all day but update their facebook pages"

They've been cut already.  And those that haven't been cut, are being forced to take furlough days.  Those "fat lazy cattle" were easy to fire because no one cares about them.  Everyone cares about the teachers, cops and firefighters....because they provide "valuable services"....and are UNION.

Tue, 08/10/2010 - 12:01 | 512745 Dr. No
Dr. No's picture

I doubt that.  The reason the politicians hold out the "teachers and fireman" carrot is because no one wants to fire them.  It is a way to get more money by threatening to lay them off.  In the mean while, the cattle still ahve jobs.  Been to the DMV lately?

Tue, 08/10/2010 - 12:31 | 512815 Gully Foyle
Gully Foyle's picture

Dr. No

Or because those same unions can guarantee votes for specific candidates. Votes and donations.


Tue, 08/10/2010 - 16:59 | 513580 Dr. No
Dr. No's picture

Double wammy.

Tue, 08/10/2010 - 12:00 | 512742 HelluvaEngineer
HelluvaEngineer's picture

What makes you think the teachers are doing anything more constructive?

Tue, 08/10/2010 - 12:33 | 512818 Gully Foyle
Gully Foyle's picture


Some of them are fucking their students.

Tue, 08/10/2010 - 12:45 | 512853 HelluvaEngineer
HelluvaEngineer's picture

That would be (re)productive, not constructive

Tue, 08/10/2010 - 11:50 | 512723 old_turk
old_turk's picture

I'll have some of whatever he's been smokin'.



Tue, 08/10/2010 - 11:59 | 512726 Astute Investor
Astute Investor's picture

More like smarter than the average bear (no pun intended and apologies to Yogi and Boo-Boo).

David Bianco prior market forecasts:

2007: SPX target of 1,650 or +16.4% actual = +3.5%
2008: SPX target of 1,700 or +15.8% actual = -38.5%
2009: SPX target of 1,300 or +43.9% actual = +23.5%

Just like his current forecast...WORTHLESS!  Why anyone pays the least bit of attention to Mr. Biano's musings are beyond me.  Keep wondering if he is Elaine Garzarelli in drag.

Tue, 08/10/2010 - 12:02 | 512746 VK
VK's picture

The question is, is he long chinese solars?

Tue, 08/10/2010 - 12:02 | 512748 Cognitive Dissonance
Cognitive Dissonance's picture

David Bianco has the unfortunate job of being a cheerleader. Even when the teams losing big time, a good cheerleader still pushes the propaganda with all the gusto they can muster.

We must remind ourselves on a daily basis that the lie is not intended nor designed to change an opinion or point of view. Instead, it's sole reason for distribution is to keep the convinced believers (permabullnuts as was coined in another article) safely within the stockyard pen and the undecided frozen in their tracks.

This brings us down to those who are contrary, who are always in the minority and easily controlled when they are isolated and demoralized.

Tue, 08/10/2010 - 12:13 | 512780 Astute Investor
Astute Investor's picture

All the world's a stage.  So many cheerleaders needed to keep up team and fan spirit.  I can hear the chant echoing in the conference room at the Fed:

PUSH 'EM BACK, PUSH 'EM BACK, WAAAAAYYYY BACK!!! when discussing QE2 and stemming the deflationary tide.

Tue, 08/10/2010 - 12:26 | 512803 Cognitive Dissonance
Cognitive Dissonance's picture

"David Bianco, he's our man. If he can't do it, nobody can. Yeaaaahhhh!"

Tue, 08/10/2010 - 13:05 | 512887 Lux Fiat
Lux Fiat's picture

Remember those Progressive ads which touted showing you their rates compared to 4 or 5 competitors?  A friend in the insurance industry back then basically said there was an agreement among companies that they rotated, more or less, who provided the next best quote and got the customer. 

I view the economic prognostications from the major WS players over the last year or so in the same light.  Every couple of quarters or so, it's another company's chief economist's turn to go spend his/her time in the barrel.  GS was in the barrel a while.  Now they are out, and working on restoring credibility ahead of their next barrel rotation.   The torch has been passed to BoA.  After another couple of quarters, wonder who will be next at "bat"?

Tue, 08/10/2010 - 12:15 | 512785 SteveNYC
SteveNYC's picture

Bianco = catastrophic failure

Tue, 08/10/2010 - 12:04 | 512758 RobotTrader
RobotTrader's picture


We are careening headfirst into a Global Systemic Collapse.

That's why consumer discretionary names like Fossil are breaking out to new highs....


Tue, 08/10/2010 - 12:05 | 512760 SheepDog-One
SheepDog-One's picture

Where's that permabullnut Leo? 'Writing' another 99% cut n paste 'article' for our reading displeasure?

Tue, 08/10/2010 - 12:08 | 512768 RobotTrader
RobotTrader's picture

Leo is probably chasing Chinese solar stocks....

Tue, 08/10/2010 - 12:15 | 512783 Mitchman
Mitchman's picture

No pictures?

Tue, 08/10/2010 - 12:06 | 512764 RobotTrader
RobotTrader's picture

And of course, brace yourself for the coming crash in commercial RE.

REITs are still pinned at or near 52-week highs.

Tue, 08/10/2010 - 12:34 | 512823 -1Delta
-1Delta's picture

70 puts are not bad..

Tue, 08/10/2010 - 12:36 | 512831 Abigail Adams
Abigail Adams's picture

I sure wish the real estate would go ahead and tank, or just reflect the actual numbers. I'm getting a bit tired of having to qualify to my husband that when "my shorts are down" it doesn't mean "come and get it."

Tue, 08/10/2010 - 12:09 | 512767 Ted K
Ted K's picture

"Cheerleader Session Block" classic......  Why don't they just hire some Playboy centerfolds and porn stars with signs with large green arrow pointed upwards on their panties and an upward moving graph sign to hold over their head.  You know, if we're going to play erection business news, why go halfway?????

Tue, 08/10/2010 - 12:22 | 512792 VK
VK's picture

You good sir, should be in charge at CNBC. Those ratings would bounce higher in no time, amongst other things.

Tue, 08/10/2010 - 12:24 | 512800 Cognitive Dissonance
Cognitive Dissonance's picture

I agree, but the psychology behind it is that it can't be too obvious. Otherwise we would be forced to overtly recognize it for what it is. That inevitably leads to discussion and debate. Better to be subliminal or at worst, just under the aware radar where it can fester and do it's magic of influencing and manipulating without being in-your-face obvious.

We humans love to deceive, beginning with ourselves.

Tue, 08/10/2010 - 12:39 | 512837 MarketFox
MarketFox's picture

And this guy's REAL track record of actually making money is what ?

Yeah...that's what I thought.....

Tue, 08/10/2010 - 12:47 | 512856 lajose12
lajose12's picture

I am a recent reader.
from when QE2 and use the term
as I can go to read the text that gave rise

Tue, 08/10/2010 - 13:13 | 512902 downrodeo
downrodeo's picture

what a strange thing to say...

Tue, 08/10/2010 - 13:11 | 512901 dollydog
dollydog's picture

does anyone have the full note?

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