"Same Stuff, Different Year"

Tyler Durden's picture


How many more of these annual disappointments does it take before the world gets the joke...


The History of consensus expectations for US GDP... (notice they all go from the upper left to the lower left...)


Source: Bloomberg h/t @M_McDonough

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Wed, 06/04/2014 - 15:31 | 4824236 cossack55
cossack55's picture

I'm beginning to wonder if the rest of the world even has a sense of humor.

Wed, 06/04/2014 - 15:38 | 4824273 max2205
max2205's picture

Never is my guess

Wed, 06/04/2014 - 15:41 | 4824291 flacon
flacon's picture

Ahhh.... It looks good. Promising, even. Buy more SPY and next year we will really take off to the up side, as long as you buy more SPY. 

Wed, 06/04/2014 - 16:02 | 4824357 outamyeffinway
outamyeffinway's picture

When the arrow is on its way back up.

Wed, 06/04/2014 - 17:13 | 4824602 icanhasbailout
icanhasbailout's picture

at least the chocolate ration went up again

Wed, 06/04/2014 - 17:41 | 4824706 pods
pods's picture

Up to 20 grams now!

Wed, 06/04/2014 - 17:59 | 4824776 Death and Gravity
Death and Gravity's picture

That's not chocolate...

Wed, 06/04/2014 - 16:04 | 4824362 NoDebt
NoDebt's picture

"Back and to the left.  Back and to the left.  Back.... and to the left."

Wed, 06/04/2014 - 15:40 | 4824284 kliguy38
kliguy38's picture

don't worry about the muppets. when they yank the flusher the muppets will react as usual with dismay and send their kids off to fight the banker's war with their little flags waving.......same shit .....different cycle

Wed, 06/04/2014 - 16:33 | 4824462 Silver Bug
Silver Bug's picture

Extend and pretend, that is the only thing they know how to do. Pathetic.



Thu, 06/05/2014 - 00:19 | 4825750 Catflappo
Catflappo's picture

"(notice they all go from the upper left to the lower left...)"


Um , no, actually I am not noticing that.

Wed, 06/04/2014 - 15:33 | 4824244 fonzannoon
fonzannoon's picture

the joke is the only thing that can take the market out is if we actually ever got real growth. luckily that does not seem to be an issue.

Wed, 06/04/2014 - 15:40 | 4824261 valley chick
valley chick's picture

Agreed.  Days like today make me wish I never woke up to this nonsense.

Wed, 06/04/2014 - 15:37 | 4824266 PontifexMaximus
PontifexMaximus's picture

......and for the time being will not be one.....as long as the CB ' s are in charge

Wed, 06/04/2014 - 15:37 | 4824267 Everybodys All ...
Everybodys All American's picture

Which comes first? Unemployment goes to 0% or everyone is on foodstamps.

Wed, 06/04/2014 - 15:34 | 4824254 dontgoforit
dontgoforit's picture

...to the lower right?

Wed, 06/04/2014 - 17:25 | 4824644 NotApplicable
NotApplicable's picture

Meh. Given it's a GDP belief system, does it really matter anymore?

Or perhaps Tyler is telling us it will take no time to eventually go straight down?

Wed, 06/04/2014 - 15:37 | 4824268 syntaxterror
syntaxterror's picture

Hope and change motherfuckers.

Wed, 06/04/2014 - 15:38 | 4824270 dirtyfiles
dirtyfiles's picture

its all BLS and people love it

Wed, 06/04/2014 - 20:22 | 4825191 neidermeyer
neidermeyer's picture

As of today it's official ,, I will not use BS/BullShit in my speach ,, the new term is BLS.

Wed, 06/04/2014 - 15:38 | 4824271 CrashisOptimistic
CrashisOptimistic's picture

Also interesting is Federal budget numbers are derived from presumed future GDP.

As that presumed GDP estimate falls, so should Fed budget numbers.

They never do.

Wed, 06/04/2014 - 15:40 | 4824282 Squid Viscous
Squid Viscous's picture

who cares about GDP, there's plenty of cash on the sidelines!

Wed, 06/04/2014 - 15:44 | 4824290 HUGE_Gamma
HUGE_Gamma's picture

i read this in a textbook

"in the long run, equity market returns should track GDP growth"

Wed, 06/04/2014 - 15:52 | 4824323 ebworthen
ebworthen's picture

Was it written before 1913?

Wed, 06/04/2014 - 15:54 | 4824308 ebworthen
ebworthen's picture

Revise earnings and revenue expectations so you get a "beat", buyback corporate shares, go on "Mad Money" and talk about how bullish you are and that you're "cutting expenses" (firing employees and cutting corners), then BLS will put out B.S. about how employment is improving to keep people spending.

GDP "guidance" just a cog of the "baffle 'em with bullshit" 24/7 propaganda machine.

A lot of bellowing fog, with flames, a booming voice, and a projected image.

"Don't look at that man behind the curtain."


Wed, 06/04/2014 - 15:52 | 4824311 Rainman
Rainman's picture

Here's another truthie joke.

'Economics is the only field in which 2 people can share a Nobel prize for saying opposing things.'

Myrdal and Hayek, 1974 , to be precise.

Wed, 06/04/2014 - 15:50 | 4824313 Hindenburg...Oh Man
Hindenburg...Oh Man's picture

It's a "stock picker's market" for your "cash on the sidelines" in this market that is still "fairly valued", and while you could "take a few chips off the table", that would only be to keep enough "powder dry" for the 5 minute dips that must be bought.

Wed, 06/04/2014 - 16:12 | 4824373 Squid Viscous
Squid Viscous's picture

On bloomberg radio Phil Orlando said it was a superbly strong Easter/Passover for the consumer, which bodes well for "back to school" ... not sure if it was really him live or maybe they just keep playing the same clip from 2010 every year around this time?

Wed, 06/04/2014 - 15:57 | 4824340 undercover brother
undercover brother's picture

fundamentals no longer matter because the fed has deemed it so.  QE coupled with zirp for the next few years trumps any lousy fundamentals. furthermore, the idea of making easy money attracts dumb money.  you all know the rest.

Wed, 06/04/2014 - 15:57 | 4824343 Squid Viscous
Squid Viscous's picture

can't believe i'm buying 197 SPY puts, sometimes I have to pinch myself to make sure I'm not dreaming

Wed, 06/04/2014 - 16:04 | 4824361 Atomizer
Atomizer's picture

Eric Holder, Obama and Reggie will have to organize a three way sexual environment event to decide what faith approaches you. 

It's so fun to corner these rat bastards holding the taxpayers cheese slice.

Wed, 06/04/2014 - 16:06 | 4824368 Platinum_Investor
Platinum_Investor's picture

Nothing matter other than is there more stimulus potentially coming?  YES?  OK BUY!  until that stops the markets will keep rising.



Wed, 06/04/2014 - 16:17 | 4824412 Atomizer
Atomizer's picture

Sure, buy into market. Your gains are gone. Everyone pays the IRS payment game. You either throw everything into the game and wait for the cheque or don't let them borrow your money. April 15th is a good day. Tax inflows are a 11 month waste. 

Wed, 06/04/2014 - 16:07 | 4824371 dragoneyes74
dragoneyes74's picture

My monkey is outperforming me again.  

I told him it's not easy buying strength.  

He laughed at me, then removed the sell button altogether.  

Dude is fearless. 


Wed, 06/04/2014 - 16:10 | 4824386 NoIdea
NoIdea's picture

Lower right

Wed, 06/04/2014 - 16:17 | 4824406 Squid Viscous
Squid Viscous's picture

no i think it's lower left to upper right, according to Gartman...? except for Gold of course

Wed, 06/04/2014 - 16:31 | 4824459 John Law Lives
John Law Lives's picture

"How many more of these annual disappointments does it take before the world gets the joke..."

... and the elite are laughing their sick, fvcking arses off as they pile their treasure higher and higher...


Wed, 06/04/2014 - 17:10 | 4824463 Yen Cross
Yen Cross's picture


The 1/2 life of human mental retention over the last 6 years, is on par with the fruit fly...

  We're clearly seeing the effects of instant gratification. My garden this year, has taught me more about prudent investing than any edible i-Shit ever will.

Wed, 06/04/2014 - 17:11 | 4824595 B2u
B2u's picture

The numbers will always be good.  If not, just let the ISM change them.

Wed, 06/04/2014 - 17:17 | 4824617 Spastica Rex
Spastica Rex's picture

Can the existing global system continue to function at less than 3% growth?

Wed, 06/04/2014 - 17:20 | 4824631 CPL
CPL's picture

It's powered by hot air and bullshit.  Endless amounts of it.

Wed, 06/04/2014 - 20:24 | 4825200 neidermeyer
neidermeyer's picture

It's not bullshit anymore ,, the newspeak for BS is BLS.

Wed, 06/04/2014 - 17:22 | 4824637 beegle
beegle's picture

welcome to the new normal

Wed, 06/04/2014 - 17:34 | 4824678 kill switch
kill switch's picture

Fukushima Daiichi will settle all this shit!!!!Have a nice day.

Wed, 06/04/2014 - 17:44 | 4824723 Squid Viscous
Squid Viscous's picture

it's gonna blow? when? soon? should I buy Iodine tablets ?

Wed, 06/04/2014 - 19:26 | 4825018 kill switch
kill switch's picture


Wed, 06/04/2014 - 17:38 | 4824687 Itchy and Scratchy
Itchy and Scratchy's picture

Best Tetris game ever!

Wed, 06/04/2014 - 17:41 | 4824704 Colonel Klink
Colonel Klink's picture

Hope and change = lies and bullshit

Wed, 06/04/2014 - 17:43 | 4824719 orangegeek
orangegeek's picture

It places the printed money into the stock market.

Wed, 06/04/2014 - 17:43 | 4824720 nink
nink's picture

Looks fine to me.  The bigger the fall the higher the POMO so BTFD new QE soon

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