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And Scene: Q2 GDP 1.3%, Gold Surging On Imminent QE3 Resumption

Tyler Durden's picture




 

A simply unprecedented miss in Q2 GDP well below the consensus range, with the official number printing at 1.3%, giving it upside room for revisions in case QE3 does not pass, although at this point it is more than obvious that this number is goalseeked to give Bernanke the carte blanche to start more easing any second. This number follows an epic revision to prior data, with Q1 plunging from 1.9% to 0.4%. The GDP internals were simply appalling: Personal Consumption tumbled from 2.1% to 0.1%, on expectations of 0.8%! The US consumer is dead despite not paying mortgage payments. Lastly, US PCE Core printed at 2.1% on expectations of 2.3%. As we have been expecting since December, the US is on the verge of a triple dip recession within the bigger depression. With a deadlocked Congress, the Fed has no option but to do another monetary stimulus as seen by the surge of gold to near record highs on the data in the $1.625 range and the implosion in the USDCHF to fresh all time lows.

Revised Q4 2010 thorugh Q2 2011:

Gold reaction:

and USDCHF:

 

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Fri, 07/29/2011 - 08:32 | 1503894 chump666
chump666's picture

ftse just smashd supports...man, what a mess.  

Fri, 07/29/2011 - 08:32 | 1503895 tniutnia
tniutnia's picture

ouch

Fri, 07/29/2011 - 09:01 | 1504020 Cash_is_Trash
Cash_is_Trash's picture

Swing and a miss!

Fri, 07/29/2011 - 09:28 | 1504125 Cash_is_Trash
Cash_is_Trash's picture

'TIS BUT A SCRATCH

We keep hearing that quite often now.

The Recoveryless Recovery

Fri, 07/29/2011 - 10:46 | 1504725 tekhneek
tekhneek's picture

Who was it that said "We're in a depression, damn it!" on live television? He was like a huge name apparently.

That shit was awesome.

Fri, 07/29/2011 - 08:32 | 1503897 Cassandra Syndrome
Cassandra Syndrome's picture

The idiots behind Rick Santelli pre cheering the number was delightful viewing.

Fri, 07/29/2011 - 08:35 | 1503910 BCTwelve
BCTwelve's picture

He/They  is/are the only reason to watch cnbc...I was also pre cheering, that big red bar was delightful

Fri, 07/29/2011 - 08:35 | 1503914 High Plains Drifter
High Plains Drifter's picture

i couldn't figure out what that was about. i heard chearing or whatever, then santelli started talking about how bad things were.........oh well...........

Fri, 07/29/2011 - 08:48 | 1503937 EscapeKey
EscapeKey's picture

Well, someone will tout this as great news, as QE3 is now much more likely.

USD/JPY is an absolute rollercoaster atm. 77.36.

77.18!!!

Fri, 07/29/2011 - 09:04 | 1504025 DeadFred
DeadFred's picture

Is this this going to be one of those low volume algo pumped days??? Just wondering.

Fri, 07/29/2011 - 09:22 | 1504098 Boston
Boston's picture

No QE3 until the SPX dips another 20%......today could be a 2% headstart.

Fri, 07/29/2011 - 08:43 | 1503956 Cassandra Syndrome
Cassandra Syndrome's picture

Jim Cramer on now

Fri, 07/29/2011 - 08:48 | 1503977 lead salad
lead salad's picture

Boo...yow......Bitchez.

Fri, 07/29/2011 - 08:53 | 1503994 caerus
caerus's picture

buy! buy! buy!

Fri, 07/29/2011 - 08:33 | 1503899 No Bid
No Bid's picture

But Chevron beat by 9%!  That's good right?

 

Oh....

Fri, 07/29/2011 - 08:33 | 1503900 rdenner
rdenner's picture

Cue the Price is Right "YOU LOOSE" song.

 

Bum bump ba baaaah.. Waaaaaaaaah!

 

NOT GOOD!!

Fri, 07/29/2011 - 08:36 | 1503920 caerus
caerus's picture

please...have your pets spayed or neutered...

Fri, 07/29/2011 - 08:53 | 1503990 youngman
youngman's picture

Why...they will become a good food source..ask the Asians...

Fri, 07/29/2011 - 09:15 | 1504078 rdenner
rdenner's picture

Was wondering why i was getting junked...

 

But it works either way..... I planned it... :)

Fri, 07/29/2011 - 08:56 | 1504002 Esso
Esso's picture

"Cue the Price is Right "YOU LOOSE" song."

Funny, but it's lose, not loose. Loose means coming apart.

Oooooops! Nevermind.

Fri, 07/29/2011 - 08:33 | 1503901 John Law Lives
John Law Lives's picture

Ouch!!!

Time for a spin job.  Transitory...  QE3 to save the day!

Fri, 07/29/2011 - 08:42 | 1503948 magpie
magpie's picture

And watch the deficit / debt target discussion turn into the bipartisan stimulus bill.

Fri, 07/29/2011 - 09:05 | 1504040 WonderDawg
WonderDawg's picture

CNN trying to spin it with this as the Breaking News headline on CNN.com:

U.S. economy grew at 1.3% annual rate in second quarter, up from a revised 0.4% rate in previous quarter.

What a fucking joke.

Fri, 07/29/2011 - 09:48 | 1504235 Thorlyx
Thorlyx's picture

Still, you must admit, it sounds much better this way.

Fri, 07/29/2011 - 11:11 | 1504875 ElvisDog
ElvisDog's picture

Except QE3 will do nothing to help GDP, unemployment, or consumer spending. Those horrible numbers were created right in the middle of QE2.

Fri, 07/29/2011 - 08:33 | 1503902 mayhem_korner
mayhem_korner's picture

Casey has struck out.

Fri, 07/29/2011 - 09:15 | 1504077 Esso
Esso's picture

Egads! There's a serial junker amongst us that hates us for our reality!

Fri, 07/29/2011 - 09:28 | 1504124 caerus
caerus's picture

its the bernank

Fri, 07/29/2011 - 08:33 | 1503903 chump666
chump666's picture

flash crash on the ftse...tight, dow i aint missing this.  puts on

Fri, 07/29/2011 - 08:38 | 1503932 Bob
Bob's picture

It's 8:39 AM: Do you know where your PPT is?

Fri, 07/29/2011 - 08:41 | 1503940 Raynja
Raynja's picture

I locked them in a closet til we go limit down

Fri, 07/29/2011 - 10:07 | 1504401 Raynja
Raynja's picture

Oh shit they escaped

Fri, 07/29/2011 - 08:49 | 1503978 smlbizman
smlbizman's picture

the libor 1 and 3 mos. are creeping higher....

Fri, 07/29/2011 - 08:33 | 1503904 oogs66
oogs66's picture

but, but, but doesn't that mean the Q3 rebound will be even that much stronger? :D

Fri, 07/29/2011 - 08:39 | 1503936 Bob
Bob's picture

Gotta. BTFD. 

Fri, 07/29/2011 - 08:54 | 1503996 Hansel
Hansel's picture

Can we all agree that the Fed is full of shit when they say "the economy continued to expand at a moderate pace"?  Also, why does the Fed need to do more "easing" to inflate prices if the consumer can't afford these prices?

Fri, 07/29/2011 - 09:49 | 1504250 Thorlyx
Thorlyx's picture

next will be: "the economy continued to expand at a negative pace"

Fri, 07/29/2011 - 08:33 | 1503905 bob_dabolina
bob_dabolina's picture

U.G.L.Y

Fri, 07/29/2011 - 08:44 | 1503958 DavidJ
DavidJ's picture

Recession dead ahead (assuming we left the previous recession)!

Fri, 07/29/2011 - 08:52 | 1503987 nodhannum
nodhannum's picture

Not to worry mein herr..It's the summer of recovery or is that Summers(s) of recovery, I forgot. 

Fri, 07/29/2011 - 09:02 | 1504023 mailll
mailll's picture

We are already in the first stages of a recession.  They just didn't revise these numbers yet to show this. 1st quarter GDP revised down form 1.9 to 0.4? Am I interpreting this correctly? What happened to the 1.8, 1.8, 1.9 revisions? Correct me if I am not reading this right.

Fri, 07/29/2011 - 08:33 | 1503906 ZeroPower
ZeroPower's picture

This is epic

Fri, 07/29/2011 - 08:34 | 1503908 Quintus
Quintus's picture

Ben!  Get to da Choppa!

Fri, 07/29/2011 - 08:39 | 1503934 nantucket
nantucket's picture

that's just funny, i don't care who you are.  Arnie would approve.

Fri, 07/29/2011 - 08:34 | 1503909 caerus
caerus's picture

nice Au pop

Fri, 07/29/2011 - 08:35 | 1503911 spydell-lj
spydell-lj's picture

green fucking shoots, Thank you FED

Fri, 07/29/2011 - 08:35 | 1503912 Squid-puppets a...
Squid-puppets a-go-go's picture

...and how much of that is to be 'revised lower' in subsequent months... as if they dont already know the real number

Fri, 07/29/2011 - 09:02 | 1504022 r101958
r101958's picture

My guess is that Q1 and Q2 are actually reversed (fudged, manipulated...whatever) or that more was taken from Q1 instead of Q2 so they could say 'hey, this means things are actually improving from Q1 to Q2'. If you take most of the reduction in the Q1 number and subtract it from the Q2 number you will be fairly close to reality. So, yes, that means Q2 was actually a contraction.......oooops, sorry, I meant 'negative growth'.

Fri, 07/29/2011 - 09:10 | 1504061 mailll
mailll's picture

This reminds me of when they revised the unemployment numbers from 9.8% to 8.8% in just 3 months.  It's all Bull.

Fri, 07/29/2011 - 09:14 | 1504076 r101958
r101958's picture

Exactly!

Fri, 07/29/2011 - 08:35 | 1503913 lieutenantjohnchard
lieutenantjohnchard's picture

paper shufflers of the world: unite!

Fri, 07/29/2011 - 08:35 | 1503916 FunkyMonkeyBoy
FunkyMonkeyBoy's picture

Don't worry The Bernank will save Q3 GDP...

... 'cause we all know QE works, right? I mean, there is no doubt what so ever, that it doesn't work is there? I mean, there simply is no data to show it doesn't work right? It's proven to work, right?

I mean, if there was any doubt that QE worked, then we'd be crazy to do more QE, right?

I mean, what alternative is there?

Fri, 07/29/2011 - 08:37 | 1503926 High Plains Drifter
High Plains Drifter's picture

the bernank will  ride in on his black horse and say, i am here. i have extra money.  and...........they will accept ..........because it is written...........

Fri, 07/29/2011 - 08:39 | 1503935 Cursive
Cursive's picture

@FunkyMonkeyBoy

Benron probably thinking that if he printed a quadrillion digital dollars, we'd enjoy two Summers of prosperity.  Nevermind paying it back....

Fri, 07/29/2011 - 08:44 | 1503961 oogs66
oogs66's picture

can the Fed finally admit QE2 was an epic disaster for everything other than stocks?  

Fri, 07/29/2011 - 08:55 | 1503980 Bob
Bob's picture

Ummm . . . what else is there but stocks??

Real people eat cake. 

Fri, 07/29/2011 - 09:10 | 1504060 Sophist Economicus
Sophist Economicus's picture

...Sometimes with peas...

Fri, 07/29/2011 - 08:53 | 1503992 HelluvaEngineer
HelluvaEngineer's picture

You forgot about backdoor handouts to our banker rulers

Fri, 07/29/2011 - 11:14 | 1504892 ElvisDog
ElvisDog's picture

One of my favorite WTF lines from the past year was Cristina Romer saying that QE2 was successful in lowering long term interest rates because her computer models showed that it had done so. The MSNBC anchor had just put up a chart showing real-life 10-year rates increasing throughout QE2.

Fri, 07/29/2011 - 09:05 | 1504032 r101958
r101958's picture

Q3 = QE3

Fri, 07/29/2011 - 08:35 | 1503917 FoieGras
FoieGras's picture

1.14 EURCHF cracked.

Fri, 07/29/2011 - 08:36 | 1503918 the not so migh...
the not so mighty maximiza's picture

After 16 trillon dollars to the banks this is all we get, BURN THEM AT THE STAKE!!!!!!!!!!

Fri, 07/29/2011 - 09:09 | 1504058 SMG
SMG's picture

I wish I could have pushed the up green arrow about 1000 times on your comment.

Fri, 07/29/2011 - 09:33 | 1504149 the not so migh...
the not so mighty maximiza's picture

thanks optimus prime

Fri, 07/29/2011 - 09:30 | 1504140 Cash_is_Trash
Cash_is_Trash's picture

BURN THEM AT THE STAKE!!!!!!!!!!

Joan of Arc style never goes out of style.

Fri, 07/29/2011 - 08:36 | 1503919 juggalo1
juggalo1's picture

That is below stall speed.  That means unemployment is going up.  That means that all the layoff numbers in Q2 were not an aberration, but indicative of the economy as a whole.  I know.  One-time factors (floods, Japan, locusts etc.), but A) The why does not comfort people taking the what in the butt, and B) How long do one-time factors continue?

Fri, 07/29/2011 - 08:55 | 1503999 nodhannum
nodhannum's picture

Well let's see...you only die once, right?  That's a one-time factor.

Fri, 07/29/2011 - 08:36 | 1503921 Cursive
Cursive's picture

Not unexpected if you don't have your head up your Wall Street ass and you live in flyover country.

Fri, 07/29/2011 - 08:45 | 1503962 mynhair
mynhair's picture

Not allowed to fly over the WH.  Yep, it's non-flyover country that is clueless.

Fri, 07/29/2011 - 08:55 | 1503995 Gohn Galt
Gohn Galt's picture

I was wondering who the poor SOB was on the other side of my trades.

 

Fri, 07/29/2011 - 08:58 | 1504008 SheepDog-One
SheepDog-One's picture

Probably Robotrader buyin all dips. No wait, he only papertrades, nevermind.

Fri, 07/29/2011 - 08:36 | 1503924 Iriestx
Iriestx's picture

CNN Financial:  US Economy Continues Growth Streak Into 2nd Quarter.

 

This is good for +300 on the Dow.

Fri, 07/29/2011 - 08:48 | 1503975 Hedge Jobs
Hedge Jobs's picture

"this is good for 300 on the Dow"

only in the good old days of bernankruptcy's free money QE1,2, whatever. otherwise this is bad news. whats the odds they bring jackson hole forward by a couple of weeks?

Fri, 07/29/2011 - 09:46 | 1504218 RockyRacoon
RockyRacoon's picture

Structured news to keep the working stiffs placated.   Everything is rosey, keep that money in your 401k.  Panic is not what is needed, gotta keep those calls to brokers at a minimum.   They're busy doncha know, keeping their own asses from catching fire.

Fri, 07/29/2011 - 11:16 | 1504911 ElvisDog
ElvisDog's picture

Every mailer I ever get from a financial services company stresses the need to stay invested through good times and bad, because otherwise you will never achieve the 8% real return on your money needed every year to acheive your dream retirement.

Fri, 07/29/2011 - 08:37 | 1503925 M4570D0N
M4570D0N's picture

Q1 revised down to 0.4%

PARTAAYYYY

Fri, 07/29/2011 - 08:45 | 1503965 oogs66
oogs66's picture

how can the revision be that much?

Fri, 07/29/2011 - 09:07 | 1504048 r101958
r101958's picture

See my above comment. It is to make Q2 numbers look better than they actually were (in other words...make it not a contraction).

Fri, 07/29/2011 - 10:08 | 1504406 viahj
viahj's picture

then wouldn't that make 11Q1 a contraction from 10Q4, oh wait, revise 10Q4 down so 11Q1 is an expansion...but what about 10Q3...oh myhead is spinning!

Fri, 07/29/2011 - 08:37 | 1503927 chump666
chump666's picture

f#ck the fed they gotta run a trillion +++ money pump to make a dent now.

Fri, 07/29/2011 - 08:39 | 1503933 the not so migh...
the not so mighty maximiza's picture

they could dump anouther 20 trillion it won't make jack shit happen to the trend.

Fri, 07/29/2011 - 08:38 | 1503929 TradingJoe
TradingJoe's picture

And ...here comes "the decoupling", stocks DOWN, PMs UP!

This WILL force the DC shills to "do something" :)))!

Fri, 07/29/2011 - 08:43 | 1503954 HelluvaEngineer
HelluvaEngineer's picture

Yup.  Dollar down, futures down.  This is big.

Fri, 07/29/2011 - 08:59 | 1504011 TradingJoe
TradingJoe's picture

This means nothing else but QE3 coming which means to me I will close my shorts today with a damn good return for a week's holding:)), I am now more then ever "confident" the shills on the hills WILL have to do something debt wise so...I won't stay short any longer! Any QE3 "expectation" will kaboom the "market" to MARS, same for PMs! Good hunting.. aham "investing" :))!

Fri, 07/29/2011 - 09:10 | 1504056 r101958
r101958's picture

Also, it puts more pressure on Congress (et al.) to continue the profligate spending and useless programs.

Fri, 07/29/2011 - 08:38 | 1503930 sulfur
sulfur's picture

oh yes we can....

Fri, 07/29/2011 - 08:38 | 1503931 PaperBear
PaperBear's picture
What an absolute basket case of a quarterly GDP growth
Fri, 07/29/2011 - 08:40 | 1503938 Buyemall
Buyemall's picture

Nice real nice . Matches perfectly with the last nfp numbers.

And every thing points to QE or something resembling it.

Fri, 07/29/2011 - 08:41 | 1503941 Cole Younger
Cole Younger's picture

Look on the bright side...it can't go much lower....this is bullish...LOL

Fri, 07/29/2011 - 09:58 | 1504334 RockyRacoon
RockyRacoon's picture

Never forget, every bottom has a trap door.

Fri, 07/29/2011 - 08:41 | 1503942 voshnishki
voshnishki's picture

Gotta love the scene

Fri, 07/29/2011 - 08:41 | 1503945 jkruffin
jkruffin's picture

How long until they march Benny Boy out now?  If they do, people need to demand his arrest and charge him with Treason. The man is a crooked banker who helped his buddies, all the while lying to everyone, to help them stay rich at our expense.  Lock his sorry ass up!!! And Geithner too.

Fri, 07/29/2011 - 08:44 | 1503960 Version 7
Version 7's picture

He's not gonna jump on the QE bandwagon this time around. Wait for Wall Street to beg for it and let them take the blame.

Fri, 07/29/2011 - 08:42 | 1503949 FoieGras
FoieGras's picture

Remember those guys laughing about El Erians "new normal". They were on CNBC dozens of times "No, we see no new normal. That's just a bunch of hogwash. We see 5%+ growth over the next couple of quarters".

CNBC should invite these crack heads back in again, check up on their thesis.

Fri, 07/29/2011 - 10:06 | 1504394 RockyRacoon
RockyRacoon's picture

There is a long list of those "featured guests" and "host commentators" on CNBC who are wrong, have been spectacularly wrong in the past, who will be wrong next time -- yet they keep coming back.   It's a cabal that rotates amongst the networks, from CNN, to CNBC, to Fox, round and round.  

I'll start the list with Arthur Laffer, Dick Bove, Don Luskin, Steve Moore, Robert Reich, Peter Navarro, Peter Morici, Jerry Bowyer, .... etc.

Fri, 07/29/2011 - 08:42 | 1503950 1fortheroad
1fortheroad's picture

PPT to the rescue!

Fri, 07/29/2011 - 08:42 | 1503951 SheepDog-One
SheepDog-One's picture

Whoa! Time to eat our peas!

Fri, 07/29/2011 - 08:47 | 1503972 caerus
caerus's picture

pass the peas please...thanks

Fri, 07/29/2011 - 08:46 | 1503955 bob_dabolina
bob_dabolina's picture

Waddell and Reed very active in usd/chf trading; agressive selling of dollars breaks fx pair

Epic move for a currency pair.

Fri, 07/29/2011 - 08:44 | 1503957 youngman
youngman's picture

They were not cheering...they were suprised.....a big woah I heard....remember "green Shoots"...well we all knew it...just the so called Economists didn´t......so when is gold going to be the headline story.....Spain dismanteling...the US deficit...I wonder what China is thinking....

Fri, 07/29/2011 - 08:49 | 1503959 swanpoint
swanpoint's picture

"dreadful" bitchez. i love it when cramer goes all doomy... gold, farmland, don't know repo rates will cave or inflate

Fri, 07/29/2011 - 08:44 | 1503963 accumbens
accumbens's picture

Guess the Ipad/Iphone sales weren't enough!!!!!!

Fri, 07/29/2011 - 08:45 | 1503966 Re-Discovery
Re-Discovery's picture

Goodbye Yellow Brick Road . . .

(Start digging up the yellow bricks.)

Fri, 07/29/2011 - 08:45 | 1503967 razorthin
razorthin's picture

qe3

Fri, 07/29/2011 - 10:23 | 1504506 RockyRacoon
RockyRacoon's picture

Per your avatar... watch the video for inspiration:

Ron Paul: If Debt Is the Problem, Why Do You Want More of It? Friday, July 29, 2011 – by RonPaul2008dotcom

In this non-telepromted address to the US Congress, Rep. Ron Paul succinctly lays out the true nature of America's economic problems and why raising the debt ceiling is foolish and will solve nothing.

Dr. Paul began his address as follows, " Mr. Speaker, the Congress is concerned about the debt. The people are concerned about the debt. The markets are concerned about the debt. The world is concerned about the debt."

Dr. Paul continues stating, "To increase the national debt is just another type of default and that is what we are going through. We are engaged in a very difficult and bad way of defaulting and that is through the destruction of the currency. Today we have an inflation rate of 9% and that is defaulting. So if a government can default and print money, if they can get a 50% inflation rate over time, then they can cut that debt in half. That is the goal. That is what's happening. And that is very, very serious. ...

"Just in these last 3 years the dollar has been devalued 50% against gold. ... So we are defaulting. ... I see the only solution is to cut spending. Now the reason we don't cut spending is because one side loves entitlements and the other side loves war. ... This default won't be because we won't send out the checks. We will send out the checks. It will be defaulted on because people will get their money back or their social security checks and it won't buy anything. That is much much worse than facing the fact that we not raise the debt limit and work our way out of this."

http://www.thedailybell.com/2740/Ron-Paul-If-Debt-Is-the-Problem-Why-Do-You-Want-More-of-It

Fri, 07/29/2011 - 08:46 | 1503968 Cole Younger
Cole Younger's picture

S&P futures took out 1284...now 1283...oh wait back up to 1284...nope 1282...Resistance is futile..

Fri, 07/29/2011 - 08:46 | 1503969 goldfish1
goldfish1's picture

Gold + 11.79  1624.7

Silver + .18       40.03 (Blyth still has her machinations.)

Fri, 07/29/2011 - 10:36 | 1504637 goldfish1
goldfish1's picture

gold 1630.6

 

silver 40.22

Fri, 07/29/2011 - 08:48 | 1503970 packman
packman's picture

How does one post pics here?  Got a couple of good ones...

 

 

 

Fri, 07/29/2011 - 08:51 | 1503984 slaughterer
slaughterer's picture

Black Friday 2011 off to a good start. 

Fri, 07/29/2011 - 08:56 | 1504000 SheepDog-One
SheepDog-One's picture

Cant. Because ROBOTRADER ruined it for everyone. You can post a link to a pic though.

Fri, 07/29/2011 - 09:30 | 1504136 TheDriver
TheDriver's picture

Yep. Just grab a free account over at imgur.com and post away.

Fri, 07/29/2011 - 10:23 | 1504503 packman
packman's picture

Yeah I was wondering about that.  Bit too lame to post links.

Fri, 07/29/2011 - 15:39 | 1506117 packman
packman's picture

Fri, 07/29/2011 - 08:47 | 1503971 BCTwelve
BCTwelve's picture

CHANGE WE CAN BELIEVE IN!!

Fri, 07/29/2011 - 08:47 | 1503974 Yes_Questions
Yes_Questions's picture

 

 

More shortly

Actually, nuff said..

Fri, 07/29/2011 - 08:47 | 1503976 chunkylover42
chunkylover42's picture

Q1 revised down to 0.4% from 1.9%.

That's gonna hurt.

Fri, 07/29/2011 - 08:49 | 1503979 Prepared
Prepared's picture

You smell that??  Smells like...QE3!

Fri, 07/29/2011 - 08:53 | 1503993 SheepDog-One
SheepDog-One's picture

I dont care! Let them announce $10 trillion QE3! WTF difference would that make! Everyone now knows its all just pure bullshit.

Fri, 07/29/2011 - 08:51 | 1503981 oobrien
oobrien's picture

Nevertheless, yields on treasuries went down...yet again.

Can anyone say Japan Redux?

http://geraldcelente.proboards.com

Fri, 07/29/2011 - 08:50 | 1503982 sasebo
sasebo's picture

And what has Bernanke the Bastard  accomplished by printing new paper money to buy TB from people Goofy Geithner's Treasury sold the TB's to for paper money to keep the guvmunt running? Nada. Just fucking around with paper money. Didn't produce no more STUFF. And the economy is all about producing STUFF, not printing more paper money. 

Fri, 07/29/2011 - 08:51 | 1503985 digalert
digalert's picture

.

Jim buybuybuy Cramer:

"come Fall we're going down"

Fri, 07/29/2011 - 08:52 | 1503988 Milton Waddams
Milton Waddams's picture

'L' - shaped recovery.  To be followed by an 'l' - shaped regression.  Nothing will change until the rank and file worker in the third world is earning the same as the rank and file worker in the first world.  Until then, and only then, the 'save the status quo' game is all about engineering a 'soft landing' in the former and a 'speedy ascent' in the latter.  

Fri, 07/29/2011 - 08:58 | 1504006 LawsofPhysics
LawsofPhysics's picture

Spot on.  Now add to that a global ponzi that still relies on economic models that depend on infinite growth on a finite planet.  Hedge accordingly.

Fri, 07/29/2011 - 09:01 | 1504015 JP McManus
JP McManus's picture

"\" Shaped recovery

Fri, 07/29/2011 - 09:01 | 1504016 JP McManus
JP McManus's picture

double tap muscle memory

Fri, 07/29/2011 - 08:53 | 1503989 slaughterer
slaughterer's picture

EVERYTHING (even PMs) will be taken down on the US market today.  Sorry, only shorts of everything will win. 

Fri, 07/29/2011 - 08:55 | 1503998 SheepDog-One
SheepDog-One's picture

Great I hope PM's go down some more, buy the dip for long term.

Fri, 07/29/2011 - 10:00 | 1504341 Long-John-Silver
Long-John-Silver's picture

EVERYTHING (even PMs) will be taken down on the US market today.

You could have said that and would have been correct in 2008. This is processing just like

the 1929 crash and depression. The first dip took everything down including PM's just like

we got in 2008. The second dip took everything down except PM's. Everyone figured out

that Gold and Silver was real and everything else was junk. The government responded by

attempting to confiscate the only real money available at the time. That real money was Gold.

Fri, 07/29/2011 - 08:56 | 1504001 tom
tom's picture

Yow. And I cautiously covered some Euroshorts just before it, in case it was not as bad as expected. Often they come in above consensus on advance only to be downgraded later. Oh well. Still looking for a downgrade to this number later.

And that 1q downward adjustment is ENORMOUS. Like what the hell were they counting to mistake 0.4% for 1.9%.

Fri, 07/29/2011 - 08:57 | 1504003 Silverhog
Silverhog's picture

QE3 , QE4... then a donut tire on the president's limo.

Fri, 07/29/2011 - 08:57 | 1504004 LoneStarHog
LoneStarHog's picture

Hey, Obama - you piece of Kenyan National Dog Shit - how can I "Eat My Peas" when I can't afford them!

Fri, 07/29/2011 - 08:59 | 1504010 LawsofPhysics
LawsofPhysics's picture

+(insert price of gold or any physical asset that maintains purchasing power or that can be used to create things of REAL VALUE)

Fri, 07/29/2011 - 09:01 | 1504019 bob_dabolina
bob_dabolina's picture

Shared sacrifice asshole.

Fri, 07/29/2011 - 09:08 | 1504035 SheepDog-One
SheepDog-One's picture

Obama's nothing but a Somali pirate! Now he's FAILED in Libya no free gold, no free oil!

?LIBYA DECLARES VICTORY OVER NATO?‏ - YouTube

Fri, 07/29/2011 - 08:58 | 1504007 kaiten
kaiten's picture

0,4% GDP growth in 1Q? Is that a joke? 10% budget deficit brings just 0,4% of GDP growth? Mhmmm, the end is nigh.

Fri, 07/29/2011 - 08:58 | 1504009 MoneyWise
MoneyWise's picture

I have a question:

How Fed could possibly have QE3, while after AUG3 they
would not even have money to pay current bills?
In order to have QE3, Debt Ceiling has to be lifted much
more than 1T $ IMHO.

Fri, 07/29/2011 - 09:04 | 1504026 SheepDog-One
SheepDog-One's picture

No ones buying QE anymore its been a total failure for 3 years, the only point of it was to hand free money to billionaires! QE3 MY ASS!

Fri, 07/29/2011 - 08:59 | 1504012 dwdollar
dwdollar's picture

LOL...

Fri, 07/29/2011 - 09:00 | 1504013 SheepDog-One
SheepDog-One's picture

$16 trillion in secret to the banks, and we get a .4% GDP? Its politicians and secret banksters meet noose time, this is out of control insane.

Fri, 07/29/2011 - 09:04 | 1504027 nantucket
nantucket's picture

“There is no means of avoiding the final collapse of a boom brought about by credit (debt) expansion. The only alternative is whether the crisis should come sooner as the result of a voluntary abandonment of further credit (debt) expansion, or later as a final and total catastrophe of the currency system involved.” – Ludwig von Mises

 

bitchez!

Fri, 07/29/2011 - 09:38 | 1504174 sasebo
sasebo's picture

Ludwig's da man & Austrian School is the stuff.

Fri, 07/29/2011 - 09:04 | 1504029 Milton Waddams
Milton Waddams's picture

Bernanke, crying in his morning bowl of fruit loops, ponders why everything he thought to be true - Fed did this wrong in the GD, Fed should have done this, etc - was completely wrong.  Sure he popped financial markets for a couple of years, but in the end he is an abject failure, equipped to do not much more than bus tables at some backwater mexican restaurant; but he is not alone.  Nearly everyone in a financial or political leadership position today epitomizes 'epic fail'.  In many respects it is a failed generation.  The first of its kind to leave the the following generations in worse shape. 

Fri, 07/29/2011 - 09:06 | 1504046 SheepDog-One
SheepDog-One's picture

Lip quiverin like mad! Hell nevermind worse shape, leaving us in a 3rd worlded depression!

Fri, 07/29/2011 - 09:23 | 1504104 the not so migh...
the not so mighty maximiza's picture

with Bernakes whole generation comment,  spot on.

Fri, 07/29/2011 - 09:06 | 1504042 orangedrinkandchips
orangedrinkandchips's picture

Didnt Gomer Pile say it best???? "surprise surprise surprise!!"...not! Just wake the fuck up and look around.....fucking jack-fucks....

Fri, 07/29/2011 - 09:07 | 1504049 digalert
digalert's picture

DOH!

Hmmm,

Q1 revised from 1.9% to 0.4%

Q2 revised from 1.3% to .......

oops, it's a negative.

Fri, 07/29/2011 - 09:19 | 1504088 r101958
r101958's picture

Yep! Had to take it from Q1, else what would Q2 look like?

Fri, 07/29/2011 - 09:10 | 1504059 SheepDog-One
SheepDog-One's picture

Realize this reality- They pumped the DOW 2,000+ points in a time where actual GDP was .4%?? What? FARCE!

Fri, 07/29/2011 - 09:22 | 1504097 Village Smithy
Village Smithy's picture

At least we ZH readers won't feel so loathesome when we are out in public this weekend. I am expecting a few apologies and to be asked for the Kool-Aid antidote.

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