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And Wall Street Does Its Traditional "Nobody-Could-Have-Foreseen-This....Nobody" Dance

Tyler Durden's picture




 

Here are some of the first sell-side and media perspectives on the abysmal Q2 GDP. And of course, nobody could have foreseen this huge collapse in the US economy. Nobody.

 Standard Chartered

  • "There is absolutely no good news in this report and one would really hope that it will focus the minds of those in Washington on resolving the debt ceiling issue as soon as possible."

Faros Trading

  • "Today's disappointing U.S. GDP data confirms what we have suspected for some time: the end of QE2 will be do to the U.S. economy what a lawnmower does to green shoots. With QE2 now ended and government spending in check given the ongoing debt negotiations, we reiterate our view that the U.S.'s light at the end of the tunnel lies in having a weaker dollar, at least until exports can recover and the U.S. fiscal position can be put back on track."

FTN Financial

  • "What is worrisome is that each month in the quarter was weaker than the month before. We are looking at another slow quarter in the third quarter but still positive so no recession....At this point growth is so close to zero and confidence is more important than it normally is and the distraction of the debt ceiling fight could make a big difference. A government shutdown would have a big impact as well."

Tradition Energy

  • "I think that with GDP, we were we were looking for a little higher rates. I think it's a little disappointing, so the (oil) market is coming under pressure. I think some of the pressure in the market was already in there because of worries about the debt ceiling and some worries about a possible downgrade of Spanish debt.
  • "The (oil) market has been trying to expand to the bottom area of the trading band for the last few days. Whether or not we're going to see any kind of a freefall I think remains to be seen but it looks like the market is under pressure.
  • "The key point is going to be $95 a barrel, if we get down around those areas because that's where we've basically held for the last couple of weeks.
  • "The smaller growth is not a positive sign and the oil markets are reflecting that with the 50 cent sell off we just saw."

BNP Paribas

  • "Markets have been under pressure last few days as the U.S. debt talks stall, technically weak. More bad news for the markets, the GDP number missed estimates. Petroleum and equities extended their losses.
    "Oil markets are watching Tropical Storm Don but it is not expected to be a major weather event, missing most petroleum infrastructure."

Raymond James:

  • "The face value is certainly not great. The second quarter disappointed, but the first-quarter downward revision is more disturbing. It advances the pangs of concern. The debt ceiling nonsense is not going to help us. We're already in an economy that is subpar."

     

    "Glancing through it doesn't look like anything is really out of line with what people were expecting for the second quarter... Gasoline price increasing from $3 to $4, that really slapped the consumer back considerably."

Solaris Asset Management

  • "Everybody expected GDP to be weak for the second quarter, estimates had steadily come down, but this is a pretty shockingly low number. The revision to the first quarter is even more shocking."
  • "Clearly this is evidence of a mid-cycle slowdown. The only question now is do we see a pick up in the second half and so far the economic data to date doesn't suggest that."
  • "You might have some analysts come out and talk recession, talk about a double dip. Right now none of the forecasts even come close to that but this is weak data"

ITG

  • "The economy is weak, and it's going to stay weak, and it's going to stay weak for a while because we are in the process of deleveraging and this is what deleveraging looks like. To get the economy moving forward the way it should requires a reform of the tax code that will lower rates and broaden the base and favor investment over consumption. Efforts to try and put Humpty Dumpty back together again to have the economy we had before is not going to work.

     

    "I'm not going to say there can't be any growth in the second half of the year. Remember the fiscal stimulus has petered out. You don't have the Fed's QE2 pushing liquidity into the system and you have slower growth globally. It's hard to add these things up and say that the U.S. economy is going to accelerate in the second half of the year."

Commonwealth Foreign Exchange

 

  • "Very weak number in GDP. The headline was well below forecast and surprisingly we saw very large downward revision to Q1's data. So it looks like a lot of this was driven by a sharp falloff in consumer spending in the second quarter, which only rose by 0.1 percent. Overall, a very weak number. The dollar is kind of choppy at this moment. It appears to be holding steady against the euro and coming off against the yen. We've seen yields in the U.S. fall pretty dramatically. We're seeing a little bit of flight to safety and that might ironically provide a little bit support for the dollar."

IFR Economics

  • "The advance estimate of Q2 GDP of 1.3% annualized falls short of a 1.8% market consensus, and with Q1 revised down sharply to a meager 0.4% increase from 1.9%, and more negative revisions further back, the picture is of a recovery that has lost momentum after a promising spell in late 2009 and early 2010. Yr/yr GDP has slowed to 1.6% in Q2 from 3.5% in Q3 2010. The main reason for the Q2 disappointment was that consumer spending (which is 70% of GDP) managed only a 0.1% increase, some of the weakness there temporary due to supply shortages in autos but even excluding autos underlying demand looks weak. Within the consumer spending breakdown durable goods fell by 4.4% but the rise in non-durables was only 0.1% and services rose by only 0.8%, the latter broadly consistent with real disposable income, which rose by 0.7% for a second straight quarter, restrained by rising energy prices. The savings rate edged up to 5.1% from 4.9%, but with Q1 revised down from 5.1%, was unchanged net of revisions."

Miller Tabak:

  • Will need to reexamine our growth estimates for the second half” after 1Q and 2Q GDP data, writes fixed-income strategist Adrian Miller at Miller Tabak Roberts in client note.
  • “Growth remains a significant concern,” Miller writes
  • Economy “continued to experience significant drag from the decline in government spending as Q2 recorded an additional decline of 1.1% in public spending led by a -3.4% decline from state and local governments,” Miller writes
  • Still, he notes “We saw some positive signs of growth toward Q2, such as business spending and net exports”

Bloomberg's TJ Marta:

  • GDP data shows U.S. consumers are on their backs with 0.1% personal consumption growth weakest since recession
  • 1.3% 2Q growth driven by rising inventories, trade; without those, growth only 0.5%
  • Rising inventories not a good sign; suggests consumers not buying as much as retailers
  • Can’t rely on trade going forward given global central bank tightening and moderating global growth as well as austerity measures in much of Europe and the U.S.
  • Suggests yields may fall further going forward; a “bull flattening,” with longer yields falling faster than shorter maturities, similar to Japan during its “lost decade”

Jefferies:

  • “Q2 GDP came in well below expectations, and Q1 was revised from +1.9% to 0.4%.
  • Q2 GDP is much weaker than expected, and history looks bleaker out the back window,” writes Ward McCarthy of Jefferies & Co. in client note.
  • He plans to revise his GDP forecast lower because “the trajectory of growth going forward looks bleaker”
  • “The bottom line is that the economy now and previously was weaker than data had suggested was the case,” McCarthy writes
  • The U.S. continues to dig out of a deep hole, but we are making significantly less progress than it previously appeared to be the case,” he writes

From Goldman Sachs:

.... (for now)

 

As for the humor from Joe LaSagna... we can't wait.

 

 

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Fri, 07/29/2011 - 09:35 | 1504162 caerus
caerus's picture

chicago pmi...wait for it...

Fri, 07/29/2011 - 09:47 | 1504229 EscapeKey
EscapeKey's picture

58.8

Fri, 07/29/2011 - 09:51 | 1504278 slaughterer
slaughterer's picture

Hatzius now capitulates from his "recovery" call.  He just needs to fight back his tears in the GS men's room before he issues his response. 

Fri, 07/29/2011 - 09:37 | 1504171 digitlman
digitlman's picture

People pay those idiots for their "forcasting"?

 

Wow.

 

Fri, 07/29/2011 - 09:40 | 1504178 kito
kito's picture

economists and weathermen...cant see the storm coming and yet people still cling to their forecasts

Fri, 07/29/2011 - 09:58 | 1504329 A Lunatic
A Lunatic's picture

I just love the smell of hopeless change in the morning.

Fri, 07/29/2011 - 09:58 | 1504331 Spirit Of Truth
Spirit Of Truth's picture

"economists and weathermen..."

Let's not insult weathermen!


Fri, 07/29/2011 - 10:47 | 1504736 Sabibaby
Sabibaby's picture

Can you get a degree in Astrology from an ivy league college too?

 

Fri, 07/29/2011 - 10:00 | 1504346 EscapeKey
EscapeKey's picture

Of course they do.

"Could you produce an estimate of GDP growth, which shows a 2.0%+ rate is entirely realistic, so we can sell more fixed income assets into the market"?

Fri, 07/29/2011 - 09:40 | 1504177 mcguire
Fri, 07/29/2011 - 09:43 | 1504196 snowball777
snowball777's picture

A youtube video of a youtube video of Fox News.

Grow a BRAIN.

Fri, 07/29/2011 - 10:16 | 1504444 flacon
flacon's picture

Here's how it works: Create an "emergency", then pass laws to deal with that created emergency. The laws are never redacted and so when the shit hits the fan they will have all the laws that they ever wanted right at their fingertips. Why else are they waiting for the last minute to decide the debt ceiling raise?

 


House Rules Committee votes to give Boehner "maximum flexibility" to alter debt limit bill By: Philip Klein | Senior Editorial Writer Follow Him @Philipaklein | 07/28/11 9:07 PM

Short of votes to past the current version of House Speaker John Boehner's bill to raise the debt limit, Republicans on the Rules Committee voted to give their leader "maximum flexibility" to bring any negotiated changes to the House floor immediately.
"We were expecting a vote this evening, but obviously the votes weren't there," Rules Committee Chairman David Dreier, R-Calif., said as midnight approched. In order to make sure Congress is able to meet the Aug. 2 deadline to raise the debt ceiling, Dreier said the committee needed to give Boehner so-called "same day authority" that allows him to alter the bill as needed to win over the remaining votes, without having to go through the Rules Committee process each time.
Democrats on the committee seized on reports that the reason Republican leadership didn't have enough votes was that conservative members were opposed to the new money for Pell grants. They accused Republicans of blaming students for the nation's debt woes.
"As of right now, it's apparent we don't have the votes for a number of reasons," Dreier said, declining to address the Pell grants issue. He said there were "different issues for different members."
Rep. Jim McGovern blasted the Republicans' procedural move, calling it a "martial law rule." He said Dreier himself used to refer to it that way.
"That's when I was in the minority," Dreier responded candidly, to laughter.
The rule was agreed to 8 to 4.
The House is scheduled to open at 9 a.m. tomorrow, with no votes expected earlier than 11 a.m.

Read more at the San Francisco Examiner: http://www.sfexaminer.com/blogs/beltway-confidential/2011/07/house-rules-committee-votes-give-boehner-maximum-flexibility-alte#ixzz1TVHSDm3M

 

Fri, 07/29/2011 - 10:51 | 1504498 Gohn Galt
Gohn Galt's picture

Some high grade fear mongering with a touch of subliminal suggestion.

Wow, officers will now have full authority to issue warrants and or act without one.  Paperwork is such a burden and we all know how much this inconveniences our Judges.

And there's more, now Yogi will have all of those rights too. 

http://www.opencongress.org/bill/112-h324/text

Fri, 07/29/2011 - 09:41 | 1504180 Thorlyx
Thorlyx's picture

hoocoodanode ??????????

Fri, 07/29/2011 - 09:40 | 1504181 Bob
Bob's picture

BWAHHAHAHAH!

Fri, 07/29/2011 - 09:40 | 1504182 Esso
Esso's picture

Criminy. I saw it, and I'm just a mechanic, more or less.

Fri, 07/29/2011 - 09:42 | 1504194 SheepDog-One
SheepDog-One's picture

Yea I saw it coming too ever since the first panicked cries of 'Hand over the blank checks or else!' screams from Paulson, and I along with anyone else who could plainly see it coming was called insane, racist, terrorist, know-nothing, etc.

Fri, 07/29/2011 - 10:00 | 1504343 Fish Gone Bad
Fish Gone Bad's picture

SAW IT???  Everybody saw it.  That is what makes this low flying mess all the more special.  Everybody saw it coming a long way off. 

Fri, 07/29/2011 - 10:31 | 1504580 Bwahaha WAGFDSMB
Bwahaha WAGFDSMB's picture

What are you saying? This was already priced in? BTFD?

Fri, 07/29/2011 - 10:01 | 1504351 A Lunatic
A Lunatic's picture

Time to shut up and eat your fucking peas!

>sarc<

Fri, 07/29/2011 - 09:40 | 1504184 Peter K
Peter K's picture

OBAMANOMICS has it's good side. We are all getting poorer together. And in absolute terms, the rich are getting poorer faster.

 

Fri, 07/29/2011 - 09:42 | 1504193 Caviar Emptor
Caviar Emptor's picture

Not my fat frineds, bro. They never had it so good. 

Fri, 07/29/2011 - 10:16 | 1504456 Dr. Engali
Dr. Engali's picture

I've got news for you. The rich never had it better.

Fri, 07/29/2011 - 09:40 | 1504185 SheepDog-One
SheepDog-One's picture

So everyone says 'This shows we're collapsed, although no one could have seen it coming, NO ONE....so now get busy DC and print some more trillions out of thin air'.

Fri, 07/29/2011 - 09:41 | 1504187 ArkansasAngie
ArkansasAngie's picture

Now is the time to break the bank(s) ... literally.  The charade of we're doing this for your benefit is horse manure.

The reset button won't do the trick.  We need to wipe the harddrive and reinstall the operating system.  Sorry you are going to loose your pictures if you didn't back'em up.

Fri, 07/29/2011 - 09:44 | 1504207 SheepDog-One
SheepDog-One's picture

Screw a re-boot, we need to smash the control machine completely, and rebuild from scratch.

Fri, 07/29/2011 - 09:48 | 1504238 Cash_is_Trash
Cash_is_Trash's picture

Well I happen to be a gallows-maker.

I also charge half a gold ounce to execute each Wall St. banker.

I knew my talent would be needed someday.

Fri, 07/29/2011 - 09:58 | 1504330 Crisismode
Crisismode's picture

.

 

I'll do it for one-tenth a gold ounce for each Wall St. banker.

And I offer quantity discounts.

Fri, 07/29/2011 - 10:03 | 1504368 Midwest Prepper
Midwest Prepper's picture

I'll do it for a cold coke.  Heck, the coke doesn't even have to be cold and if you don't have one to give me, no problem...

Fri, 07/29/2011 - 09:41 | 1504188 eurusdog
eurusdog's picture

I don't know jack shit about how GDP is calculated, but even I can tell you that the mess the last two administrations created were leading up to this. Next quarter we go Negative growth.

I went shopping this mornign for milk and it was down 16 cents a gallon.

Fri, 07/29/2011 - 09:46 | 1504224 SheepDog-One
SheepDog-One's picture

Im sorry to see people still believing administrations do this. It was started at the turn of the last century, anyone with basic history grasp knows that.

Fri, 07/29/2011 - 11:02 | 1504814 jerry_theking_lawler
jerry_theking_lawler's picture

Yeah! Deflation.....time for some more bennie bucks into the system. Up $1/gallon...then down $0.16/gallon. we are in a deflationary period, must....print......more!!!

secure your physical gold/silver bitchez!!!

Fri, 07/29/2011 - 09:41 | 1504189 drivenZ
drivenZ's picture

the trend is your friend...haha. 

 

seems like these guys just look at a chart and follow the line out. why go out on a limb and do some real thinking when it's much easier to plot a few points on a graph with a steady growth rate.  

 

Fri, 07/29/2011 - 09:41 | 1504191 Caviar Emptor
Caviar Emptor's picture

Picture this: A government shutdown when GDP is already near zero and each month in Q2 was worse than the previous month. 

Help!

Fri, 07/29/2011 - 09:45 | 1504210 snowball777
snowball777's picture

TeaPotDomeExpress III: "Mission Accomplished". Heckuva job, Armey.

Fri, 07/29/2011 - 09:42 | 1504192 rsnoble
rsnoble's picture

So in other words you can get better economic views on ZH than all the highly paid economists?  Unbelievable. 

Being someone that used to do a lot of the ebay/auction/craigslist thing I already knew consumer spending is non-existent.  Shit is just not selling like it was.  As I have over 1000 eGay transactions and countless CL dealings I always have a hand on what's going on in the real world: Nothing.

Fri, 07/29/2011 - 09:42 | 1504195 LawsofPhysics
LawsofPhysics's picture

Yes, none of them saw this coming, that is why they are all positioned so well.  Crash the system already, the sooner we do, the sooner compensation will return to folks that are actually worth a shit.  You know, those people that actually provide goods and services of REAL VALUE.  In case you don't understand, I am not talking about paper-pushing financial fucknuts.  Divest of all paper ASAP!

Fri, 07/29/2011 - 09:43 | 1504200 Iriestx
Iriestx's picture

I still say we melt-up green by EoD.

Fri, 07/29/2011 - 09:55 | 1504309 slaughterer
slaughterer's picture

Yup, melt up from 200 DMA today.  Got my SPY weekly calls on the dip below 1284 just now.   Robot-trader eat your heart out. 

Fri, 07/29/2011 - 09:43 | 1504204 Caviar Emptor
Caviar Emptor's picture

Mystery? Hardly....As we've been telling you here in ZH for over 2 years: we're in a DEpression. Never left it. Only thing growing is monetary policy and that's enough to fudge the data with. In real terms nada

Fri, 07/29/2011 - 09:44 | 1504205 somethingelse
somethingelse's picture

hmmm is this Wall Street "dance"  traditional or transitory?

Fri, 07/29/2011 - 09:44 | 1504208 rsnoble
rsnoble's picture

IMO looks like the mainstreet and wallstreets orbit trajectory are on a collision course once again.  We'll have to send nukes at the big stinky rock and avert it once again and figure out a solution before it comes right back around.

Fri, 07/29/2011 - 10:11 | 1504431 ljag
ljag's picture

Simple. Quit paying TAXES! If you don't have the balls to do this, how are you gonna be one of those 'when they pry my dead-cold fingers off the trigger types that we rant about? Re-boot? Crash the hard drive/OS? Just quit paying them taxes. Fed time in a camp is about as soft a life as you can imagine. So, what's the problem? Starve the beast and problem solved. EOS

Fri, 07/29/2011 - 10:45 | 1504720 johnnynaps
johnnynaps's picture

Yeah, but why do i get called a POS for taking it one step further via unenjoyment? I mean, you can starve the beast while i give it gut shots!

Fri, 07/29/2011 - 09:45 | 1504212 Josh Randall
Josh Randall's picture

Time for the Bernank to do the NO PANTS DANCE

Fri, 07/29/2011 - 09:45 | 1504213 partimer1
partimer1's picture

http://www.forcastglobaleconomy.com/Comment081/Comment081.htm

 

I posted this one a few days ago, and this guy is the best forecaster out there.  He was invited to CNBC once before 2007 peak, and I guess he never got invited back. 

Fri, 07/29/2011 - 09:45 | 1504215 r101958
r101958's picture

Watch, Chic PMI and UMich Cons Conf will beat 'expectations'.

Fri, 07/29/2011 - 09:48 | 1504240 SheepDog-One
SheepDog-One's picture

Good well then no QE, as long as broke people are being shown to pay more, and some colleges phone poll found confidence among the unemployed broke people is a tick higher.

Fri, 07/29/2011 - 09:50 | 1504266 Iriestx
Iriestx's picture

Exactly.  They'll fudge some numbers, algo-bots will buy the dip because the newswire is peppered with the word 'comprimise' and we'll melt up green on no volume.

Fri, 07/29/2011 - 09:52 | 1504290 SheepDog-One
SheepDog-One's picture

Good, again no call for QE if we can have a 1% GDP and markets go up. Obviously all is well and they dont need any more money paid from my great great great grandchildren!

Fri, 07/29/2011 - 10:00 | 1504216 PaperBear
PaperBear's picture

Of course all ZH readers know that a lot of people saw this coming.

A few people have gone so far as to have written books about this toxic debt-based monetary system and these unsustainable booms leading to busts.

Fri, 07/29/2011 - 09:46 | 1504222 midtowng
midtowng's picture

Could have been worse. Not much worse, but worse.

Fri, 07/29/2011 - 09:47 | 1504227 trentusa
trentusa's picture

ok well i'm here - where's the tip jar-let's get this party started...popcorn, anybody?

Fri, 07/29/2011 - 09:48 | 1504236 stant
stant's picture

the tanks in the streets will have no fuel and the wheels will be stolen, biacthez

Fri, 07/29/2011 - 10:05 | 1504380 Bob
Bob's picture

Hell, drive them right into the scrap yard--that's some serious weight in steel! 

Alot of guys are in the military because they ran out of shit to scrap . . .

Fri, 07/29/2011 - 09:49 | 1504245 monopoly
monopoly's picture

Right, noone could have forcast this. But here, we have been talking about all this for months.

Fri, 07/29/2011 - 09:51 | 1504248 trentusa
trentusa's picture

Yeah, I put my reputation on the line & went on the record regarding QE3 last March.

Thanks, Tyler

Fri, 07/29/2011 - 09:52 | 1504260 Bob
Bob's picture

CNN is running the Mr. Market sock puppet in split screen as Senate Dems plead for the Pubs to "not allow our economy to be destroyed."  The Dow ticker goes further into the red with every word. 

"We must calm the markets!"  Look, for Godsake--he's bleeding!  Have we no decency . . . no sanity?

Damn, is this what State TV was like back in the USSR?

Fri, 07/29/2011 - 09:53 | 1504298 Iriestx
Iriestx's picture

There were no commercials in USSR state TV, but this is very similar.

Fri, 07/29/2011 - 09:51 | 1504270 rdenner
rdenner's picture

HERE IS MR T. TO TELL YOU ABOUT THE REST OF YOUR WEEK AND WHAT TO EXPECT.

 

http://www.youtube.com/watch?v=Z1TxiVhrkZA

 

PAIN

 

Robert

Fri, 07/29/2011 - 09:51 | 1504274 ellandroadfaithful61
ellandroadfaithful61's picture

Did i miss something. Q1 GDP downgraded from 1.9 to 0.4! WTF...

Best of luck America!!

Fri, 07/29/2011 - 09:51 | 1504280 Phat Stax
Phat Stax's picture

Shoulda read Zero Hedge.

Fri, 07/29/2011 - 09:52 | 1504288 Cdad
Cdad's picture

we reiterate our view that the U.S.'s light at the end of the tunnel lies in having a weaker dollar

Fucking classic!  I love when criminal syndicate Wall Street bankers just come right out and say it.  Trash the peoples' currency to save banker assets.

100,000 banker pink slips, please.

Fri, 07/29/2011 - 09:54 | 1504304 Caviar Emptor
Caviar Emptor's picture

Core PCE at 2.1% was a biflationary jump!

Fri, 07/29/2011 - 09:55 | 1504310 Animal Cracker
Animal Cracker's picture

"...except the fellas who decided to pad the stats last Q.  Thank God for them, right boys?!  Who wants to blow a line in the bathroom?!"

Fri, 07/29/2011 - 09:56 | 1504319 mess nonster
mess nonster's picture

My 5 year old, when told he has to go home from his favorite uncle's house, is known to throw a temper tantrum. Why does the party have to end now, or ever? This activity called sleeping is sheer nonsense! Who needs it? The tears, the sobs, the falling-limp-to-the-floor...all ends suddenly in a sudden descent into deep slumber as his limp-rag body is picked up and carried out to the car. Who could have predicted such behavior? Who could have possibly known he was that tired? The boy himself, supposedly the expert on his own status of active competece, appears to be utterly taken by surprise at the sudden collapse of his waking faculties.

Fri, 07/29/2011 - 10:28 | 1504555 Slim
Slim's picture

Well put.  I am constantly amazed by the same phenomenon in my own house.  As if even admiting oneself was tired was heresy.

Fri, 07/29/2011 - 10:02 | 1504355 TraderMark
TraderMark's picture

Was Joe Lavorgna at 4% or 5% Q2 GDP? Just curious.

Fri, 07/29/2011 - 10:04 | 1504373 Beancounter
Beancounter's picture

If you ever want to be sure of which way to trade, listen to Liz Ann Sonders at Schwab, and do the exact opposite of what she says. 

About a year ago she said there would be no double dip...

http://247wallst.com/2011/07/29/ten-signs-the-double-dip-recession-has-b...

Fri, 07/29/2011 - 10:06 | 1504382 PulauHantu29
PulauHantu29's picture

I'm waiting for the Wall Street CEO Bonus numbers......for the past two years they have been the Highest in History....2011 should break all former Bonus highs easily.

Fri, 07/29/2011 - 10:18 | 1504468 ljag
ljag's picture

Is there an arb for bonuses? Might as well make some coin on it.

Fri, 07/29/2011 - 10:06 | 1504389 rpboxster
rpboxster's picture

What's with the comment from FTN.  QE2 didn't end until the end of Q2.

Fri, 07/29/2011 - 10:17 | 1504462 Cone of Uncertainty
Cone of Uncertainty's picture

This is what you get from a centrally planned economy.

Fri, 07/29/2011 - 10:29 | 1504563 lizzy36
lizzy36's picture

I LOVE pointing this out.

One strategist did point this out. The only one not currently captured by Wall Street sell side, group think. Oddly the only one who I actually believe deserves 7 figures:TYLER DURDEN.

From May 30, 2011: Ex the now traditional inventory build, Q1 GDP growth was sub 1%.

http://www.zerohedge.com/article/welcome-recoveryless-recovery-gdp-second-revision-18-expectations-22-initial-claims-surge-42

Fri, 07/29/2011 - 10:36 | 1504631 Sambo
Sambo's picture

we'll see more going out of business signs everywhere except in....Wall St ofcourse.

Fri, 07/29/2011 - 10:45 | 1504711 poor fella
poor fella's picture

The easiest thing in the world is to all be wrong together. If somebody stands alone and is wrong once, then their reputation is destroyed. There's only consensus when the SHTF and the 'obviousness' of the situation can't be papered over... Then they'll all be correct together that the system is SNAFU. Wait for it.... Wait for it....

Fri, 07/29/2011 - 10:56 | 1504787 sbenard
sbenard's picture

NOBODY could have seen this -- except EVERYBODY at Zero Hedge!

Fri, 07/29/2011 - 11:19 | 1504926 Bob
Bob's picture

But that's only something like 1.5M unique views per month!  Apparently none of them work in the field . . . lol. 

Fri, 07/29/2011 - 11:50 | 1505078 glenlloyd
glenlloyd's picture

All the responsdent's act so surprised...geez, wake up and take a look around people

Fri, 07/29/2011 - 21:44 | 1507046 wwwmm
wwwmm's picture

removed content (advertising spam)

Fri, 07/29/2011 - 21:49 | 1507075 wwwmm
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Wholesale Earphone

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