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BofA Going For (QE3) Broke, Cuts Q4 GDP For Second Time In Two Days
Literally seconds ago we noted how Bank of America will sell its first born to crash the market and get $600-800 billion in QE3 up and running by March. Sure enough, here is yet another desperate attempt to push this agenda, this time with the bank cutting tracking Q4 GDP estimates for the second time in two days, to 2.7%, from 3.5% earlier.
From Bank of America
Well, we bumped up our Q4 GDP estimate to 3.5% recently, and to our chagrin the data now starts to disappoint. First, it was retail sales. Today, it is the worsening balance of trade. November's trade gap widened to -$47.8bn in November from -$43.3bn in October against our expectations of a widening to -$44.5bn. The real goods balance fell to -$47.5bn from -$44.0bn. Bottom-line: A wider trade gap implies weaker GDP; our Q4 tracking estimate is running 2.7% from 3.0% post retail sales. The broader story is that growth net of inventory accumulation - domestic demand - is softening as we head into 2012.
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France, Spain, Italy, Belgium Portugal rumored to be cut buy S&P
shocker....
OIl hinted at these possible downgrades and other macro issues yesterday for sure
http://hedge.ly/xXQ5L4
Just out:
The Wall Street Journal
by Jon Hilsenrath - 1-13-12
holy moly my damn kenmore microwave won't work so I can't have popcorn
http://store.yahoo.com/lib/popeilfamilystore/wpOnStove.jpg
Just in two days....everyone knows the third time is the charm.
Just think positive.
Where did I put that SARC key again?
Fuck 'em.
I suspect the Q4 GDP downgrade by BOA today was a direct result of the bad trade numbers reported this morning -- that number feeds right into the GDP calculation.
Anyone on here care to take a shot at explaing why Euro banks are doing flat out well today? Commerz up, DB flat? Anyone?....Please?
Agreement to print?
It's gotta be that.
did you notice the Spanish and Italian auctions yesterday, perchance?
or Draghi's relatively upbeat comments?
honestly, it isnt that hard..
You mean the figures the markets priced in yesterday?
Mmm, yeah, everything's getting better in the land of fake stats.
gee
end of CHEAP unlimited energy = "softening of demand"
How about a bone crushing thud?
whoda thunk - not the asshat monkeys in suits.
QE3 or WWIII... which will get here first? We'll end up in and around the same spot either way, so I suppose the question is rhetorical.
"crash the market and get $600-800 billion in QE3 up and running by March". seriously, what planet are you on? 2.7% is above market concensus for 2012 GDP. what were they trying to do when they put it up at a hugely optimistic 3.5% in the first place??
,,,,,,,,,,,
How can GDP be down when Chipotle is printing new highs today?
$40 to $350 in less than 3 years.
http://bigcharts.marketwatch.com/kaavio.Webhost/charts/big.chart?nosetti...
Where's the recession?
Fantastic sarcasm robo. It's about time you are seeing how broken things are. There's hope for you yet.
In ever middle class home in America you fucking idiot. Who cares that Chipotle got a whole bunch of inside trading, QE induced bullshit levitation so a few hedge funders can cash out big. For every momo stock hitting new highs there is a corporation employing thousands and through the supply chain affecting millions of jobs going bust every day. If Chipotle went away tomorow it wouldn't affect a thing. OH NO I CAN'T BUY A $8 BURRITO FILLED WITH FILLER AND $.50 WORTH OF MEAT!!! Sears going under will affect over half the workers in the country. Any mall with a Sears will not survive losing the income from the loss of a major anchor. How many jobs will be lost if one mall goes under? How many if 100 malls close? Can the great momos like Buckle survive if they lose 100 stores? How will Chipotle survive when most locations are by major shopping centers? If all you care about is cherry picking stocks hitting all time highs based on nothing but an inflated stock market, well you have no use to society. How's that $500 Netfix call working out?
Yeah, there are never bubbles in equities.
I think you should go all in with such strong fundamentals. A mexican restaurant chain with a P/E ratio of 55. What could possibly go wrong.
I know where the expansion is. In my pantelones.
B(urn)ank e of fleecing Americans.
Poetic licence, wot?
Anyone else see the quadrillion dollars (Story) in the Pure White Boy Account sloshing around in the under-belly of the global financial sewer system? Signatory in Chief, her Most High Ness...
Google it, quite a story, Comittee of 300 and all that jazz.
So, all this then become the steam rising off a Starbucks Venti latte, in relative terms.
So, we should all just re-lax, re-tire(wtf????), get re-leased (WTF??????)...
see? tch...tch....trapdoors everywhere.
ori
/the-deep-perversion-of-language/
Classic, ORI
Thanks CE. ;-)
ori
That steam you see is from the back of a large shiny turd.
So now we should all trust a thief?
Their hubris is beyond belief!
When you fuckers fail
And you hear a wail
It's laughter you bastards....not grief!
More fascist bailouts are on the way for Warren and BAC . BAC will fire ollder employees to be replaced by new government subsidized employees . The end to taxpayer welfare for fascist banksters QE was the end of the profits . Government for the fascist by the fascist the bribes and bonuses will return but only for banksters and politicians .
Help us Obi-Ben Bernake you're our only hope. We've got billions in losses on worthless paper and we need you to buy it all at book value so we can be flush with cash to funnel it all to publicly traded corps so theycan issue stock buybacks, so all the insiders can cash out their generous stock options. All our director friends have been waiting for a better time to cashout because 200 times earnings isnt good enough, they want a new market record to cash out. With QE3 we can engineer Dow 15k by May so Obama can put record high stock market on his re-election resume. Just think how much money we can funnel back to washington with Autozone at $700 a share. Please Ben, please.
Bernanke and the Fed by doing more and more QEs are helping only a few very wealthy people.
A greater number of people will be smashed by higher food costs and oil/gasoline prices. Even those on food stamps will be hurting.
Riots in more parts of the world because they won't be able to afford to eat.
Bernanke and the Federal Reserve's Keynesian game is dying.
BOA to Benny and the Inkjets......Please oh please we are begging you to buy some of this shit off our books. We are dying here, please.
Well, QE3 has just become the rumor of the day even cnbc has a piece on it.
http://www.cnbc.com/id/45977098
The FED always uses their chief "tool" ... Steve Liesman ... to float ideas and move markets.
To me this headline said it all:
Bank of America Ponders Retreat
http://online.wsj.com/article/SB1000142405297020440900457715688109860654...
But, but, but, consumer sentiment just rose to levels not seen since last May. Gotta b bullish.
Unable to access an account there this am.
For sure Bank of America is going to bet on QE. What other choice do they have? If no QE, they go broke anyways. Also, the dollar right now is like a wrecking ball going around killing the "economy." They will have to target some Nominal GDP. I will see You all at the bottom picking the scraps.
.....and the Big Ole fat catfish is lying at the bottom of the lake waiting patiently for the lake to freeze, causing a dieoff of baitfish that will drift down to the bottom without having to chase them.
Hummm... that one looks like a robominnow....gulp, what a tasty snack.
Everybody's so frisky today....what is it, Fri 13th?? Or is it the rising disquietude.....
Agree, it is just getting worse all over. And the mainstream media trys to tell us we are moving up and forward. I guess part of our frustration is we know what is going on yet so many try to cover it up so they can get re-elected. Our democracy is failing as we know it.
This great country is not so great anymore. Sad but true.
The sheep believes their government knows best. Just read some comments on yahoo finance. Occasionally somebody comes out and says He trusts the fed because they are by far smarter than anybody else and they know best. Big brother mentality.
It's so bad now, even the rich are bitchn'.
CEO John Castle allegedly breaks waiter's finger over check, says report
http://www.cbsnews.com/8301-504083_162-57357702-504083/ceo-john-castle-a...
Its France and Austria now...at least the rumor mill says so....
Ok. Hold the phone. This looks like different strokes for different folks. Some reports say that 2011 was an up year for retail sales. Perhaps it could be a difference in perception and actual performance in different businesses. Based on past performance, I'm not inclined to give the banking crowd the benefit of the doubt. Their word is no good. With all this push for more QE, it just looks like they're begging for a worse beating. I think we are really waiting for the Fed to foreclose on the Capitol Building and the White House.
http://georgesblogforum.wordpress.com/2011/11/02/the-daily-climb-2/
SOS from BOA...QE3 me FRN'S...you promised they were free...so sign me up, for QE infinity...
Is this the same BoA that lobbied Congress to allow it to issue credit cards to illegal aliens, sans ID, a while back?
Come on Baby .. Warren need a new pair of shoes ..
same shit, different day...
all the bull that BAC was pumping thru to the MSM cheerleaders last month due to all the "8-sigma surpassings of expectations" must now be adjusted down due to the actual numbers, is all...
...jobs, sales, earnings, trade deficit, growth, GDP...