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Goldman On The Five Key Questions For 2012

Tyler Durden's picture


As US markets remain in hibernation for a few more hours, Goldman picks out the five critical questions that need to be considered in the context of 2012's economic outlook. Jan Hatzius and his team ask and answer a veritable chart-fest of crucial items from whether US growth will pick up to above-trend (and remain 'decoupled' from Europe's downside drag), whether inflation will find its Goldilocks moment this year and if the US housing market will bottom in 2012 (this one is a stretch). Summarizing all of these in a final question, whether the Fed will ease further, the erudite economist continues to expect an expansion of LSAP (focused on Agency MBS) and an official re-adjustment to an inflation targeting environment. Their view remains that a nominal GDP target combined with more (larger) QE improves the chances of the Fed meeting its dual mandates (unemployment target?) over time but expectations for this radical shift remain predicated on considerably worse economic performance in the economy first (as they expect growth to disappoint). We feel the same way (worse is needed) and recall our recent (firstly here, then here and here) focus on the shift in the balance of power between the Fed and ECB balance sheets (forced Fed QE retaliation soon?).


Goldman Sachs: 5 Questions For 2012.

Today’s focus article discusses what we see as the 5 most important questions facing the US economy in the coming year.

First, will US growth pick up to an abovetrend pace? We think not. Underlying growth is probably considerably weaker than implied by our 3.3% tracking estimate for Q4 GDP growth; tight oil supplies act as a “speed limit” for global growth; fiscal policy remains a drag on growth; and the spillovers from the European recession are likely to increase.

Second, how much will the European crisis - the biggest downside risk - subtract from US growth? Our baseline estimate is 1 percentage point, but the uncertainty is large. On the one hand, we have not seen much impact yet...

On the other hand, a failure of peripheral European economies to stabilize due to a “paradox of thrift” situation in both the public and private sectors poses a downside risk for Europe and ultimately also the United States.

Third, will the US housing market bottom in 2012? We think yes. With excess supply diminishing gradually...

...and valuations back to “equilibrium,” we expect the house price decline to end in 2012H2, although the recovery is likely to look very U-shaped.

Fourth, will inflation be too high or too low by late 2012, relative to the Fed’s target? Too low, in our view. The commodity price impulse is waning and there is still plenty of excess capacity. We expect core inflation to fall back to 1¼% by yearend, clearly below the Fed’s implicit target.

Fifth, will Fed officials ease further? We think yes, probably via purchases of agency MBS (and perhaps Treasuries) announced in the first half of the year. We also expect Fed officials to provide a forecast path for the funds rate and adopt an official inflation target at the January 24-25 FOMC meeting.

We expect Fed officials to ease anew in the first half of 2012 via purchases of agency mortgage-backed securities, either on their own or combined with Treasuries. This forecast is based on our expectation that real GDP growth will slow to a below-trend pace and inflation will fall to a below-target rate in the course of 2012. With the level of output still far below potential, we believe that this would be a sufficient signal for Fed officials to decide to ease further. At a minimum, we believe Fed officials would be loath to end their securities purchases at the conclusion of “operation twist” in mid-2012, and additional purchases essentially require a balance sheet expansion.

In addition, we also expect the FOMC to provide forecasts for the federal funds rate in the Summary of Economic Projections (SEP) published four times per year, starting at the January 24-25 meeting. More likely than not, the FOMC will also move from its current all-but-official inflation target of “2% or a bit less” to an outright inflation target of 2%. These moves are somewhat independent of the shift to renewed QE.

We view the funds rate forecasts as a sensible step, because they are likely to enhance the communication of the Fed’s reaction function to incoming information. We are less sure about the inflation target because it might be misinterpreted as a shift away from the employment part of the dual mandate.

To counteract this impression, Fed officials are likely to emphasize that the inflation target is “flexible” and applies to the medium term, and also that unemployment remains far above their estimate of the structural rate. Although they are unlikely to go as far as to complement the official inflation target with an outright target for the unemployment rate, they might decide to state even more clearly that they aim for an unemployment rate in line with their estimate of the structural rate over the medium term.

Our own view remains that a move to a nominal GDP level target, complemented with potentially large amounts of QE, would provide a greater chance to achieve the Fed’s dual mandate over time. But while we would not rule out such a move if the economy performs significantly worse than our forecast, we do not expect Fed officials to embrace such a seemingly radical option anytime soon.


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Mon, 01/02/2012 - 12:55 | 2026682 achmachat
achmachat's picture

exhibit 7.... home prices back up in hopium land?

Mon, 01/02/2012 - 12:57 | 2026689 Snakeeyes
Snakeeyes's picture

Yup. That chart is not correct.

Mon, 01/02/2012 - 13:12 | 2026720 Azannoth
Azannoth's picture

You honestly expected Truth from *cough*Goldman Sachs*cough* lol

Mon, 01/02/2012 - 13:59 | 2026829 knukles
knukles's picture

The only fucking thing gonna remain decoupled is Goldman's forecasts opposite reality.

Mon, 01/02/2012 - 17:13 | 2027077 Bicycle Repairman
Bicycle Repairman's picture

"Third, will the US housing market bottom in 2012?"

No and its not even close.


FED easing and low inflation?  I doubt it.  Particularly when the FED needs 5% to 7% inflation for a decade.

Mon, 01/02/2012 - 20:46 | 2027334 Ned Zeppelin
Ned Zeppelin's picture

Lots of nonsense, including the "matter of fact" QE round that for these crooks is like the finest Chinese heroin. They can't keep it going with QE and are desperate to see it happen.  With a election year coming and the consequent need for the Fed to "lay low," I agree with those who say, absent some epci fail or Euro-collapse, it is unlikely we will see a robust QE annocement after the first quarter, and right now, there's no obvious reason reason to QE other than to enrich bankers, which I agree for Ben is sufficient in and of itself, but it's nice to have some political cover.  Maybe this Iran things gets legs and off we go ala 9/11.  Learn to goosestep if that war starts anytime soon.  Party's over for the dysfunctional Republic, and the efficient Empire will be running things from here on out.  

Mon, 01/02/2012 - 13:48 | 2026801 The Deleuzian
The Deleuzian's picture

Aside from the late 80's-early 90's pause ...Housing prices were in a bull market all the way to 08'...No way a 4-year bear market has 'cleansed' anything...The 02'-08' blowout was 'generational'...

We still have at minimum 3 years until an uptick...Assuming they actually let it fall and not mingle with it...Gold has yet to top out against housing as well...

Mon, 01/02/2012 - 15:06 | 2026918 MiddleageThinni...
MiddleageThinninghair's picture

I find it interesting that this is the 2nd insider that I have heard recently speak of "targeted nomial GDP".  I recenlty listened to a  Jim Rickards interview on kingworldnews where he talks of the Fed setting a targeted nomial GDP level with much less importance placed on inflation.  I'm suspecting that this is the consensus in the inner financial circle.


Mon, 01/02/2012 - 15:23 | 2026951 MiddleageThinni...
MiddleageThinninghair's picture

I'd like to add that I read an article by Martin Armstrong

Which I think explains why we are having simultaneous inflation and deflation and that hyperinflation is not a significant risk in the near future.

I wonder if "target nominal GDP" put into practice will pretty much guarantee that the full destruction of the economy and hyper-inflation.  The GDP input of gov't spending to me is ridiculous which makes this indicator useless.  If you put gov't spending on one side of the equation and everything else all the other side all they have to do is have gov't spend greater than the destruction of the real economy.  I see this as a long term process certain to ensure ongoing increasingly higher unemployment due to the damaging effects of inflation.

Mon, 01/02/2012 - 16:03 | 2027003 Manthong
Manthong's picture

"Targeted Nominal GDP"

Krispy Kreme diet for the morbidly obese.

Mon, 01/02/2012 - 16:10 | 2027011 The Deleuzian
The Deleuzian's picture

Centralized...Compartmentalized...Coordinated...Jesus X...What's next....

Mon, 01/02/2012 - 14:52 | 2026895 GOSPLAN HERO
GOSPLAN HERO's picture

Go long gold and silver, beotchezoids.

Mon, 01/02/2012 - 20:09 | 2027261 DumFarmer
DumFarmer's picture

Oh how I wish I knew then.........I just lost a job as a public tax sucking firefighter/paramedic so I went back to the only job I ever had that paid as delivery. I was shocked. In 1994 when I last did the gig, you could buy an ounce of gold with less than 2 nights tips. Today it takes over 12 nights. It is the middle and low end that gets screwed. You are working the same for 6 times less pay and gas is 3 times more expensive. This can't last. We are gonna be down to buying food and that's it. Glad I did get my stash secured before loosing fat tax sucking job. 

Mon, 01/02/2012 - 15:33 | 2026947 vast-dom
vast-dom's picture

Key Q: When will GS get off the planet?

Mon, 01/02/2012 - 16:15 | 2027001 slewie the pi-rat
slewie the pi-rat's picture

actually, snakeeyes, i think chart #7 may be "correct" in that it shows prices declining to the "estimated equilibrium" norm~~a (too?) picture-perfect 'reversion to the mean'

but, as far as predictive ability as to prices (or volume), we might also consider the standard chart-watchers' cautionary observation that the "reversion" often overshoots while completing the oscillations to regain the norm or mean

the chart shows this estimated overshoot as the dotted line, so the "future" = profits after 2016 if you "invest" now, and i think those would be "nominal" profits [prob. not adjusted for negative ownership costs and/or inflation/deflation]

however, the fact that the lines are close, here, may lead to more optimism

sell the sizzle, as they say!

Mon, 01/02/2012 - 16:28 | 2027033 The Deleuzian
The Deleuzian's picture

Slewie...Sell the Sleeze...............

Mon, 01/02/2012 - 17:20 | 2027083 Barometer
Barometer's picture

The "estimated equilibrium" curve is fairly steep wouldn't you say?

Mon, 01/02/2012 - 18:53 | 2027171 slewie the pi-rat
slewie the pi-rat's picture

hard to tell who is responsible for that.  they have an invention

somebody is modelling "equilibrium" pricing, and the how isn't there, either

case-shiller?  the US dept0'commerce?  the FED?

i s'pose if you did it in gold or wheaties instead of FRNs it might look different.  maybe alan greenspan designed the modelling index as a study in irrational exuberance  or maybe it was for ETF gamblers?  or to sell bundled hoooey-pie as "safe"?  steep as it is, the "actual" prices went parabolic offa it from about the time mama got pregnant till the time junior graduated from kindergarten...

Mon, 01/02/2012 - 13:03 | 2026701 PulauHantu29
PulauHantu29's picture

From Dr Housing Bubble:

"As we look into 2012 we have much to be hopeful for but real estate is not a sector to pry into if you are expecting a rosy and sunny projection.

The days of a household making $70,000 a year and purchasing a $600,000 home are now long gone.  Yet some want to resurrect the housing bubble.  With shadow inventory at peak levels, baby boomers retiring in mass, and the growth of lower paying jobs there is little reason to believe that real estate values will soar in 2012."

I'm hoping for a QE sooner rather then later.

Mon, 01/02/2012 - 14:50 | 2026888 Conrad Murray
Conrad Murray's picture

Another wonderful consequence of the financial terrorist's housing bubble that has yet to be fully felt is the adjustment of property valuations for the purposes of taxation and the subsequent decline in revenue.

Municipal Finance in the Face of Falling Property Values -

Mon, 01/02/2012 - 16:27 | 2027030 chubbar
chubbar's picture

Did you read that joke of an article Conrad? Typical bullshit about how stable housing is good for the community then they show the chart which looks like the start of a parabola beginning in 1997 and ending in 05. Did they give a shit about the geometric rise in property taxes while that shit was happening?

The article then goes on to describe how they are going to use every fucking trick in the book to make sure that they don't realize the decline in the next assessment cycle, unbelieveable. I can tell you just from the few conversations I've had in my small town that this is the plan for this county. They spend every fucking dollar that comes in and then make big purchases (bond offerings) based on that income growing exponentially. THEN, when growth stops and the income levels off or heavenforbid starts to fall, they scream bloody murder about how the community is screwed! HOW ABOUT THE FUCKING TAXPAYERS!!?? When the hell do we get any consideration in this formula? Do they think our incomes were climbing at the same rate the fucking real estate bubble was inflating? Bunch of absolute fucktards running our county gov't, probably can't even balance their own checkbooks but here they are obligating the taxpayers to millions in new construction that isn't even needed! Assholes, the lot of them!

Mon, 01/02/2012 - 21:01 | 2027360 nmewn
nmewn's picture

"Did they give a shit about the geometric rise in property taxes while that shit was happening?"

Ponzi-nomics 101...all your assets are belong to us.

Mon, 01/02/2012 - 21:44 | 2027434 cheeseheader
cheeseheader's picture

'...are obligating the taxpayers to millions in new construction that isn't even needed! '


Municipalities are people, too...doncha know.  If a neighboring town has a new po-lice station/library/firehouse/towncent(re)!/museum/century park (with fountain)/playground at the north forty/walking path/riding path/horsey path/community pool/communiity senior cent(re)?/community outreach center(paying attention?)/community pool hall/community holocaust center/community rec center/community daycare cent(re)..back to that spelling...millenium park (way different to the community park--on either forty)/history center/.., then we need one of these babies, too. 

Gotta keep up with the Joneses, or else everbody will move over there--along with their tax dollas.


Mon, 01/02/2012 - 14:14 | 2026705 flattrader
flattrader's picture

They hopium for that so they can sell more toxic shit.

That won't happen for years.

The index needs to go back to the mid 1990s first...another drop of 50% +/- to set things straight.

It will be slow and painful as they continue to dribble out shadow inventory.



Mon, 01/02/2012 - 15:07 | 2026919 gatorengineer
gatorengineer's picture

With real near double digit inflation we are experiencing (see car prices), housing has to start going up or at least being flat, you correct the chart for inflation, and well its pretty ugly....

Mon, 01/02/2012 - 20:37 | 2027318 I am more equal...
I am more equal than others's picture

Compared to the estimate of equilibrium.  When Obama puts himself in the top 4 of presidents - with that type of comparison his estimation skills are off by a factor of fantasy plus 1.

Mon, 01/02/2012 - 22:28 | 2027523 philipat
philipat's picture

Conclusion: The squid is still short MBS's

Mon, 01/02/2012 - 12:55 | 2026683 Gully Foyle
Gully Foyle's picture

Isn't the number one key question is how the fuck are they going to sell the predetermined Romney as viable when he does so shitty in the polls?

Mon, 01/02/2012 - 17:17 | 2027079 Bicycle Repairman
Bicycle Repairman's picture

Romney sucks.  His talking points are laughable.  An empty suit.

Mon, 01/02/2012 - 19:30 | 2027212 DB Cooper
DB Cooper's picture

Exactly what the PTB want.

Mon, 01/02/2012 - 20:37 | 2027315 StychoKiller
StychoKiller's picture

In which case the Decepticrats will have no reason to NOT vote for Obamatron.  Make no mistake, the Republicons arent' any better, except for the RINO, Ron Paul.

Mon, 01/02/2012 - 20:47 | 2027337 Ned Zeppelin
Ned Zeppelin's picture

No difference between Obama and Romney.  Vote for Ron Paul, but I doubt you'll get the chance.

Mon, 01/02/2012 - 12:56 | 2026687 Snakeeyes
Snakeeyes's picture

Interesting summary. Not sure about housing being back at equilibrium prices since the variation across metro areas is substantial.

Mon, 01/02/2012 - 12:59 | 2026692 Alcoholic Nativ...
Alcoholic Native American's picture

Go long bullshit.

Mon, 01/02/2012 - 13:00 | 2026694 Cognitive Dissonance
Cognitive Dissonance's picture

The only Goldman question that matters.

"How much can we rape, rob and steal in 2012?"

Mon, 01/02/2012 - 13:15 | 2026724 Azannoth
Azannoth's picture

The answer is Elementary - how much is there left to loot and pillage ?

Those guys don't pull any punches, they will milk the cow till there's a bone dry corpse left behind

Mon, 01/02/2012 - 13:43 | 2026794 LongBallsShortBrains
LongBallsShortBrains's picture

.......How much MORE can we rape, rob and steal in 2012?"

Fixed it for you

Mon, 01/02/2012 - 13:14 | 2026698 dick cheneys ghost
dick cheneys ghost's picture

The Fed has a dual mandate to protect the (1) criminal scum on whore street and (2) the banks in the city of london............

Fuck Golman Sacks


Mon, 01/02/2012 - 13:09 | 2026708 GeneMarchbanks
GeneMarchbanks's picture

Bottom in housing while inflation stays low? I'll have what they're smoking.

Nice to see notional GDP targeting getting some press. A QE-as long as we feel it's appropriate. No more 'market' moving announcements.

Mon, 01/02/2012 - 13:08 | 2026710 TheSilverJournal
TheSilverJournal's picture

Housing has much much further to fall. Ultra low rates and government backing of over 95% of all newly issued mortgages are keeping prices propped up. Not to mention American's will become much poorer during hyperinflation.

Mon, 01/02/2012 - 13:10 | 2026716 Sudden Debt
Sudden Debt's picture

Goldmannnnnnn... How much taxmoney will they receive to pay their bonusses with in 2012 it the key question for them.
None other really matters.

Mon, 01/02/2012 - 13:17 | 2026734 Dan The Man
Dan The Man's picture

those poor dears..


Mon, 01/02/2012 - 13:22 | 2026748 apberusdisvet
apberusdisvet's picture

We all need a good laugh today.

Mon, 01/02/2012 - 13:28 | 2026759 RobotTrader
RobotTrader's picture

All I can say is that regardless of how Goldman does, it always seems like each summer season at The Hamptons is more outlandish than the previous year.

2008 was the only down year, ever since real estate prices are back on the rise, even bigger homes are being built by TPTB, even more exotic hookers are imported from Thailand and Ukraine.


Q3 2011 Hamptons Sales Rise Slightly After Big 3 Year Downturn

“Compared to the third quarter of 2010, home sales in the Hamptons and North Fork jumped 14.7 percent, to 538 from 469, and the median price rose 12 percent, to $700,000 from $625,000?

The headline:
East End market gains over last year

Third quarter marks second highest number of $5M-plus sales in four years


Mon, 01/02/2012 - 14:24 | 2026809 Caviar Emptor
Caviar Emptor's picture

That's nuthin: Manhattan just had the most expensive apartment sale ever and similar apartments were marked up. A Russian billionaire was of course the only one to afford it. And most high end sales have been to foreigners who don't reside on site. Good sign for the US economy : we're going the way of England and France

Perfect indicator of biflation: the high end was up but according to Case Schiller NYC as a whole was down. 

Mon, 01/02/2012 - 14:59 | 2026907 mick_richfield
mick_richfield's picture

( Robo doesn't know that I can trace him this far back on ZH... )


RobotTrader    Sat, 1 January, 1790

  In spite of some minor recent Unpleasantness among the Rabble, I can assure you that the Estates of Her Majesty Marie Antoinette at Versailles, as well as those of other Nobles, still enjoy the very Highest Valuations.
  I can foresee no Circumstance that will interrupt this happy Appreciation, and can only suggest that all Serious Investors hurry to participate!


Mon, 01/02/2012 - 15:24 | 2026955 Caviar Emptor
Caviar Emptor's picture

lol +10

Bastille? Shmastille....

Mon, 01/02/2012 - 17:49 | 2027109 small watcher
small watcher's picture

Marie Antoinette? Wasn't she the one who was so famously bullish on Cheesecake Factory?

Mon, 01/02/2012 - 20:41 | 2027325 StychoKiller
StychoKiller's picture

The "cake" that Marie was referring to was baked-on crust attached to the ovens -- pretty much inedible.

Mon, 01/02/2012 - 13:35 | 2026774 falak pema
falak pema's picture

GS is right about one thing : 2012 is election year. So TPTB will not want much to happen to rock the status quo, except things that unite people behind incumbent like an international crisis.

Mon, 01/02/2012 - 13:38 | 2026783 AssFire
AssFire's picture

I found this story better:

bank stocks are down fro 30-70% everywhere


Mon, 01/02/2012 - 13:58 | 2026827 Schmuck Raker
Schmuck Raker's picture

Restores my faith in Change.

Mon, 01/02/2012 - 13:42 | 2026792 Hober Mallow
Hober Mallow's picture

GS looks quite rational and sensible when compared to Noyer:

What does that guy smoke?

Mon, 01/02/2012 - 13:44 | 2026797 Boilermaker
Boilermaker's picture


Please, they're just loading the gun with more e*cash to jack the shit out of the futures.

Over / Under on the opening ES is 20.  All the action is on the over.

Mon, 01/02/2012 - 13:44 | 2026798 Caviar Emptor
Caviar Emptor's picture

Every year will start with sunny projections in the name of "optimism" with a nod to a few fake clouds for the sake of "pretend empathy". 

Then each quarter and even month will have a similar projection. 

As the bad news and numbers continue to roll in, they have that covered: say it's "baked in" "the worst is behind" and money-on-the-sidelines-will-come-rolling-in-any-second-so-if-you-snooze-ya-loose. 

But one thing's for sure: they will continue to endorse policies and Fed decisions that are destructive to the real economy of the United States and the majority of its citizens

Mon, 01/02/2012 - 17:47 | 2027107 RockyRacoon
RockyRacoon's picture

Don't all the popular chartists assume that the credit expansion bubble will continue unabated, parabolically?  Are there any charts which are based upon the total collapse of the credit-based economy?   Wonder how housing would look on that chart?

Mon, 01/02/2012 - 18:53 | 2027173 WonderDawg
WonderDawg's picture

Don't worry about the chart. According to NAR, now is the best time EVER to buy a house.

Mon, 01/02/2012 - 14:17 | 2026845 ebworthen
ebworthen's picture



Reason resin and intellectual alkaloids from the pods and buds of the hopium plants on the roof of the FED and GS (or is it, the basement?).


Mon, 01/02/2012 - 14:22 | 2026853 the grateful un...
the grateful unemployed's picture

The real thrust of this is the Feds ability to micromanage, (GDP expectations) and their mandate to continue meddling in things like employment. Should the Fed conduct their policy of endless ZIRP which does little or nothing to improve the employment picture, will government stimulus take up the slack for their feckless macro policy decisions?

Buying up the paper on existing housing isn't clearing the way for new housing, the solution to that problem is more "affordable" housing, since the Fed has no microtools to generate wage pressure. Its now apparent that even if the slaying of the US dollar did make American manufacturers more competitive, that the resulting drop in wages, and the global slowdown will provide ample headwinds. (hate that term)

By raising interest rates they can bring commodity prices down, and continue to massage a deflating economy. Go long interest rates, and short commodities. Avoid the appearance of price controls, but remain active in the price discovery mechanism, driving every last spec from the exchanges. if 2011 was the year in which gold bugs took physical delivery, 2012 will be the year of buying physical commodities, only because everything will appear to be worth a lot more than the markets are saying. Controlled stagflation in other words. Scarcity without rampant price inflation. That is the definition of deflation, and the Fed will need a POTUS who will work with them, and that is the joker in the deck.


Mon, 01/02/2012 - 14:32 | 2026868 Caviar Emptor
Caviar Emptor's picture

Scarcity without rampant price inflation. 

But there is inflation if you look a little closer: CPI is 3.5% annualized. And that's with GDP sub 2% and employment abysmal. Don't forget negative real incomes, falling household net worth. 

So if you earn less, are worth less, have diminished upward mobility and a grwoing risk of downward mobility AND your fixed costs are rising (energy, food and everything associated along with a bundle of others) then you actually have inflation. It's in the gap. If wages were rising it would be much much higher

Mon, 01/02/2012 - 15:18 | 2026938 the grateful un...
the grateful unemployed's picture

from their POV the issue is whether they are close to their "inflation target", recall what Bernanke proposed as his guide to managing the economy when he took the position.  i also think he would allow higher inflation to offset the last few years in which he couldn't meet his inflation targets. i think Bernanke is happy as hell with 3.5% inflation and a lower equivalent treasury yield, which forces people to invest money. economists hate savings of any kind. i would also expect him to track interest rates at a level below inflation indefinitely. which is why you should buy TIPs.

the inflation problem isn't that prices are rising, its that fixed costs are not falling as fast as wages and personal income. should wage pressure rise the Fed raises interest rates, should commodity prices rise, the Fed raises interest rates. should deflation continue they keep ZIRP indefinitely. their only problem is micromanaging the markets. if housing assets fall, but rents go up, that creates an inflation problem, since CPI measures equivalent rents, but their mandate to manipulate these things is nearly endless, and from now on micromanaging the markets is their only choice.

Mon, 01/02/2012 - 14:26 | 2026860 kelpie-capital
kelpie-capital's picture

My outlook for 2012....


I'd love to know how GS come up with their household formation numbers, surely that is based on a myriad of factors and variables that can't be easily modelled.

Mon, 01/02/2012 - 19:01 | 2027176 WonderDawg
WonderDawg's picture

You don't exactly go out on a limb with your predicitions. Equities down 10%? In a global recession? Only 10%? Really? And housing down 5%? That's it? I think both of those predictions are wildly optimistic. Although, I can kind of understand housing, as they'll continue to do everything they can to prevent an all-out collapse.

How about DM equities down 35% and housing down 10%? I think that will be closer to reality (even if we don't get the true numbers on the housing market).

Mon, 01/02/2012 - 15:13 | 2026870 cranky-old-geezer
cranky-old-geezer's picture



Banks want QE because it keeps stocks and securities prices up (including Treasuries). 

Without QE stocks and securities prices start tumbling and banks slip (further) into insolvency.

QE hurts the general economy by debasing the currency, leaving people with less purchasing power. 

Since '08 USD has lost 1/3 of it's value (purchasing power), thanks to QE purchases of Treasuries and (worthless) securities (like MBS) from banks.

QE continues today in the form of currency swaps (which Bernanke claims are not QE).

He's bailing out Euro banks now.


Mon, 01/02/2012 - 20:00 | 2027246 IndicaTive
IndicaTive's picture

Thanks for the bullet-point topics for those of us new to "trying to get it."

Mon, 01/02/2012 - 14:38 | 2026875 lemosbrasil
lemosbrasil's picture

the question that wasnt discussed by everyone today here and another sites:

the new level of writedown of greek government bonds: 75% !! and not more 50% !!


see here: 

Mon, 01/02/2012 - 20:48 | 2027341 StychoKiller
StychoKiller's picture

75%?  Wake up to the reality of 90+%, paid off in Drachmas!

Mon, 01/02/2012 - 21:42 | 2027426 lemosbrasil
lemosbrasil's picture

hahahaha......very good

Mon, 01/02/2012 - 15:03 | 2026914 Atomizer
Atomizer's picture



I'm no different than any other GS voodoo doll holder. Watch this video.

The bottom line, each day the MSM creates new falsehoods. Some understand & others wait to march after the snow melts. BIS, World Bank, UN, and IMF nonsense will continue to confuse the 99%. Dumbing down is the product of progs paying their cable bill to keep in touch with state propaganda messages. LOL


Mon, 01/02/2012 - 15:19 | 2026941 steve from virginia
steve from virginia's picture


More nonsense.

Every other article is a prediction of Fed easing (begging for easing/'hyperinflation'/currency collapse so individuals' gold hoards will 'go up'). None of these things are going to happen, at least not in the US.

 -  Nothing from the Fed, Bernanke or the FOMC indicates more Fed easing.

  - The Fed cannot support the US economy single-handedly whether it eases or not. It dares not put itself into the position where it supporting more than itself or a single market (as Drachi has put himself to the extinction of the euro).

 - The Fed cannot risk being 'caught out': easing when it clearly has no effect. At that point and for all practical purposes there is no Fed!

 - Euro- and China failure will bring new capital to the US, easing isn't necessary. The new capital will support equities just fine, thanks (yes, I'm bullish, here.)

Back to regularly scheduled programming ...


Mon, 01/02/2012 - 15:41 | 2026981 cranky-old-geezer
cranky-old-geezer's picture



More nonsense.

Yes, like the nonsense you posted.

Ben is doing QE as we speak, in the form of currency swaps with ECB.

Yes, he's bailing out Euro banks as we speak.

Mon, 01/02/2012 - 16:57 | 2027064 chubbar
chubbar's picture

And to add to what the geezer just said, does anyone know how the fuck the states and municipalities are staying out of BK? A YEAR ago there were several BIG states on the absolute brink of default, yet here we are without a peep from these entities a full year later! How are they staying solvent with all the attendant issues (SNAP, UE, etc) that have done nothing but grow since then? Something is going on behind the scenes to prop these states and munis up, that is for sure!

Mon, 01/02/2012 - 20:21 | 2027285 steve from virginia
steve from virginia's picture


States have cut spending and raised taxes. There are still 20 states in the red: more spending cuts and more tax hikes. 30 states are not in the red, as opposed to 49 a year ago.

Tax revenues have increased for states along with rates.

States have and will cut police, schools, Medicaid; they will lay off workers and defer maintenance, sell buildings and other assets before they default on the general oblligations (which are right now increasing in worth).

As for what the Fed is doing, it has large income from its expanded balance sheet, it also has large funds on deposit that can be re-lent. Cycling funds from accounts is not easing but ordinary open market operations.

In other words, the assets on the Bernank's accounts would have been on some other entity's account if not in the Fed's hands.

As long as there are bank runs in Europe there is no bailout of EU banks by the Fed or anyone else. A faulty or failed bailout is not: the bail occurs only when the bank runs have ceased. What takes place otherwise is a 'theatrical gesture'.)

Mon, 01/02/2012 - 21:50 | 2027444 taraxias
taraxias's picture

Epic nonsense. 

Mon, 01/02/2012 - 15:24 | 2026952 Lore
Lore's picture

"First, will US growth pick up to an abovetrend pace? We think not."

Now that's what I call glib. It's a special talent that can write a forecast that doesn't really forecast anything.

Demographics alone guarantee a bear market for real estate for the next 15-20 years.

Short Empty Promises. Truth is at a special premium during an election year.

Mon, 01/02/2012 - 16:48 | 2027055 Stuck on Zero
Stuck on Zero's picture

Right on about the Demographics.  78 million baby boomers are headed for retirement homes.  The will be a mass exodus from $1M McMansions into 200 sq. foot retirement villas.  The youngsters of today don't have the earnings or desire to buy these white elephants.  Apartments close to mass transit will be in vogue for the future.

Mon, 01/02/2012 - 19:05 | 2027183 WonderDawg
WonderDawg's picture

Those retirement villas ain't cheap. Many retirees will be unable to sell their homes and may find themselves living with their children, if they're lucky.

Mon, 01/02/2012 - 15:36 | 2026974 DrunkenMonkey
DrunkenMonkey's picture

Someone needs to tell this guy that 2012 is an election year in the US .. whatever needs to happen for 'the one' to get re-elected, will happen.

Mon, 01/02/2012 - 16:14 | 2027014 Yes We Can. But...
Yes We Can. But Lets Not.'s picture

Yeah, Fourth Best wantsta get to Very Mostest Best Ever, and one-termer won't cut it.

Mon, 01/02/2012 - 15:37 | 2026976 twotraps
twotraps's picture

New Years Resolution, stop looking for clues to the economy from Goldman Sachs.  If I do read an article by them, I will write 10X on a piece fo paper....Goldman's Version of God's Work Will Not Make You Money................. 

Mon, 01/02/2012 - 20:52 | 2027347 StychoKiller
StychoKiller's picture

10X?  Try more like 10,000+X -- inflation dontcha know...

Mon, 01/02/2012 - 15:45 | 2026984 Hondo
Hondo's picture

They haven't a clue what equilibrium is.....The IBanks like GS are completely corrupted.  They care not what happens to society only too themselves and they have the game rigged in their favor for least for now.  But as the facade comes off (as it will and must) then heads will roll.

Mon, 01/02/2012 - 16:15 | 2027016 chump666
chump666's picture

this 'seasonal' crack up boom is all obama, not the fed.  in fact if the lunatics at the fed start to print with a looming war...oil price will very quickly slam this inflation based boom into the ground.  end yr consumption, neg interest rates and easy credit has given the illusion.  oil over 100 is the wake up call...and also china.

Tue, 01/03/2012 - 03:01 | 2027026 eatthebanksters
eatthebanksters's picture

I disagree with only one of your predictions....home prices will not firm up in 2012.  I follow this stuff closely.  If yu go to any MLS system and look at the REO and short sale properties currently listed for sale and then you compare those to publicly available lists of homes in default, process of foreclosure sale or REO-but not yet for sale, then you know the surplus shadow supply is staggering.  If you can get access to reports that discuss 'stress' levels of borrowers, those that are behind in payments but where banks hve not yet started foreclosure proceedings, then you can see that the pipeline of future foreclosures is not shrinking, it is growing.  Couple this with the downward pressure on prices resulting in more underwater homes and you have a recipe for further market deterioration.  Lastly, unless banks have the wherewithal to hold millions of unsold homes and concurrently make the profits they need to survive with their other 'profit centers', they will be pressured to unload homes and recoup cash. This goes for any investor with cash requirements that owns REO property.  More inventory = more supply and tranlates into lower prices.  Once again, when you take all of the above and mix in the current state of the market with substantially fewer buyers able to qualify for loans the end result is a significantly softer market.  The only thing that will affect positive change in the housing market is job creation and that won't come until businesses and investors have confidence in long term government policies that create a positive enviroment for growth.  Among these policies would be a STABLE and level playing field for all players, big and small.  Laws need to be ammended so that people who break the law get punished.  As long as banksters fuck people and walk away with huge profits, as long as people like Corzine can walk away from MFG why would any sane individual put their money in a situation where there is no recourse and no punishment for fraud, theft and unethical behavior.  I don't see it happening in our current political environment with either party in control...thus, I see the housing market continuing to disintegrate.

Mon, 01/02/2012 - 16:28 | 2027032 slewie the pi-rat
slewie the pi-rat's picture

maybe the FED will buy the agency MBS from the "investors" in the EU, who could then swap the new FRNs for something which the chinese would find acceptable...

...or, whatever...

the squid also finds Q4 GDP estimates high and is following tyler's suggestions in placing one's faith in estimates/numbers which haven't yet been finalized/adjusted down, yet.  and did i mention the "yet", yet? 

Mon, 01/02/2012 - 16:54 | 2027059 Irish66
Irish66's picture

20 females at the shooting range.  Guess how many are X bankers wives?

Mon, 01/02/2012 - 17:38 | 2027101 slewie the pi-rat
slewie the pi-rat's picture


and she is training the other 19 on how to do it?

or maybe 19

and the other 1 is an ex-wife who hasn't finished the beginners' course, yet?

happy irish newYear!


Mon, 01/02/2012 - 18:08 | 2027125 Irish66
Irish66's picture

Zero x bankers wives, they were all tellers!

Happy and Safe New Year Slewie

Mon, 01/02/2012 - 16:56 | 2027063 chunga
chunga's picture

Some eye-popping observations regarding the "shadow housing inventory".

Michael Olenick: Is Shadow Housing Inventory Vastly Larger Than Widely Believed?

The turn of the year is the time to make predictions and projections. I’m optimistic that the tide will finally turn for the American middle-class, suffering silently in a one-sided economic war. I don’t think this will be because of altruism, or even justice, but rather simple pragmatism. Specifically, I believe that parasitic financial institutions have pushed the boundaries so far that they’ve put their host, the middle-class itself, at risk. One new bit of information suggests the housing front is in more perilous shape than most pundits believe.


One challenge when performing any type of analysis is that information is scattered in many different places, and even when disseminated by the government its accuracy is oftentimes questionable. We’ve already seen existing home sales for recent years revised downward from their already dismal position, with barely a yawn from the public and no accountability whatsoever from government regulators who used that information when more reliable sources existed.


I don’t understand why accurate housing data, which is supposed to be open to the public, is so hard to come by. The housing crisis arguably rises to the level of a national emergency, one we can see and fee every day as it ripples through the economy. Despite that, government-owned Fannie Mae still keeps loan-level data away from the public, it’s extremely difficult to get data from Freddie Mac, and MERS’ database remains a black hole.


There is one piece of data only recently released — and, as far as I can tell, has gone unnoticed — that, if true, suggests the housing market is in such dire straits we’ve finally reached a critical mass where only radical out-of-the-box solutions will work. If this information, which comes of a highly suspect albeit well connected insider, is accurate, then extend and pretend has finally reached its natural end.


On April 15, 2011, Ft. Lauderdale, FL attorney Steve Jaffe took the deposition of former “Foreclosure King” David J. Stern. For whatever reason the transcript was not filed until Dec. 21, 2011, and with the holidays it’s taken even those of us who’ve been watching the Stern road-wreck — a group he actually hands a shout-out to towards the end – some time to plow through the 277 pages.


Forgive me for being self indulgent and giving you a sense of what Stern’s deposition is like.


Jaffe: What are your plans with the office?
Stern: I’m shutting it down.
Jaffe: How soon?
Stern: Not soon enough.
Jaffe: Why do you say it like that?
Stern: It’s done, it’s over. I have no desire to do this anymore. It’s a backstabbing business. A guy finds a way to make success and people get thrills of seeing them come crashing down, not the American dream, not the way I am.


Stern filed false court documents on such a scale that it engendered scrutiny and pushback, a rare development in our bank friendly economy. Cutting corners to fatten your wallet while throwing families out on the street doesn’t engender widespread admiration, yet Stern somehow sees himself as a victim.


I'm not going to paste in the whole thing but I like the optimism at the article's conclusion...

If he’s even partially correct then congratulations, Wall Street; we’ve reached a place where the foreclosures would cause Housing Armageddon. Where the middle-class itself has become Too Big To Fail.


Mon, 01/02/2012 - 17:02 | 2027069 Irish66
Irish66's picture

Stern: When Fannie Mae comes in and sits down and says, “David, we have 600,000 shadow inventory loans,” we say “You mean, 60,000?? And they go, “No. We mean, 600,000.” And I say, “Oh, that’s nationwide”? And they go, “No 600,000 shadow inventory in the State of Florida”. Sure, I know. Yeah, it’s exciting. [Note: transcribed verbatim from the transcript.]

Mon, 01/02/2012 - 17:53 | 2027113 chunga
chunga's picture

And Stern considers himself as a victim.

That guy will be looking over his shoulder the rest of his life. He screwed over thousands and thousands of home-owners but who cares about them? Who needs them?

He also screwed over some investors in China that are very upset with his "guidance".

The sad part is; he was the life of the party in the eyes of the GSEs and TBTF banks. Right up until he got busted.

What is up with FL AG Pam Bondi and this filed by her office in the 4th DCA? So far she has been nothing more than an Apperatchick for the bansters.

Stern Motion for Certification Dec. 28, 2011

Mon, 01/02/2012 - 17:04 | 2027071 GNWT
GNWT's picture

Another Goldman See Spot Run paper.

Are these guys serious?

Answer, of course not.

Those over borrowing Europeans are going to stamp out our recovery?

Ha, first hey need to admit more than their "net" exposure to Euro debt, then multipy by 10 at a minimum and tell us again that Europe is the problem.

Shouldn't the humor columns be identified so serious analysis of the way the world is being screwed by these criminals is exposed?




Mon, 01/02/2012 - 17:22 | 2027084 midgetrannyporn
Mon, 01/02/2012 - 17:43 | 2027104 deKevelioc
deKevelioc's picture

Is it just me, or should anyone really care what Goldman thinks?


Mon, 01/02/2012 - 18:50 | 2027168 chump666
chump666's picture

no one does. 

Mon, 01/02/2012 - 18:24 | 2027140 spastic_colon
spastic_colon's picture

.......Abby C said that the 1st qtr would be a challenge and the 2nd would be naturally the 1st will be good and the 2nd a challenge......surprised no one has mentioned the DAX and CAC today, so naturally the ES and US indexes will rocket tomorrow.

Mon, 01/02/2012 - 18:47 | 2027162 midgetrannyporn
midgetrannyporn's picture

sold 2 u

Mon, 01/02/2012 - 18:45 | 2027160 Snakeeyes
Snakeeyes's picture
Not to dispute Goldman Sachs, but there are disturbing trends in the housing market and economy. The charts are here: Can Housing Recover in 2012? Only Within “The Red Zone”

Mon, 01/02/2012 - 19:21 | 2027198 Georgesblog
Georgesblog's picture

Based on my answer to the basic question, "Is the currency, money?", I say the forecast isn't this good. My answer is "No". Debt monetized by borrowing into circulation is not money. Oh what a tangled web they have woven.

Mon, 01/02/2012 - 19:32 | 2027213 Goldtoothchimp09
Goldtoothchimp09's picture

anyone know when the futures start trading this evening?!  usually, they already are at 6pm EST 

Mon, 01/02/2012 - 20:31 | 2027306 stormsailor
stormsailor's picture

for the last 5 years it would have opened at 6pm.  i can't find a definitive answer anywhere

Mon, 01/02/2012 - 19:34 | 2027217 Bansters-in-my-...
Bansters-in-my- feces's picture

My question is,Why doesn't kitco have any Canadian Silver one ounce Maples for sale,and no reason being given why even.
They have not had any since at least last thursday,maybe longer,but I think the Post Christmas Silver Sale,drained Jon Boy of his Canadian Silver Maples.....
Wheres your CSML's.....??????

Mon, 01/02/2012 - 19:46 | 2027229 I am Jobe
I am Jobe's picture

Public and Private Laws: Browse 112th Congress (2011–2012)

***Updated January 2, 2012

ll these laws are Public Laws and there are no Private Laws showing for the 112 Congress.

“In the United States, Acts of Congress are designated as either public laws, relating to the general public, or private laws, relating to specific institutions or individuals”

“Generally speaking, private law is the area of law in a society that affects the relationships between individuals or groups without the intervention of the state or government.”

* Pub.L. 112-001 To provide for an additional temporary extension of programs under the Small Business Act and the Small Business Investment Act of 1958, and for other purposes. NOTE: Jan. 31, 2011 – [H.R. 366] — TEXT | PDF

* Pub.L. 112-002 To designate the United States courthouse under construction at 98 West First Street, Yuma, Arizona, as the “John M. Roll United States Courthouse”. NOTE: Feb. 17, 2011 – [S. 188] — TEXT | PDF

* Pub.L. 112-003 To extend expiring provisions of the USA PATRIOT Improvement and Reauthorization Act of 2005 and Intelligence Reform and Terrorism Prevention Act of 2004 relating to access to business records, individual terrorists as agents of foreign powers, and roving wiretaps until December 8, 2011. NOTE: Feb. 25, 2011 – [H.R. 514] — TEXT | PDF

* Pub.L. 112-004 Making further continuing appropriations for fiscal year 2011, and for other purposes. NOTE: Mar. 2, 2011 – [H.J. Res. 44] — TEXT | PDF

* Pub.L. 112-005 To provide an extension of Federal-aid highway, highway safety, motor carrier safety, transit, and other programs funded out of the Highway Trust Fund pending enactment of a multiyear law reauthorizing such programs. NOTE: Mar. 4, 2011 – [H.R. 662] — TEXT | PDF

* Pub.L. 112-006 Making further continuing appropriations for fiscal year 2011, and for other purposes. NOTE: Mar. 18, 2011 – [H.J. Res. 48] — TEXT | PDF

* Pub.L. 112-007 To amend the Internal Revenue Code of 1986 to extend the funding and expenditure authority of the Airport and Airway Trust Fund, to amend title 49, United States Code, to extend the airport improvement program, and for other purposes. NOTE: Mar. 31, 2011 – [H.R. 1079] — TEXT | PDF

* Pub.L. 112-008 Making appropriations for the Department of Defense for the fiscal year ending September 30, 2011, and for other purposes. NOTE: Apr. 9, 2011 – [H.R. 1363] — TEXT | PDF

* Pub.L. 112-009 To repeal the expansion of information reporting requirements for payments of $600 or more to corporations, and for other purposes. NOTE: Apr. 14, 2011 – [H.R. 4] — TEXT | PDF

* Pub.L. 112-010 Making appropriations for the Department of Defense and the other departments and agencies of the Government for the fiscal year ending September 30, 2011, and for other purposes. NOTE: Apr. 15, 2011 – [H.R. 1473] — TEXT | PDF

* Pub.L. 112-011 To designate the Federal building and United States courthouse located at 217 West King Street, Martinsburg, West Virginia, as the “W. Craig Broadwater Federal Building and United States Courthouse”. NOTE: Apr. 25, 2011 – [S. 307] — TEXT | PDF

* Pub.L. 112-012 Providing for the appointment of Stephen M. Case as a citizen regent of the Board of Regents of the Smithsonian Institution. NOTE: Apr. 25, 2011 – [S.J. Res. 8] — TEXT | PDF

* Pub.L. 112-013 To amend the Ronald Reagan Centennial Commission Act to extend the termination date for the Commission, and for other purposes. NOTE: May 12, 2011 – [H.R. 1308] — TEXT | PDF

* Pub.L. 112-014 To provide for an additional temporary extension of programs under the Small Business Act and the Small Business Investment Act of 1958, and for other purposes. NOTE: May 26, 2011 – [S. 990] — TEXT | PDF

* Pub.L. 112-015 To designate the facility of the United States Postal Service located at 12781 Sir Francis Drake Boulevard in Inverness, California, as the “Specialist Jake Robert Velloza Post Office”. NOTE: May 31, 2011 – [H.R. 793] — TEXT | PDF

* Pub.L. 112-016 To amend the Internal Revenue Code of 1986 to extend the funding and expenditure authority of the Airport and Airway Trust Fund, to amend title 49, United States Code, to extend the airport improvement program, and for other purposes. NOTE: May 31, 2011 – [H.R. 1893] — TEXT | PDF

* Pub.L. 112-017 To provide for an additional temporary extension of programs under the Small Business Act and the Small Business Investment Act of 1958, and for other purposes. NOTE: June 1, 2011 – [S. 1082] — TEXT | PDF

* Pub.L. 112-018 To authorize appropriations for fiscal year 2011 for intelligence and intelligence-related activities of the United States Government, the Community Management Account, and the Central Intelligence Agency Retirement and Disability System, and for other purposes. NOTE: June 8, 2011 – [H.R. 754] — TEXT | PDF

Pub.L. 112-019 Providing for the reappointment of Shirley Ann Jackson as a citizen regent of the Board of Regents of the Smithsonian Institution. NOTE: June 24, 2011 – [S.J. Res. 7] — TEXT | PDF

Pub.L. 112-020 Providing for the reappointment of Robert P. Kogod as a citizen regent of the Board of Regents of the Smithsonian Institution. NOTE: June 24, 2011 – [S.J. Res. 9] — TEXT | PDF

Pub.L. 112-021 To amend the Internal Revenue Code of 1986 to extend the funding and expenditure authority of the Airport and Airway Trust Fund, to amend title 49, United States Code, to extend the airport improvement program, and for other purposes. NOTE: June 29, 2011 – [H.R. 2279] — TEXT | PDF

Pub.L. 112-022 To designate the facility of the United States Postal Service located at 4865 Tallmadge Road in Rootstown, Ohio, as the “Marine Sgt. Jeremy E. Murray Post Office”. NOTE: June 29, 2011 – [S. 349] — TEXT | PDF

Pub.L. 112-023 To designate the facility of the United States Postal Service located at 95 Dogwood Street in Cary, Mississippi, as the “Spencer Byrd Powers, Jr. Post Office”. NOTE: June 29, 2011 – [S. 655] — TEXT | PDF

Pub.L. 112-024 To extend the term of the incumbent Director of the Federal Bureau of Investigation. NOTE: July 26, 2011 – [S. 1103] — TEXT | PDF

Pub.L. 112-025 To provide for budget control. NOTE: Aug. 2, 2011 – [S. 365] — TEXT | PDF

Pub.L. 112-026 To temporarily preserve higher rates for tuition and fees for programs of education at non-public institutions of higher learning pursued by individuals enrolled in the Post-9/11 Educational Assistance Program of the Department of Veterans Affairs before the enactment of the Post-9/11 Veterans Educational Assistance Improvements Act of 2010, and for other purposes. NOTE: Aug. 3, 2011 – [H.R. 1383] — TEXT | PDF

Pub.L. 112-027 To amend the Internal Revenue Code of 1986 to extend the funding and expenditure authority of the Airport and Airway Trust Fund, to amend title 49, United States Code, to extend the airport improvement program, and for other purposes. NOTE: Aug. 5, 2011 – [H.R. 2553] — TEXT | PDF

Pub.L. 112-028 To provide the Consumer Product Safety Commission with greater authority and discretion in enforcing the consumer product safety laws, and for other purposes. NOTE: Aug. 12, 2011 – [H.R. 2715] — TEXT | PDF

Pub.L. 112-029 To amend title 35, United States Code, to provide for patent reform. NOTE: Sept. 16, 2011 – [H.R. 1249] — TEXT | PDF

Pub.L. 112-030 To provide an extension of surface and air transportation programs, and for other purposes. NOTE: Sept. 16, 2011 – [H.R. 2887] — TEXT | PDF

Pub.L. 112-031 To designate the United States courthouse located at 80 Lafayette Street in Jefferson City, Missouri, as the Christopher S. Bond United States Courthouse. NOTE: Sept. 23, 2011 – [S. 846] — TEXT | PDF

Pub.L. 112-032 To reauthorize the Combating Autism Act of 2006. NOTE: Sept. 30, 2011 – [H.R. 2005] — TEXT | PDF

Pub.L. 112-33 Making continuing appropriations for fiscal year 2012, and for other purposes. NOTE: Sept. 30, 2011 – [H.R. 2017] — TEXT | PDF

Pub.L. 112-034 To amend part B of title IV of the Social Security Act to extend the child and family services program through fiscal year 2016, and for other purposes. NOTE: Sept. 30, 2011 – [H.R. 2883] — TEXT | PDF

Pub.L. 112-35 To extend the program of block grants to States for temporary assistance for needy families and related programs through December 31, 2011. NOTE: Sept. 30, 2011 – [H.R. 2943] — TEXT | PDF

Pub.L. 112-036 Making continuing appropriations for fiscal year 2012, and for other purposes. NOTE: Oct. 5, 2011 – [H.R. 2608] — TEXT | PDF

Pub.L. 112-037 To authorize certain Department of Veterans Affairs major medical facility projects and leases, to extend certain expiring provisions of law, and to modify certain authorities of the Secretary of Veterans Affairs, and for other purposes. NOTE: Oct. 5, 2011 – [H.R. 2646] — TEXT | PDF

Pub.L. 112-038 To designate the facility of the United States Postal Service located at 1081 Elbel Road in Schertz, Texas, as the “Schertz Veterans Post Office”. NOTE: Oct. 12, 2011 – [H.R. 771] — TEXT | PDF

Pub.L. 112-039 To designate the facility of the United States Postal Service located at 5014 Gary Avenue in Lubbock, Texas, as the “Sergeant Chris Davis Post Office”. NOTE: Oct. 12, 2011 – [H.R. 1632] — TEXT | PDF

112-40 H.R. 2832 To extend the Generalized System of Preferences, and for other purposes.


112-41 H.R. 3080 “United States-Korea Free Trade Agreement Implementation Act” To implement the United States-Korea Free Trade Agreement.

The free trade agreement between the government of the United States and the government of the Republic of Korea (Korea) that was signed on June 30, 2007, and modified by a later agreement on December 3, 2010.


112-42 H.R. 3078 “United States-Colombia Trade Promotion Agreement Implementation Act”

To implement the United States-Colombia Trade Promotion Agreement.


112-43 H.R. 3079 “United States-Panama Trade Promotion Agreement Implementation Act”

To implement the United States-Panama Trade Promotion Agreement. United States-Panama Trade Promotion Agreement (the Agreement) entered into on June 28, 2007, with the government of Panama. Prescribes implementing actions.


112-44 H.R. 2944 “United States Parole Commission Extension Act of 2011?

To provide for the continued performance of the functions of the United States Parole Commission, and for other purposes.


112-45 H.R. 489 To clarify the jurisdiction of the Secretary of the Interior with respect to the C.C. Cragin Dam and Reservoir, and for other purposes.

and more here–2012/

Mon, 01/02/2012 - 19:47 | 2027230 I am Jobe
I am Jobe's picture

Tyler- Any insights into the 40K laws passed and what the implications are. Does anyone even know wtf the laws are anymore?

Mon, 01/02/2012 - 19:50 | 2027234 Bansters-in-my-...
Bansters-in-my- feces's picture


Almost forgot.

FUCK YOU's Goldman Sachs.

Mon, 01/02/2012 - 20:03 | 2027251 I am Jobe
I am Jobe's picture

You forgot JPM, C, MS, and on and on.

Mon, 01/02/2012 - 23:54 | 2027770 covert
covert's picture

there should be more expose's about hidden economic dirt and conspiracies.


Mon, 01/02/2012 - 20:29 | 2027302 stormsailor
stormsailor's picture

when the heck do the /es open.  i thought it was 6 pm tonight, obviously i am wrong

Mon, 01/02/2012 - 21:18 | 2027383 Goldtoothchimp09
Goldtoothchimp09's picture

8:00 EST and still no ES trading -- WTFuck?!

Mon, 01/02/2012 - 22:14 | 2027492 Goldtoothchimp09
Goldtoothchimp09's picture

somebody on another thread posted ES open at 6 a.m. EST Tuesday morning - strange?!?

Mon, 01/02/2012 - 21:18 | 2027384 Goldtoothchimp09
Goldtoothchimp09's picture


Do NOT follow this link or you will be banned from the site!