Goldman Scrambles To Tell ECB What To Say Later Today

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Sun, 08/07/2011 - 13:39 | 1533087 Boilermaker
Boilermaker's picture

It's gotta work better than the truth.

Bluto

Sun, 08/07/2011 - 13:41 | 1533099 Caviar Emptor
Caviar Emptor's picture

Why do it piecemeal? Think big: Presenting the "One Earth Rescue Package". 

Sun, 08/07/2011 - 13:46 | 1533129 Boilermaker
Boilermaker's picture

A Galatic bailout to end all bailouts.

Sun, 08/07/2011 - 13:44 | 1533115 kito
kito's picture

Financial beer goggles. Works great till you wake up the next morning with a stack of ugly italian bonds next to you

Sun, 08/07/2011 - 13:44 | 1533117 slaughterer
slaughterer's picture

Is it only me, but does anybody else find this Goldman report fairly optimistic about Italy?  

Sun, 08/07/2011 - 13:55 | 1533175 MsCreant
MsCreant's picture

GOLDMAN WANTS TO SELL!!!!! They always tell the clients one thing and do the opposite themselves.

Sun, 08/07/2011 - 14:39 | 1533367 LstrzMnyn
LstrzMnyn's picture

I thought the same thing reading the first half, but in the last half of the report they basically admit that most of their optimism is based on speculation, and that the situation doesn't seem to be playing out the way it should. It's actually pretty pessimistic when you read between the lines. What they expect to achive in the short-term and medium-term analysis means a severe setback for the average Italian, not only via tax increases and cutting programs, but also by selling off chunks of the country's infrastructure. Ominous, to say the least.

Sun, 08/07/2011 - 13:55 | 1533182 Bam_Man
Bam_Man's picture

Is this dude Garzarelli related to Elaine Garzarelli, the "Facelift Queen"?

Sun, 08/07/2011 - 13:58 | 1533194 MsCreant
MsCreant's picture

So are you saying this guy has a history of giving pigs/PIIGS facelifts and lipstick?

Sun, 08/07/2011 - 14:30 | 1533332 falak pema
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ten inchers guaranteed!

Sun, 08/07/2011 - 13:55 | 1533186 electronpaul
electronpaul's picture

Sounds like they are talking their book....

Sun, 08/07/2011 - 13:58 | 1533193 disabledvet
disabledvet's picture

The only thing we know is Sudden Debt. And that is ALL we know. There are so many "interconnections" as far as we know a Scotsman could fart and bring down the entire city of Milan. Not that he meant to of course. Bring down Milan that is. He meant to fart. That much is certain. Insofar as The Goldman/Sachs--"when genius prevailed" comes to mind.

Sun, 08/07/2011 - 14:20 | 1533286 DarkStarDog
DarkStarDog's picture

Seems the only question the bozo's care about  "How will the market react ?"  Nevermind how to move forward.  "How will the market react ?"  The answer:  The Market will not react for there is no market, it's just vapors/red and greean lights flashing....  It's SO productive...  OMFG

Sun, 08/07/2011 - 14:35 | 1533347 Conax
Conax's picture

Goldman Suchs:

Please f--- off, you and your peers brought us to this party and handed us over to the Chinese.

In fact, the entire 'financial industry' should have a net thrown over it. How is it an industry? I guess Powerball is a great industry, too.

I would like to get into hemp rope production (thinking ahead) but gee, we have to use nylon here in Police State America.

Really, f--- GS.

 

Sun, 08/07/2011 - 14:39 | 1533373 CrownThomas
CrownThomas's picture

Well articulated Conax.

Sun, 08/07/2011 - 14:46 | 1533405 LstrzMnyn
LstrzMnyn's picture

"There is growing evidence to suggest that the price action is becoming self-reinforcing, and is disregarding economic fundamentals."

"On Friday, the Italian government made a commitment to bring the non-interest balance to a surplus of 5% already by 2013, from 1% now, and to ‘tie its hands’ through a German-style ‘balanced budget rule’ requiring a modification of Art.81 of the Italian Constitution. The government also promised more on the liberalization front (starting with changing Art.41 of the Constitution to say that all economic activities that are not explicitly prohibited are allowed), and on labour market reforms."

"The Pact for the Euro—underwritten last March—envisages that all countries should reach a balanced budget over the next couple of years, and should continue to reduce public debt as a percentage to GDP under a formulaic rule. Structural reforms should help raise the growth potential, but are unlikely to boost economic activity while they are carried out (Germany’s adjustments over the past year weighed on domestic demand)."

In other words, continue to sacrifice the needs of the many for the needs of the few.  

Sun, 08/07/2011 - 14:46 | 1533406 LstrzMnyn
LstrzMnyn's picture

"There is growing evidence to suggest that the price action is becoming self-reinforcing, and is disregarding economic fundamentals."

"On Friday, the Italian government made a commitment to bring the non-interest balance to a surplus of 5% already by 2013, from 1% now, and to ‘tie its hands’ through a German-style ‘balanced budget rule’ requiring a modification of Art.81 of the Italian Constitution. The government also promised more on the liberalization front (starting with changing Art.41 of the Constitution to say that all economic activities that are not explicitly prohibited are allowed), and on labour market reforms."

"The Pact for the Euro—underwritten last March—envisages that all countries should reach a balanced budget over the next couple of years, and should continue to reduce public debt as a percentage to GDP under a formulaic rule. Structural reforms should help raise the growth potential, but are unlikely to boost economic activity while they are carried out (Germany’s adjustments over the past year weighed on domestic demand)."

In other words, continue to sacrifice the needs of the many for the needs of the few.  

Sun, 08/07/2011 - 14:46 | 1533409 CrashisOptimistic
CrashisOptimistic's picture

ZH is pretty slow responding.

This is on a weekend.  That server loss is going to be horrible this week.

 

Sun, 08/07/2011 - 15:45 | 1533612 PulauHantu29
PulauHantu29's picture

Wasn't it GS that claimed several days after the disasterous earthquake/zsunami/massive radiation leak that this destruction was "Bullish for Japan?"

This seems to indicate how these folks think about Mankind.

Sun, 08/07/2011 - 17:18 | 1533921 Conax
Conax's picture

The old "wreckage = rebuilding activity" angle, I suppose.

Being a tentacle of the FED lets you siphon money out of the action, be it rainbows and unicorns, or Auntie and Bartertown.

It's a living.  It's an industry.

Sun, 08/07/2011 - 17:20 | 1533919 jm
jm's picture

The ECB has done nothing but propose and then dispose of their propsals for over a year now.

They need to STFU up and visibly, transparently buy bonds in size if they want the EU to survive.

BTW-- Trichet should do the honorable thing and commit seppuku after raising rates on Italian banks that fully short-term funded under massive liquidity stress.

Sun, 08/07/2011 - 17:50 | 1534023 Buck Johnson
Buck Johnson's picture

It's getting harder and harder to keep the charade going, and they know it.  Something is going to happen tonight before the US market opens, I think the president is either going to put out their that they will do a QE3 or that after Monday he will say it.

Wed, 09/14/2011 - 04:59 | 1667472 chinawholesaler
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