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Goldman's Jim O'Neill Goes Bear Hunting

Tyler Durden's picture




 

The last time (May 2010) when the head of the worst performing division at Goldman, GSAM's Jim O'Neill openly taunted the market skeptics ("Anyhow, dear grizzlies....bet your [sic] worried about today’s rally? See u later.") the market proceeded to implode with such ferocity (not to mention see the first and biggest SEC fine charged against his firm for CDO rigging) that it took QE2 to prevent a depressionary relapse. Now, following the latest two week surge in risk assets, driven as we currently speculate primarily due to a FX repatriation out of French banks on asset liquidation and USD to EUR conversion, Jim O'Neill has once again crawled out of his shell and has gone "bear hunting." However, so as not to jinx the ongoing melt up on proceeding liquidations, he is far more subdued and rhetorically answer himself: "So are the bears beaten? As tempting as it is, alas I think not - at least yet." He continues, putting the onus of the growth thesis once again squarely on China: "While the Euro challenges are immense, I don’t see them as being necessarily of the power to drag down either China or the US, or both. While it is perfectly possible, the US and China have coped perfectly well with Japan’s weakness for a long period, so I don’t see why they can’t cope with a struggling Europe. A collapsing Europe would be a different story, but a struggling Europe, that shouldn’t be too demanding. As for Europe, the bar has been raised these past few weeks, as markets have recovered and expectations of a Big Bang increased. There are all sorts of dilemmas remaining, ranging from Berlusconi’s tentative hold of power in Italy to the divergence of stances on the right broad European solution. What we really need from Europe is to just not implode, that would be a problem for the rest of us and the markets." Unfortunately for Jim, he appears to have missed the "paradigm shift" when few if any buy the China as world savior phenotype any more, and instead most finally see what Jim Chanos and other fringe bloggers have been claiming for year.  As for the bears, Jim, just like last time, fear not - the bears will once again have the last laugh.

From Goldman Sachs' Jim O'Neill

BEAR HUNTING.

Last week, we saw the biggest weekly rally of the S&P since the Autumn of 2009. Many other markets did the same. This activity has brought many markets back to the high end of the rollercoaster range we have seen since the breakdown of markets at the start of August. So the question I find myself asking is: Will 2011 turn out to be a classic “Sell in May and Go Away, Come Back on St Legers Day” or is this the chance for the bulls to recognize the gloomy reality all those noisy bears have been going on about? You can see the situation in the attached chart pretty clearly. One would guess the recent rally has to extend above the 1280 area, which is the level above both the August “breakdown” and close to the 200-day moving average to force the bears to go into hibernation.

In this context, this next 3 weeks worth of “news” as we approach the November 3 - 4th G20 Leaders meeting is going to be really interesting. Judging by what the Finance Ministers told us this weekend, we can expect more raising of expectations for a “big bang” European package. This notion, combined with more evidence that the US economy is doing just fine and that China is creeping closer to a soft landing, will perhaps give us a test of the breakout levels. What follows post G20 will depend on whether our major leaders are really guiding us to a safer place, especially with respect to Europe. It seems to me, therefore, that the guidebook is reasonably clear for the next fortnight.

CHINA AND SOFT LANDING OR NOT.

I just returned from a rather insane 24-hour trip to Hong Kong early Saturday, having previously planned to be in the China region for a week. I had to change my earlier plans in view of the European mayhem, but I had committed to a speech at the Hong Kong University of Science and Technology (HKUST) for the Institute for Advanced Study’s US Rusal Forum. It was a pleasure and, in addition to meeting two very important clients in town, I met with a number of interesting people. Coincidentally, before I went, I had hosted our latest internal GSAM “CIO call” on China, where we included an outside guest who appears to have the lowest GDP number on the street for the next 2-3 quarters. We also have started to see the latest monthly economic data released and, of course, the RMB is back in focus.

On our CIO call, we tried to focus on the issues related to the “hard landing” scenario and what could go badly wrong. Much of the discussion was focused on the domestic property market and regional lending. Our guest is amongst those that believe property prices will drop somewhat in coming months and that the angst surrounding regional finances will rise. However, from the subsequent discussions about resulting bad loans and the likely policy response, even under such a scenario, the costs for China will be very muted. He thought something around 5 pct of GDP, although he believed that some of the costs of the fallout would be met by other forms of finance including local bond issuance. From what I heard from this meeting and my discussions with people on my trip to Hong Kong, I continue to believe that a soft landing is very much in place. While our guest sees a chance of year-on-year GDP below 7 pct by Q1 2012, he also sees CPI inflation below 4 pct in Q1. And, not surprisingly, he sees both a monetary and fiscal policy response, and GDP growth to be back above 8 pct by the second half of 2012.

We have started the usual monthly data releases and, so far, they are pretty helpful to the soft landing view, with a further notable slowing in M2 monetary growth, another soft trade report, and crucially, CPI slowing – albeit only a touch – to 6.1 pct and, encouragingly, a notable slowdown in PPI inflation to 6.9 pct.

CHINA AND RMB ISSUES.

I was particularly interested to hear the thoughts of people I visited about the development of RMB, especially with respect to the path to convertibility. I had not been out there since May and, as I have mentioned, I have gathered the impression that since the global market volatility escalated in August, Chinese policymakers may be actually accelerating plans to liberalize the use of the RMB. There has even been some talk of a 2015 target for convertibility. When I quizzed people, no one disabused the notion of 2015 as being possible, although they doubted any formal target would be cited, as it really depends on ongoing circumstances and how the handover to the next leadership transpires. However, everyone I asked thinks it is quite feasible, and many think it is quite likely, that we will be looking at a much wider use of the RMB by 2015, including its usage in the SDR basket. At one of my HK meetings, I was told that a new reform was about to be announced allowing greater use of RMB-denominated FDI, which indeed has been subsequently announced.

It is against this background that DC is enjoying it latest bout of the sporting pastime known as blaming the RMB for all evils. Even though the RMB has risen close to 30 pct in both nominal and real terms against the Dollar since around 6 years ago, and China stops any tendency for the RMB to share in other currency weakness when the $ experiences those brief periods of appreciation, and even though the ongoing Chinese trade surplus declines, it remains the excitable mood that the RMB is massively undervalued (40 pct usually cited), and that China is garnering all these unfair advantages. It is frankly embarrassing to observe this ongoing dialogue and I can’t understand why Congress
persists with these efforts. Despite the latest bill passing through Congress, all I hear is that it has little chance of success in the House and the President would not allow its passage. Nonetheless, all seem to share in its tone. The only source of evidence to still support these claims may be China’s vast foreign exchange reserves.

China’s trade surplus year-to-date – now 9 months data available – is just over $180 bn annualized, and it remains not much over 2 pct of GDP. The surplus is less than ¼ of what it was pre-2008 credit crisis and it is declining as a result of an improving trend in imports and a weaker trend in exports. There is no basis for the kind of action that DC is pursuing. There might have been 7-8 years ago, but not anymore.

EUROPE’S BIG BANG.

Judging by various comments on newswires and many headlines in the newspapers Sunday, the G20 Finance Ministers meeting saw more progress on the “big bang” solution to the Euro crisis. Three legs seem to be getting more attention, with a more realistic Greek haircut, bank recapitalization, and extra power for the EFSF, although the word leverage is “verboten”. On the latter, background chatter about Paul Achleitner’s proposal for an insurance scheme is now out publicly, with Paul himself writing an Op-Ed in the FT on the matter. Various G20 policymakers have added to their pushing from the late September IMF meetings with Messrs Geithner and Osborne again suggesting Europe is getting there. Interestingly, once more French and German leaders are telling us that they have a plan, but don’t intend to spoil the surprise just yet. (Perhaps this can be a permanent solution, given its success to date compared to all other past failed ones. Don’t actually tell anyone what the plan is?)

Anyhow, we now have another hyped up European leaders meeting to look forward to, this time, October 23rd, and then of course, the November 3rd - 4th G20. It is shaping up to be the G20 meeting of all time, so expectations are rising.

G20 AND IMF CAPITAL.

Another reason why markets increased their optimism (or reduced their pessimism) is probably because of media speculation that the large Emerging Economies are pushing for a further increase in IMF resources as a way to indirectly invest in the Euro Area’s debt funding requirements. The BRIC countries would appear to be in favour of adding to their contributions, probably as a route to gaining further accelerated voting rights. In what appears to be typical international IMF “stuff,” the US is against such ideas, and argues that the IMF has sufficient resources from its last recapitalization. One suspects that the US opposition might also have something to do with giving up too  much IMF power too soon to the BRIC guys. But, in any case, all of this will be interesting to observe as we approach the November G20 meeting, as will any hints on SDR reform /RMB early inclusion, which I suspect some Western leaders favour.

EVIDENCE ON THE GLOBAL ECONOMY.

As we approach the mid-month period and once the rest of China’s data is out of the way, we enter the usual macro data vacuum until late in the month. We will get all the flash PMIs for this month, and the official PMI and ISM data ahead of the G20 meetings along with Korean trade data, so we will be able to see more signs of the fallout from the markets’ late Summer panic. So far, based on everything that has been published, comparisons with Autumn 2008 seem way off the mark. The US is showing continued modest signs of positive surprises with more and more analysts revising up their Q3 and Q4 estimates, and some European data is also surprising on the upside. The UK is a  notable exception to this recent pattern, where the reported data has been notably disappointing. It is not the case elsewhere though. Of the data we will get for the remainder of October, the Philly Fed in the US will be interesting to see as its weakness since August has not been repeated in any other useful data.

SO ARE THE  BEARS BEATEN?

As tempting as it is, alas I think not – at least yet.

I have maintained throughout the extreme moves of the past 3-4 months, that the bull market in early 2009 had its source in 2 things: China moving to a more domestic-driven consumer-led recovery and the strong asymmetric monetary bias in the US. As big a problem as Europe has been, and is, I don’t see European economic activity as key to driving world economic growth and markets. In order for my theory to be true, we need to see more evidence of slowing China inflation, a shift in China’s policy bias, and evidence that their own consumer continues to do just fine, as well as ongoing evidence that the US is not being dragged down by Europe.

While the Euro challenges are immense, I don’t see them as being necessarily of the power to drag down either China or the US, or both. While it is perfectly possible, the US and China have coped perfectly well with Japan’s weakness for a long period, so I don’t see why they can’t cope with a struggling Europe. A collapsing Europe would be a different story, but a struggling Europe, that shouldn’t be too demanding.

As for Europe, the bar has been raised these past few weeks, as markets have recovered and expectations of a Big Bang increased. There are all sorts of dilemmas remaining, ranging from Berlusconi’s tentative hold of power in Italy to the divergence of stances on the right broad European solution. What we really need from Europe is to just not implode, that would be a problem for the rest of us and the markets.

This weekend, Manchester United showed that lot from 38 miles east down the M62 far too much respect in what Sir Alex described as the most important ongoing football club rivalry in the world. Hopefully, that means his top players will be fully refreshed to demonstrate to that other lot from 2 miles west in the same city what it really is like to be a top team next weekend. Perhaps a stage setter for the G20?

Jim O’Neill

Chairman, Goldman Sachs Asset Management

 

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Sun, 10/16/2011 - 16:13 | 1779263 rmsuleman
rmsuleman's picture

Where is the chart that he mentions?

Sun, 10/16/2011 - 16:39 | 1779312 knukles
knukles's picture

Confidential-Not for public distribution.

Sun, 10/16/2011 - 16:40 | 1779317 Smithovsky
Smithovsky's picture

Chart?

I stopped reading after "From Goldman Sachs' Jim O'Neill"


Sun, 10/16/2011 - 17:51 | 1779453 oldman
oldman's picture

Smitty,

If you had read further you would have surely vomitted at this pompous bull shit:

"I just returned from a rather insane 24-hour trip to Hong Kong early Saturday, having previously planned to be in the China region for a week. I had to change my earlier plans in view of the European mayhem, but I had committed to a speech at the Hong Kong University of Science and Technology (HKUST) for the Institute for Advanced Study’s US Rusal Forum. It was a pleasure and, in addition to meeting two very important clients in town, I met with a number of interesting people. Coincidentally, before I went, I had hosted our latest internal GSAM “CIO call” on China, where we included an outside guest who appears to have the lowest GDP number on the street for the next 2-3 quarters. We also have started to see the latest monthly economic data released and, of course, the RMB is back in focus."

I just wanted to see the charts, but was reading my way down until this came up----this guy needs a hard kick in the ass

and i am non-violent        om

Mon, 10/17/2011 - 07:15 | 1780693 Bartanist
Bartanist's picture

One wonders if he will ever look back on his life and realize that he was simply a parasite living off of the productive work of others and never really contributed anything of value EVER in his life. But that is not the point, eh? Those who create the money revel in the fact that they produce nothing and use fiat money debt to enslave others to work for them.

... yet, not something I'd put on my resume when facing my maker.

Sun, 10/16/2011 - 16:20 | 1779269 Divided States ...
Divided States of America's picture

Its funny, so I guess we will never have a depressionary economic environment again, let alone the small '8 month' recession we 'experienced' in 2008 per govt sources. Oh, and we just entered a bear market 2 weeks ago for 2 hours and that's been taken care of so now we can go back to a another new bull market again....I guess everything is all good again, we have a solution for every friggin monetary mistake we have done for the past 80 years!

Sun, 10/16/2011 - 17:09 | 1779374 Dick Fitz
Dick Fitz's picture

Sorry, but ONeill is sorta right on this one. The boom from FED money printing is already showing up in the data, and will lead to a (small, short term) boom in the market. Once they pull the punchbowl away again the collapse will be bigger.

Sun, 10/16/2011 - 17:19 | 1779389 ISEEIT
ISEEIT's picture

And the bears ignore this! It's like being drugged against your will (absent consent).

RAPE.

Go on with your bad leftist self and explain this away.

Liars.

Yeah the cash is sloshing around and will (maybe) get obummer reelected. It will then be free to fullfill its mandate.

Sun, 10/16/2011 - 19:31 | 1779653 Dick Fitz
Dick Fitz's picture

ISEEIT-

It kills me- I know in the long run for the US/EU/Ch are fucked. But, as long as The Bernanke keeps printing money, and flushing the system, things will "get better" on the surface. The cancer is still there, but the injection makes the patient feel better and they rally- all the while, the cancer grows and gets more deadly.

Mises was right- the crack up boom will be epic, but it can be delayed for a LONG time.

Sun, 10/16/2011 - 17:14 | 1779383 ISEEIT
ISEEIT's picture

Ditto.

Sun, 10/16/2011 - 16:23 | 1779279 A Man without Q...
A Man without Qualities's picture

"Perhaps this can be a permanent solution, given its success to date compared to all other past failed ones. Don’t actually tell anyone what the plan is?"

 

Ha, Ha, yes, very funny joke that.  Trouble is, this might just be the case.  They do have a plan in a vague sort of, "must fix this" kind of way, but there is no way they can agree the specifics, so it must remain a hidden promise.

"Is that a bazooka in your pocket or are you just pleased to see me?"

Mon, 10/17/2011 - 06:44 | 1779289 GeneMarchbanks
GeneMarchbanks's picture

They have a plan like Paulson had a plan in 2008.

Sun, 10/16/2011 - 16:25 | 1779283 GeneMarchbanks
GeneMarchbanks's picture

That wasn't 'hahaha' funny but almost. Complete joke.

Sun, 10/16/2011 - 16:26 | 1779288 winter is coming
winter is coming's picture

Wheres Reggie...I want to join him on his squid hunt

Sun, 10/16/2011 - 16:27 | 1779293 Hedgetard55
Hedgetard55's picture

The trillion dollar question is does the EZ have the resources to handle the debt problem without printing?

Sun, 10/16/2011 - 16:31 | 1779303 A Man without Q...
A Man without Qualities's picture

Simple answer - no.  The French understand this, maybe the German politicians do, but they don't want to scare the voters.  The bigger issue is how to you fairly allocate the printed money across a monetary union, with distinct welfare systems and fiscal policies?

Sun, 10/16/2011 - 16:29 | 1779295 knukles
knukles's picture

Jim says; Now let's look at this Macro Consideration. 
"Is the Wolrd Coming to an End?" 
Now, looking at the motes of dust, floating tea leaves, carrying out all calcultions to the last decimal, reciting the rhymes of the business as if they were truisms, extrapolating past succcesses with unfortunate differences, expousing popular delusions and finally regaleing us with the minutae of the rose in the vase on the starched white linen table cloth just off center of the table in the most fabulous resturant in the world, let us put our hands on the Bloomberg and Pray....

Jim.
Your problem is a failure of investment process.
Listen to me. 
I'm trying to help.
The paradigm has shifted. 
It's not a string of bad luck or bad PR.
It's not the fucking same.
Quit pretending that it is.

Sun, 10/16/2011 - 16:34 | 1779305 Pretorian
Pretorian's picture

I thought IRISH are drunk on Sundays, last day before work! So he might telling the truth.

Sun, 10/16/2011 - 16:36 | 1779309 Bruin4
Bruin4's picture

what a motherfucker.

Sun, 10/16/2011 - 16:44 | 1779323 TheLooza
TheLooza's picture

oh fuck i hate this guy

Sun, 10/16/2011 - 16:44 | 1779327 msmith
msmith's picture
An analysis of the SPX, CL, DX, EURUSD, and AUDJPY shows a potential reversal to a risk off tone in the short term.  http://bit.ly/ooBpTu
Sun, 10/16/2011 - 16:49 | 1779337 ISEEIT
ISEEIT's picture

I'm not a fan of technical/charts. I do pay attention to them however because for whatever reason patterns do have occasional predictive value. 4 hour EUR/USD is screaming double top and considering the algo/HFT role, I feel just fine being short the whole game.

Sun, 10/16/2011 - 17:57 | 1779466 oldman
oldman's picture

Yeah, and the daily is showing a little point of resistance, but after that 1.43 looks like a shoo-in

who do you believe these days---I don't know what to make of it all     om

Sun, 10/16/2011 - 17:02 | 1779356 Seasmoke
Seasmoke's picture

he doesnt sound as boastful and confident this time around

Sun, 10/16/2011 - 17:08 | 1779368 I am Jobe
I am Jobe's picture

Squid feeling left out . All good things must come to an end. Waiting for the mofo;s to live in trailers.

Sun, 10/16/2011 - 17:34 | 1779422 MsCreant
MsCreant's picture

If you mean FEMA trailers, well, okay. Otherwise perfectly deserving citizens could have those trailers, I would not want to displace a human being for a squid.

Sun, 10/16/2011 - 18:25 | 1779448 Miles Kendig
Miles Kendig's picture

I'm thinking second hand SeaLand van trailers en masse out at Great Basin National Park, Groom Lake or Bonneville salt flats.  Open topped with walkways for the guards and dogs with a shit hole in the corner.  For work they can all be sent out to rake sand and arrange rocks into pretty designs NASA can take pictures of from space

Sun, 10/16/2011 - 17:52 | 1779437 Miles Kendig
Miles Kendig's picture

....ranging from Berlusconi’s tentative hold of power in Italy to the divergence of stances on the right broad...

So, looks like Goldman has decided to not only mention the bunga-bunga pedophiliacs led by Silvio the scum bucket, but the "wide-stance" crowd led by Larry Craig and any number of Eurocrats who are locked in stalls shitting their pants

Well done Goldman!

Sun, 10/16/2011 - 18:26 | 1779513 Jay Gould Esq.
Jay Gould Esq.'s picture

"...the 'wide-stance' crowd led by Larry Craig..."

Miles, this post made my afternoon. Frigging hillarious.

+1

Sun, 10/16/2011 - 17:45 | 1779439 Caviar Emptor
Caviar Emptor's picture

He's purely talkin' his book, the WS book: More Fed free cash will blow another bubble somewhere, but more importantly, it's at the expense and to the detriment of the real economy which sees no trickle down but suffers when the bubbles burst. We've just completed a 30 year experiment in just this kind of economics and the results are in: we are worse off now than before . The economics are unsustainable because the middle class lost way too much wealth and is getting pummeled.The action moved overseas. 

Sun, 10/16/2011 - 17:45 | 1779440 buzzsaw99
buzzsaw99's picture

Thye can't even defend their own stock.

Sun, 10/16/2011 - 20:20 | 1779752 Zero Govt
Zero Govt's picture

...yes but will Lloyd Blankfein be able to defend his Bonus this year???

..he managed it (pocketing $100m) having bankrupted the firm, sold fraudulent mortgages around the globe, fleeced clients (Libyan Fund lost 98%) and none of the 'talent' he's hired can make even $1 Dollar trading unless they've rigged the market 

..Lloyd is absolute garbage of a CEO by any measure.. so will Gods Work, dripping in bucket loads of red ink, continue to pay out by divine blessing?!!!

Sun, 10/16/2011 - 17:52 | 1779455 SheepDog-One
SheepDog-One's picture

Jim is a cheerleader loser calling 'perma-rally', just wash rinse repeat in a range from here on out.

Sun, 10/16/2011 - 17:55 | 1779461 chump666
chump666's picture

We are coming for you Goldman, millions of accounts small, some large will short sell you into oblivion.

And no bailouts this time, you just f*cking take the pain

Sun, 10/16/2011 - 18:14 | 1779494 mossme89
mossme89's picture

What the heck? futures are up 2.5+ on the S&P 500. I give up, apparently all the world's issues are solved

Sun, 10/16/2011 - 18:18 | 1779497 slaughterer
slaughterer's picture

Looks like EUR/USD is hell-bent on that 1.40 pivot despite the cloddish disappointment of the G-20 idiocracy this weekend.    

Sun, 10/16/2011 - 19:13 | 1779617 chump666
chump666's picture

watch for messy profit taking end mth, hopefully a chaos event makes it even more messy.  Long to short should happen very quickly.

Market hasn't reallly priced in how bad Italy is going to be i.e riots, bond/CDS spreads.  Attention should flip from Greece to Italy now.

Europe is going to erupt coming winter

Sun, 10/16/2011 - 18:34 | 1779526 oogs66
oogs66's picture

Long the market, short humanity

Sun, 10/16/2011 - 18:41 | 1779546 huggy_in_london
huggy_in_london's picture

o'neill ... the abby joseph cohen of this decade...

Nasdaq still going to 5000 again AJC?  

Sun, 10/16/2011 - 19:39 | 1779674 knukles
knukles's picture

How true.
Interesting that at just about each and every Broker Affiliated Asset Manager with few exceptions, the asset management group parroted the brokerage's party line.
In many cases, to their demise.

LOL 

Hub.  Ris.
You get what you deserve,
Kar. ma. is a bitch,
Cold the best way served.

Sun, 10/16/2011 - 20:03 | 1779720 oogs66
oogs66's picture

"to their demise"?

LOL    he still flies everywhere he wants, whenever he wants and gets paid boatloads of money on top of what he already has....being wrong yes!  investors demise, maybe!  his demise, LMAO!

Sun, 10/16/2011 - 19:12 | 1779615 beanieville
beanieville's picture

It's all over, bears.  And we're buying Goldman Sachs! http://bit.ly/qQ3p0t

Sun, 10/16/2011 - 21:19 | 1779929 rocker
rocker's picture

 You can buy all the bank stocks you want. I have my G.T.C. open orders in for GS @49.90 and JPM @18.90 and C @9.90.

I think the second time may be the charm since all of these have been lower. And I may lower the orders if I don't like what I see.

Especially Citigroup and Goldman. I will never buy any bank stocks until they go back down and test their prior lows when this all started.

Nothing has been fixed. Just manipulated. The phony book values are ripe with fraudulent accounting. 

Until they mark to market the crap on their books and what the FED is holding in CDS or MBS securities it is all fake.

The banks are not investment opportunites. They are ponzi scams worse than what Bernie Madoff every did.

This time the FED is assisting the crooks. I do not think it will end well for any suckers. Sure they may go up on short covering.

But that is not a viable investment theme. Short Covering is not a reason to put risk money on. 

Still 100% Cash. Patience will win. Who knows what trigger may set the next move up or down.

I would rather watch since to date everything is 100% manipulation by the HFTs. 

The last trades I made in my Cash account were sells of mining stocks in March and April of this year.

Turns out that it was very smart since all of them are down 40% on average.

Until I see the S&P return to 1000 or less I won't even look or consider buying anything. Let the HFTs beat up somebody else.

Patience will win in the long run. At least that is what the Smart Money says and are doing. 

100% Cash for opportunities that will come,

Sun, 10/16/2011 - 19:34 | 1779660 the misanthrope
the misanthrope's picture

Is that why you shoot them? there are hardly any left?

Sun, 10/16/2011 - 19:44 | 1779680 knukles
knukles's picture

Lady goes to the butcher, sees there's a sale on brains.
3 on special: lawyer (cheapest) doctor (more pricey) Bond Trader (costs more than gold).
She asks why the bond trader brains so expensive?
Butcher tells he that lawyers are a dime a dozen, doctors are truly special but not necessarily that smart but Bond Traders?!?!?
Who's ever heard of a Bond Trader with Brains?

Sun, 10/16/2011 - 21:01 | 1779683 Zero Govt
Zero Govt's picture

Jim O'Neil, Goldman Sucks: "...the US and China have coped perfectly well with Japan’s weakness for a long period, so I don’t see why they can’t cope with a struggling Europe."

 

Fantastic World economy this isn't it? Fit as a fiddle...

But when one of the leading financial firms (vandals) of America effectively describes the Worlds powers as a bunch of pissed old farts leaning on each other to prop themselves up long enough to get down the road !!!!

...and the 'real sharp cookie' of this financial firm describes this bunch of staggering, meandering collection of pissheads as 'ok' enough to accept another rat-arsed drunkard to their lurching fold you just know these alcoholics need an emergency ambulance to AA (or the Funny Farm)

Don't wait the siren boys, i'm not sure it'll even sound... the alarm bells are ringing full blast in my head already... man the life rafts and lets get outta here... the ships crew are all about as sane as fruit cakes!!! 

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