Revised Q2 GDP Prints At 1.0%, Below Expectations Of 1.1%, Down From Preliminary 1.3%

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Fri, 08/26/2011 - 08:46 | 1603429 ShowMeTheTime
ShowMeTheTime's picture

The thump you just heard was the recession falling into line..

Fri, 08/26/2011 - 09:12 | 1603521 bigdumbnugly
bigdumbnugly's picture

or liesman's chin dropping

Fri, 08/26/2011 - 09:18 | 1603542 DUNTHAT
DUNTHAT's picture

This print gives bernanke a little cover to justify NO QE3.

Later will be revised nto neg .5.

Fri, 08/26/2011 - 08:47 | 1603430 Bohemian Clubber
Bohemian Clubber's picture

It will be revised subzero in a quarter anyway...

Fri, 08/26/2011 - 08:51 | 1603452 kridkrid
kridkrid's picture

Even the revision will be a lie. 

Fri, 08/26/2011 - 08:47 | 1603433 Debtless
Debtless's picture

Bullisht.

Fri, 08/26/2011 - 08:48 | 1603434 Archimedes
Archimedes's picture

Ah, a big nothingburger. Kind of like what I expect out of the Bernank in an hour or so....

Fri, 08/26/2011 - 09:02 | 1603490 SheepDog-One
SheepDog-One's picture

Big fence straddling waffle-fest....the Bernank LOVES being able to hold out the carrot on a stick without having to deliver a thing. 

Fri, 08/26/2011 - 09:08 | 1603509 Snidley Whipsnae
Snidley Whipsnae's picture

Ben said "I don't want no Stinkin Sub 1% Print before my speech"...

He has spoken and so it was done...

Who didn't see this coming???

Fri, 08/26/2011 - 09:06 | 1603503 Rothbardian in ...
Rothbardian in Cleveland's picture

That IS a tasty burger!  Vincent, ever have a Big Nothingburger?

Fri, 08/26/2011 - 09:16 | 1603533 knukles
knukles's picture

(Vincent shakes head no.)

Now that is just one of the finest fucking scenes in the film.  Right up there with Bruce Willis and Vig Rhames in the basement....

Fri, 08/26/2011 - 09:43 | 1603696 pods
pods's picture

"Do they speak english in what?!"

pods

Fri, 08/26/2011 - 09:51 | 1603741 WonderDawg
WonderDawg's picture

Say "what" again!

Fri, 08/26/2011 - 09:23 | 1603570 TuesdayBen
TuesdayBen's picture

nothingburgers suck

Fri, 08/26/2011 - 08:47 | 1603436 Gibu The Great
Gibu The Great's picture

At what point today will equities realize there is no QE coming (yet). 

Fri, 08/26/2011 - 08:48 | 1603439 slaughterer
slaughterer's picture

Probably never.

Fri, 08/26/2011 - 08:51 | 1603451 TheTmfreak
TheTmfreak's picture

For some reason I feel that they'll be able to spin it around to reinforce the bull.

"No QE means everything is great, so buy buy buy!"

Fri, 08/26/2011 - 08:57 | 1603471 Gibu The Great
Gibu The Great's picture

I don't think that is likely, but if they do I think they're going to have a hard time spinning next Friday's payroll numbers! 

Fri, 08/26/2011 - 09:16 | 1603531 Scalaris
Scalaris's picture

I actually think that MSM are perfectly capable of transforming whatever nonsensical fact, be it bearish or downright shit, into a glimpse of sunny bullishness. I specifically recall an instance from a few days ago when every single piece of news coming out was worse than the previous one, and I mean from a substabtial Chinese economy contraction to completely awful US economic indicators. Yet when the DOW initiated its full retard sequence, I actually heard Bloomberg's Matt Miller saying that the only "reasonable" explanation is that due to the storm of negative economic news, "investors" are taking their positions because it was more likely for Bernanke to announce QE3. (o_o)  

Fri, 08/26/2011 - 09:18 | 1603546 knukles
knukles's picture

Oh come on... that'll be Great For Inflation, the Fed won't have to tighten and stocks'll rally. 
Get With The fucking Program!

Fri, 08/26/2011 - 08:48 | 1603440 props2009
props2009's picture

I think that numbers are being managed to make grounds for QE3 if not now atleast in sept.

 

Charts on MS, GS  and BAC are in severe downtrend. No amount of data can alleiviate the pain and we will see QE3 if not now next month.

 

charts:

http://capital3x.com/?p=278

Fri, 08/26/2011 - 09:20 | 1603552 knukles
knukles's picture

Conspiracy or lies?
Which is worse?

Fri, 08/26/2011 - 08:49 | 1603441 kridkrid
kridkrid's picture

They rounded up.  Doesn't even matter what number they rounded up from... they were always going to round up to +1%. 

Fri, 08/26/2011 - 08:49 | 1603445 Dapper Dan
Dapper Dan's picture

We will see some growth starting next week, predominately in the debris hauling, and constructing industries.

 

Fri, 08/26/2011 - 08:53 | 1603458 cossack55
cossack55's picture

Gotta love that HAARP.

Fri, 08/26/2011 - 08:58 | 1603473 HelluvaEngineer
HelluvaEngineer's picture

It's also good with Guinness

Fri, 08/26/2011 - 08:56 | 1603466 Flakmeister
Flakmeister's picture

Don't laugh.... try and find a flashlight in Westchester....

Fri, 08/26/2011 - 08:58 | 1603475 LawsofPhysics
LawsofPhysics's picture

No, Irene is not that bad and will not do much.  Gonna evaporate as soon as it hits the cape.  The drought conditions in the Southest, just like in Texas are very bad and there is plenty of room on land in the vegetation to suck all the moisture out of this hurricane in a second.  This is a GOOD thing, several of my crops need the water desperately.  BRING IT.

Fri, 08/26/2011 - 09:05 | 1603500 Flakmeister
Flakmeister's picture

Up here in Westchester, we have had a historically wet August. The ground is completely saturated... There will be some serious flooding with 4-8"....

Fri, 08/26/2011 - 09:20 | 1603524 LawsofPhysics
LawsofPhysics's picture

Mark my words, Irene won't make it that far.  Send your water south. Several crates of Pecans in it for you if you can make it happen.

Fri, 08/26/2011 - 09:23 | 1603573 knukles
knukles's picture

I'm sorry, don't mean to be a tidge forward, but I can't resist.  Did you do a shitload of drugs as a child?  Did you ever stop?

Fri, 08/26/2011 - 09:27 | 1603587 Flakmeister
Flakmeister's picture

I hope you are correct.... but I try to follow the maxim that an ounce of prevention is worth a pound of cure...

I was in Halifax the week after Juan hit in 2003. Juan was a fast moving modest cat 1-2 that made a direct hit on the city. The city was devastated, partially because it had been ~100 years since a hurricane had landed in the area. Trees everywhere. Westchester is similar, lots of old dodgy trees waiting for a big gust. 

I would gladly send you the water, some golf courses here are soaked and almost unplayable... 

Fri, 08/26/2011 - 09:18 | 1603543 bankruptcylawyer
bankruptcylawyer's picture

the ground will suck it up? so you are saying a hurricane is not bad if it doesn't flood you out?

 

you might know laws of physics but lack those of common sense. i'm as cynical as the most about weather panic, but this thing is 90% to show up centered on new york city in 2 days, and 95% to hit the northeast generally. 

Fri, 08/26/2011 - 11:23 | 1604320 LawsofPhysics
LawsofPhysics's picture

First of all, fuck new york city.

Second, remember that hurricance (with actually MORE moisture than Irene) that hit Texas.

What happened?  Poof!  Gone.

 

"95% to hit the northeast generally. "  -  So NOW you are saying that weathermen are suddenly correct in all their predictions.

Talk about a LACK of common sense.

Fri, 08/26/2011 - 09:36 | 1603643 Esso
Esso's picture

Bullish demolition. Construction, not so much.

Fri, 08/26/2011 - 08:52 | 1603453 Cassandra Syndrome
Cassandra Syndrome's picture

The spread between the GDP deflator and the real inflation rate at least 5%, so in reality the economy continues to shrink by at least 4%. Depression since 2007.

Fri, 08/26/2011 - 09:00 | 1603470 hedgeless_horseman
hedgeless_horseman's picture

Indeed.  Way to cut through the bullshit.  Prestidigiflation FTMFW! 

Fri, 08/26/2011 - 09:01 | 1603488 Rothbardian in ...
Rothbardian in Cleveland's picture

BEA's calculation is a joke!!!!  The whole owner occupied rent concept is ridiculous.  How do they look people in the eye and say "there's no inflation" when people are standing in a freakin' store. 

 

Funny, but the Wiemar Republic did exactly the same thing.  As crap was spiraling out of control their current day ministry of truth was publishing statistics that everything was fine.

 

Sig Heil Bitchez!

Fri, 08/26/2011 - 09:09 | 1603515 Cassandra Syndrome
Cassandra Syndrome's picture

Also, Private investment is only up "officially" 0.15%. That's were recoveries come from, capital investment. What would Murray make of all this insanity if he was alive today, especially with all the internet access? He could see through the all the bull way back. Even wrote an amazing critique of the Chicago School, monetarism and Friedman way back in 1971 before it influenced policy makers. 

Fri, 08/26/2011 - 09:18 | 1603548 giocatoli
giocatoli's picture

Which Murray? Bill? Rothbard?  To which critique are you referring, as I am interested in reading such.

 

THX

Fri, 08/26/2011 - 09:27 | 1603594 Cassandra Syndrome
Fri, 08/26/2011 - 09:33 | 1603617 Rothbardian in ...
Rothbardian in Cleveland's picture

Bill of course.  The dissertation was post his 1971 arrest when he was advocating a move to the Cannabis Standard.  Sadly, after the confiscation of said herb, his theories were discredited by a sea of voices from the fiat crowd.  He fled the field of economics for greener pastures in entertainment to the regret of canna-numismaticists around the world.

Fri, 08/26/2011 - 08:52 | 1603455 gaijin
gaijin's picture

The corporate profit numbers were revised down 5% from prior and now stand at 0% year-over-year...would one expect this, in combination with GDP, to move markets sginificantly lower independent of Bernanke's speech?

Fri, 08/26/2011 - 09:27 | 1603584 knukles
knukles's picture

Oh fuck yeah!  Let's put a 70X multiple on that shit and stocks'll make that 100,000 DJIA projection in no time.

Fri, 08/26/2011 - 08:53 | 1603459 MFL8240
MFL8240's picture

What is the GDP number after REAL INFLATION?  Great job Obama, you are carrying out the Saul Alinsky plan to a tee.  Time now for amnesty to push what is left of this economy over the hill.

Fri, 08/26/2011 - 08:56 | 1603469 Esso
Esso's picture

"What is the GDP number after REAL INFLATION?"

I make it at about -15%, but I've always been hopelessly optimistic.

Fri, 08/26/2011 - 08:53 | 1603460 PulauHantu29
PulauHantu29's picture

Better then expected. Remove military spending and conumser spending and you get how much?

The most important figure, cap investment, is zilch.

Fri, 08/26/2011 - 08:55 | 1603462 El Gordo
El Gordo's picture

Forget all the fundamentals and analysis.  All you need to know is that I just hit the send key on my buy order and it's already down $.50.  When I buy, it's time to sell.

Fri, 08/26/2011 - 08:58 | 1603474 --Freedom--
--Freedom--'s picture

Depends what you're buying.

Fri, 08/26/2011 - 09:09 | 1603513 props2009
props2009's picture

thats funny. suggest wait for the Bernanke speech which may include QE3 or atleast a mention

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