"He told me that business was so dead, he was reduced to digging holes in the ground with his backhoe for a couple of people whose horses had expired."
That's the only way you get to stop paying for a pony.
CR: I understand your resaons for staying moderate in how you respond to the ongoing charade. But, one must think, the situation is more a pause than a bottom?
"I weep for you," the Sachs said:
"I deeply sympathize."
With sobs and tears he sorted out
Those of the largest size,
Holding his pocket-handkerchief
Before his streaming eyes.
"O Oysters," said the Goldman ,
"You've had a pleasant run!
Shall we be trotting home again?'
But answer came there none--
And this was scarcely odd, because
They'd eaten every one.
Sold for $337,000 in April of 2007. Almost immediately work began and then just as quickly stopped. It has sat since then stripped of its siding with a plywood fence erected to keep the kiddies out.
At long last it is on the market for $163,200 - hey it is in Long Island and taxes are only $8500 just "bring your toolbox" like the ad says.
To give you an idea of how wacky revolutions can be...
There were a grand total of 7 inmates of not much consequence in the Bastille on this day 220 years ago, when a bloodthirsty mob of 6,000 people descended upon it, demanding the release of ALL the prisoners~
“You are old, Goldman Sachs, as I mentioned before,
And have grown most uncommonly fat;
Yet you turned a back-somersault in at the door—
Pray, what is the reason of that?"
" Tim waiting for 2012 (homepage, profile) wrote on Tue, 7/14/2009 - 9:24 am
Watching MSNBC Dylan Ratigan, Barry Ritzholtz challenging GS gov't relationship. Never heard this sort of honesty on CNBC"
I suppose there comes a point where these folks can no longer keep a straight face when reading from the government script. Too late to do any good, however.
I see GS beat expectations ... AS EXPECTED.
Let the double-dip rally commence: we rallied yesterday on expectations that GS would beat expectations, now we can rally again, because it all came true!
And for the poetry lovers among us, an ode from our author of the day - it may (or may not) refer to whomever you wish:
"How doth the little crocodile
Improve his shining tail,
And pour the waters of the Nile
On every golden scale!
How cheerfully he seems to grin,
How neatly spreads his claws,
And welcomes little fishes in
With gently smiling jaws!"
Cinco-X (profile) wrote (in reply to...) on Tue, 7/14/2009 - 8:26 am
" Tim waiting for 2012 (homepage, profile) wrote on Tue, 7/14/2009 - 9:24 am
Watching MSNBC Dylan Ratigan, Barry Ritzholtz challenging GS gov't relationship. Never heard this sort of honesty on CNBC"
I suppose there comes a point where these folks can no longer keep a straight face when reading from the government script. Too late to do any good, however.
The absurdity just gets to the point where the non-psychopathic human cracks up...
Looks about $45 Billion a month in lower spending on average. A graph of MEW and Retail Spending over time would be interesting to see. I always ball parked MEW going to zero taking about 1.2-1.6 trillion out of the economy and equate to a drop of 10-12% of GDP. I guess the GDP drop didn't correspond because of deficit spending, TARP and stimulus bill plus maybe some fudging of the math.
This data serves as another reminder: Since corporate profits in this country ultimately come from consumers, and tax revenues ultimately come from consumer incomes or corporate profits (that come from consumers), where is the income and tax revenue going to come from to service the massive debt this country is incurring?
If you cannot answer that question then you should assume that another major "credit event" is coming.
I'll admit to being a bit surprised by the increase. But on margins retailers are getting hammered because nothing discretionary is moving unless its got a deep discount.
But I'm sure my surprise will turn to ah-ha! in a few weeks as reports come in showing further increases in people NOT paying their credit cards, taxes, and mortgages.
I guess the question is how long will the currency/bond markets allow the US to paper over everything.
For you naysayers, Goldman plows half of its profits into compensation. That means we'll see an economic bump for nyc kobe beef restaurants, yoga instructors and european travel. Glory be to Goldman!
//I guess the question is how long will the currency/bond markets allow the US to paper over everything.//
A long time. As soon as you convince everyone they are really naked, they will steal your shirt to cover themselves. So it is not in your best interest to call them on it.
Does anyone else understand exactly how Goldman Sachs makes approximately $178 million a day from proprietary trading during the quarter but only has a one day VaR at a 95% confidence level of $245 million!!! This is about as likely as being able to turn base metal into gold.
Today, you are seeing a turn away from crap and toward quality assets.
Rich, if it were anyone other than you making this comment, I'd respond with the tried-and-true "Quality assets? I do not think those words mean what you think they mean."
But since it's you ... I'm intrigued.
Besides commodities, I don't see anything flashing green on my screen that I'd consider 'quality'. What am I missing? Or was that the point of your post?
For you naysayers, Goldman plows half of its profits into compensation. That means we'll see an economic bump for nyc kobe beef restaurants, yoga instructors and european travel.
"Don't trickle down my back and tell me it's raining."
“You are old, Goldman Sachs, as I mentioned before,
And have grown most uncommonly fat;
Yet you turned a back-somersault in at the door—
Pray, what is the reason of that?"'
A financial blog with literate people who know what's good. One of my favorite light verses ("You are old, Father William").
Everyone is channeling Dodgson this morning...I wish I was, love the poetry, and vorpal swords...but all I have going round my brain is Goodbye Yellow Brick Road by EJ...can't shake the last verse:
Maybe you'll get a replacement
There's plenty like me to be found
Mongrels who ain't got a penny
Sniffing for tidbits like you on the ground
I am a bit worried as well. Other than I think it would be a short and dramatic hit for everyone, we would be long term scewed.
China stockpiling commodities seems like storing up for a hard financial winter. Once they think they can grow internally enough they may pull the plug. The only thing I am sure of is that if they do it, it will be fast and with no warning.
I just got back from a couple of weeks of hiking the French, Italian and Swiss Alps around Mont Blanc.
Business is VERY slow this summer in all the areas I visited, and the guides are VERY pessimistic about the winter ski season.
Lots of empty commercial real estate in all areas [also in Geneva], and most stores had sales at 30-60% off -- looked to me like inventory liquidation.
Flying low over Germany I watched the freeways for several minutes and saw NO [zero] heavy trucks [maybe truckers don't move on Sundays in Germany? Or there is nothing to move?]
funny you should say that - one of our old horses died last week and the local guy we had come over to bury her said he was going to lose his place to foreclosure due to fall off in his income. He has been a fixture around the town for 40 years, doing excavating and odd jobs.
Just buy em!
"He told me that business was so dead, he was reduced to digging holes in the ground with his backhoe for a couple of people whose horses had expired."
That's the only way you get to stop paying for a pony.
Gasoline stations sales were down 31.6 percent (±1.5%)
Does this measure strictly gasoline/ diesel sales or does it include soda, chips, beer, smokes, lottery tickets?
CR: I understand your resaons for staying moderate in how you respond to the ongoing charade. But, one must think, the situation is more a pause than a bottom?
That runout @ the bottom of the cliff is just a scree-field full of jagged rocks...
Retail sales: I've fallen and I can't get up!
But this has to be good for 200 point on the dow today right?
falling through bubbles--how appropriate:
Falling through bubbles - Drag and throw me about - I love it! - on BoreMe
Now that sounds like stability!
"Maybe the cliff diving is over, but retail sales are still at the bottom of the cliff ..."
The bottom will fall out of all markets sooner or later: stocks, bonds, oil, gold....
Not sure if it happens before September, though.
Yep......like the last ten years didn't happen........
BSR,
".........it seems a large number of transplants here have tried the Mexico/SoAmer residence thing before moving here."
Failed ex-pats tend to end up in area 51?
Black Star Ranch (profile) wrote on Tue, 7/14/2009 - 6:01 am replyIgnore userYep......like the last ten years didn't happen........
That is what I am thinking too.
RE prices, loan standards, retail saies, back to 2000. At least that is what I am seeing in allot of the chartporn.
Don't know if it will hold there or not.
Ah the pause that refreshes.
We are back at 2001 levels - hmm what other metrics are back in 2001 range?
"I weep for you," the Sachs said:
"I deeply sympathize."
With sobs and tears he sorted out
Those of the largest size,
Holding his pocket-handkerchief
Before his streaming eyes.
"O Oysters," said the Goldman ,
"You've had a pleasant run!
Shall we be trotting home again?'
But answer came there none--
And this was scarcely odd, because
They'd eaten every one.
Repost from slightly upthread:
Gasoline stations sales were down 31.6 percent (±1.5%)
Does this measure strictly gasoline/ diesel sales or does it include soda, chips, beer, smokes, lottery tickets?
Help me out CR community; you're my only hope.
it's just the ledge. Need to back out food in addition to backing out gas and just show discretionary purchases.
Gas was around $4 a gallon a year ago, thus the low sales number currently.
Several indicators green today. GS prints record profits.
Everyone who counts is doing fine by the people that do the counting.
Time to call this recession over.
GS put up good numbers, that is the only thing that matters to the maggots in charge.
Aren't Buffet's warrants close to being ITM again?
Almost 50% off sale on a flip gone bad.
"3109 Western Blvd, Baldwin, NY during better times"
Sold for $337,000 in April of 2007. Almost immediately work began and then just as quickly stopped. It has sat since then stripped of its siding with a plywood fence erected to keep the kiddies out.
At long last it is on the market for $163,200 - hey it is in Long Island and taxes are only $8500 just "bring your toolbox" like the ad says.
MLS Listing For Flip Gone Bad
Imagine living next to that for 2 years...
Imagine that plywood fence keeping the kiddies and drunks/ addicts out.
Laughable.
The Government of GS, don't you love that sound.
Remember when ever other veheicle on the road was a gas truck, Oh! such meemeries.
Tried to edit but too late.
Wrong link for pic here it is
Pic of pre-flip condition
To give you an idea of how wacky revolutions can be...
There were a grand total of 7 inmates of not much consequence in the Bastille on this day 220 years ago, when a bloodthirsty mob of 6,000 people descended upon it, demanding the release of ALL the prisoners~
" josap (profile) wrote on Tue, 7/14/2009 - 9:05 am
Black Star Ranch (profile) wrote on Tue, 7/14/2009 - 6:01 am replyIgnore userYep......like the last ten years didn't happen........
That is what I am thinking too.
RE prices, loan standards, retail saies, back to 2000. At least that is what I am seeing in allot of the chartporn.
Don't know if it will hold there or not."
Right; it's like a bad dream, but we've got loads of debt to remind us that it really happened. Well......I don't, but many do-
When real estate is back down to 1984 levels, it will be double-plus-good for everybody.
To Alo:
“You are old, Goldman Sachs, as I mentioned before,
And have grown most uncommonly fat;
Yet you turned a back-somersault in at the door—
Pray, what is the reason of that?"
Watching MSNBC Dylan Ratigan, Barry Ritzholtz challenging GS gov't relationship. Never heard this sort of honesty on CNBC
" Tim waiting for 2012 (homepage, profile) wrote on Tue, 7/14/2009 - 9:24 am
Watching MSNBC Dylan Ratigan, Barry Ritzholtz challenging GS gov't relationship. Never heard this sort of honesty on CNBC"
I suppose there comes a point where these folks can no longer keep a straight face when reading from the government script. Too late to do any good, however.
There's no democracy in a casino, and GS is the pit boss.
BTW, Denninger has a take on these numbers:
More Media Misdirection: Retail Sales - The Market Ticker
Cinco -X
Never too late to BK those SOBs at GS.
" Tim waiting for 2012 (homepage, profile) wrote on Tue, 7/14/2009 - 9:29 am
Cinco -X
Never too late to BK those SOBs at GS."
I'm still an advocate of RICO.
"I'm still an advocate of RICO."
The cute one from Miami Vice?
Let's discuss manipulation, then and now.
1930: 2nd set of books
2009: HAL 9000
Rico/GS....This will just get the night clean-up crew who speaks spanish.
I see GS beat expectations ... AS EXPECTED.
Let the double-dip rally commence: we rallied yesterday on expectations that GS would beat expectations, now we can rally again, because it all came true!
And for the poetry lovers among us, an ode from our author of the day - it may (or may not) refer to whomever you wish:
"How doth the little crocodile
Improve his shining tail,
And pour the waters of the Nile
On every golden scale!
How cheerfully he seems to grin,
How neatly spreads his claws,
And welcomes little fishes in
With gently smiling jaws!"
The ever-popular Lewis Carroll, of course.
GS put up good numbers, that is the only thing that matters to the maggots in charge.
Let us rejoice in the wild success of the government's economic programs. Long live Goldman!
Cinco-X (profile) wrote (in reply to...) on Tue, 7/14/2009 - 8:26 am
" Tim waiting for 2012 (homepage, profile) wrote on Tue, 7/14/2009 - 9:24 am
Watching MSNBC Dylan Ratigan, Barry Ritzholtz challenging GS gov't relationship. Never heard this sort of honesty on CNBC"
I suppose there comes a point where these folks can no longer keep a straight face when reading from the government script. Too late to do any good, however.
The absurdity just gets to the point where the non-psychopathic human cracks up...
Looks about $45 Billion a month in lower spending on average. A graph of MEW and Retail Spending over time would be interesting to see. I always ball parked MEW going to zero taking about 1.2-1.6 trillion out of the economy and equate to a drop of 10-12% of GDP. I guess the GDP drop didn't correspond because of deficit spending, TARP and stimulus bill plus maybe some fudging of the math.
The pyramid scheme @ Giza is nothing compared to Goldman Sachs version...
What a world.
GS is down. (a bit)
CTI is up (allot)
What a world.
GS is down. (a bit)
CTI is up (allot)
Who do you think is making CIT go up?
HAL
Bail out funds on the way.
That was the point.
Profit, regardless of our like or dislike of GS, is a nonfactor.
Fed bail out money, regardless of massive loss, is a winner.
The new investing (LOL at investing), is to follow the Fed, not the firm.
I don't watch CNBC any more. But Dylan has been critical of govt. bailouts for the rich almost from the start.
He's been kinda a lone voice there.
This data serves as another reminder: Since corporate profits in this country ultimately come from consumers, and tax revenues ultimately come from consumer incomes or corporate profits (that come from consumers), where is the income and tax revenue going to come from to service the massive debt this country is incurring?
If you cannot answer that question then you should assume that another major "credit event" is coming.
Today, you are seeing a turn away from crap and toward quality assets.
It may or may not last. But it's a sign.
I'll admit to being a bit surprised by the increase. But on margins retailers are getting hammered because nothing discretionary is moving unless its got a deep discount.
But I'm sure my surprise will turn to ah-ha! in a few weeks as reports come in showing further increases in people NOT paying their credit cards, taxes, and mortgages.
I guess the question is how long will the currency/bond markets allow the US to paper over everything.
Who do you think is making CIT go up?
Bailout talk, because it's obviously not profits.
For you naysayers, Goldman plows half of its profits into compensation. That means we'll see an economic bump for nyc kobe beef restaurants, yoga instructors and european travel. Glory be to Goldman!
Today, you are seeing a turn away from crap and toward quality assets.
AIG, a quality asset?
//I guess the question is how long will the currency/bond markets allow the US to paper over everything.//
A long time. As soon as you convince everyone they are really naked, they will steal your shirt to cover themselves. So it is not in your best interest to call them on it.
Does anyone else understand exactly how Goldman Sachs makes approximately $178 million a day from proprietary trading during the quarter but only has a one day VaR at a 95% confidence level of $245 million!!! This is about as likely as being able to turn base metal into gold.
"He's been kinda a lone voice there."
Ratigan is more alone now that he is at MSNBC.
Today, you are seeing a turn away from crap and toward quality assets.
Rich, if it were anyone other than you making this comment, I'd respond with the tried-and-true "Quality assets? I do not think those words mean what you think they mean."
But since it's you ... I'm intrigued.
Besides commodities, I don't see anything flashing green on my screen that I'd consider 'quality'. What am I missing? Or was that the point of your post?
Good question Jillian.
I don't have an answer.
update on our 'investment':
A Stock Quote - Agilent Technologies Inc Stock Quote - A Quote - A Stock Price
click on the six month chart
For you naysayers, Goldman plows half of its profits into compensation.
Ooh yay. Trickle down.
I hope it trickles all the way down to my stratum.
For you naysayers, Goldman plows half of its profits into compensation. That means we'll see an economic bump for nyc kobe beef restaurants, yoga instructors and european travel.
"Don't trickle down my back and tell me it's raining."
Edit: LOL @ Outsider ... cynical minds think alike.
"To Alo:
“You are old, Goldman Sachs, as I mentioned before,
And have grown most uncommonly fat;
Yet you turned a back-somersault in at the door—
Pray, what is the reason of that?"'
A financial blog with literate people who know what's good. One of my favorite light verses ("You are old, Father William").
Maybe they erred in using the term trickle down.
If they used gush down, I think it would be a little more palatable.
Are we still assuming that the USG/ USD is too big to fail?
@josap,
Nothing would surprise me but the rumblings from BRIC the past few weeks about a new currency has me worried (and hopefully TPTB in DC).
Everyone is channeling Dodgson this morning...I wish I was, love the poetry, and vorpal swords...but all I have going round my brain is Goodbye Yellow Brick Road by EJ...can't shake the last verse:
Maybe you'll get a replacement
There's plenty like me to be found
Mongrels who ain't got a penny
Sniffing for tidbits like you on the ground
Black Dog
I am a bit worried as well. Other than I think it would be a short and dramatic hit for everyone, we would be long term scewed.
China stockpiling commodities seems like storing up for a hard financial winter. Once they think they can grow internally enough they may pull the plug. The only thing I am sure of is that if they do it, it will be fast and with no warning.
Talk about an Alt-Control-Delete moment.
The only thing I am sure of is that if they do it, it will be fast and with no warning
Total agree.
I just got back from a couple of weeks of hiking the French, Italian and Swiss Alps around Mont Blanc.
Business is VERY slow this summer in all the areas I visited, and the guides are VERY pessimistic about the winter ski season.
Lots of empty commercial real estate in all areas [also in Geneva], and most stores had sales at 30-60% off -- looked to me like inventory liquidation.
Flying low over Germany I watched the freeways for several minutes and saw NO [zero] heavy trucks [maybe truckers don't move on Sundays in Germany? Or there is nothing to move?]
We spent 2 wks in Italy this spring.
Same thing there. Business was very slow, people very worried. We talked to several shop owners, they were putting their hope on a US turnaround.
Have a friend in Brazil. Things seem to be doing fine there.
A friend from Germany is staying with us for a few weeks, Things are not good there at all. I will ask about the trucks.
H1N1,
9NEWS.com | Colorado's Online News Leader | 67 Air Force cadets stricken with H1N1 swine flu
" rich (profile) wrote on Tue, 7/14/2009 - 9:59 am
But Dylan has been critical of govt. bailouts for the rich almost from the start."
Wasn't he a critic of the Vietnam Conflict as well;)
there is no economic recovery. No green shoots.
hat tip to: Blogger: Blog not found
funny you should say that - one of our old horses died last week and the local guy we had come over to bury her said he was going to lose his place to foreclosure due to fall off in his income. He has been a fixture around the town for 40 years, doing excavating and odd jobs.