Posted on 08/27/2010 8:35:42 AM PDT by blam
Kyle Bass NAILS It: Revised GNP Figure Is Exact Number He Predicted
Courtney Comstock
Aug. 27, 2010, 11:08 AM
Last week on CNBC, hedge fund manager Kyle Bass predicted the Commerce Department's growth estimate for the 2nd quarter would end up coming in at 1.6%.
Until today, the Department had stuck to its estimate of a 2.4% growth; Bass said on CNBC that it was too optimistic.
He, like others, predicted a downward revision.
Bass said it'd be 1.6%. He was exactly right.
FrontBurner noticed Bass' awesome call:
This morning, the Commerce Dept. issued a revision: the 2nd quarter figure was indeed 1.6%.
Check out 10 more lessons from Kyle Bass >>>
[snip]
(Excerpt) Read more at businessinsider.com ...
Dow’s up 100+.
Go figure.
Where’s the “Obamaland people jumping into a hole” video?
That’s one hell of a recovery ya got goin’ there, Obie...
He’s the guy who went to Lehman Bros. to warn them of the collapse to come. They listened to all his data and basically told him, “We hope you are wrong.” He was right, of course, and because he shorted their stock, he made billions.
Did I hear Jim Cramer low balling it at about .5% yeaterday? Therefore, it was “better” than expectations. The whole expectations biz by the pundits is a crock designed to make money off of suckers in day trading. I’d think there can’t be too many suckers left, which accounts for the light volumes. Forget bulls and bears. We have a “zombie” market.
Really? I never heard that story. Wow. I guess Dick Fuld had no clue.
Fuld seemed to be more competent than Jimmy Cayne at Bear Stearns who was off playing bridge or golf or smoking pot. I had thought Fuld had been an officer in the Army once.
Well we currently have:
Surprising Wednesdays
Unexpected Thursdays
and now we have: Revised Downward Fridays
other Obama administration days of the week’s names coming soon....
>>Dow’s up 100+.
Go figure.<<
I’m sure they will say it’s “bargain hunters”. When the PPT pushes the market up on only bad news, what else are you gonna say?
In our ROMEO pool, I had 1.4...looks like I owe one of the guys a dollar now. I forget which one had 1.6.
I wonder what the ante was for the pool Bass was in?
It makes perfect sense that the equities markets are up big today.
A "better than expected" report on GDP signals a more "inflationary" trend than originally thought. Any tendency towards inflation makes corporate debt cheaper to pay off and increases their bottom line - stocks go up.
We also had Bernanke saying today that the Fed "might" be willing to do things to add more liquidity to the market. This is being interpreted as a monetary injection - which would be inflationary - stocks go up.
The GDP numbers are a sham based on massive Federal government debt spending. We are in an economic depression.
Bernanke is lying. The international banks want deflation, not inflation. It's all about wealth transfer at this point. Again, we are in an economic depression.
Kyle Bass is right on the money with many of his points.
Surprising Wednesdays
Unexpected Thursdays
and now we have: Revised Downward Friday
= = = = = = = = = = = = = = = = = = = = = = = =
Never really did believe the ‘pap’ coming out of DC but now it is justified.
They ‘leak’ a favorable report, 2 days later ‘revise’ it and never know (well...) what is fact.
Like in the Gulf... when it was to their advantage, 1 million gals a day were racing ashore. When it was found that was no where near being true the best they could come up with was millions of gallons lurking below the surface. When that didn’t ‘fly’ a new microbe was miraculously discovered eating the oil.....
Wasn’t Jon Lovett the character on SNL that kept changing his story with each passing breath?
Being in business, I am always skeptical when a local gov will announce a 2 mill deficit then a month later have a 5 mill surplus...which BTW never does get passed back to the people that (supposedly) made it happen, the tax payers.
I personally would fire a book keeper/accountant that made a million dollar ‘mistake’ in the course of 4 months or so.
Excellent, thanks.
Cramer is one of the great liars of CNBC. He is among the very worst. Kudlow is another.
No matter. There are not 2 people on CNBC who will tell you a straight truth. Rick Santelli is the only one who will tell the truth and speak his mind. Every single one among the rest of them is a paid shill encouraging you to throw your money away in the stock market. That is not to say there are times when equities are good. But in this secular bear market, for the CNBC cheerleader squad, it is always “the best time to buy, ever!”
We may have to make that official - revised downward Fridays. Until August it had been Bank Failure Friday, since all bank failures were announced on Friday. Except for the 8 bank failures announced last Friday, there have been no other bank failures in August.
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