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BREAKING: Goldman Sachs Slashes Its US GDP Forecast Again

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posted on Aug, 19 2011 @ 08:03 PM
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Goldman Sachs Slashes Its US GDP Forecast Again


Goldman Sachs said Friday that it is cutting the firm's estimates for U.S. growth in the second half of this year to between 1 percent and 1.5 percent, as it sees the economy "losing further momentum."

"In light of the downshift in the data this week, we are cutting our second-half growth forecasts further," Goldman said in a research note. It was the firm's third cut in GDP estimates in August.

Goldman now expects gross domestic product growth of 1.0 percent in the third quarter and 1.5 percent in the fourth — both down from 2.0 percent previously.


Notice the stream of revisions forecasting lower and lower economic growth. GS has cut it now three times just this month! We read similar news elsewhere....

U.S. Growth Forecasts Lowered at Citigroup, JPMorgan Amid Global Slowdown


Citigroup Inc. (C) and JPMorgan Chase & Co. (JPM) cut their U.S. growth forecasts as the global economy slows and officials struggle to stem Europe’s sovereign-debt crisis.

Gross domestic product will grow 1 percent in the fourth quarter rather than the 2.5 percent previously forecast and 0.5 percent in the first quarter of 2012 instead of 1.5 percent, JPMorgan said in a note e-mailed to clients today. Citigroup cut its 2011 growth forecast to 1.6 percent from 1.7 percent and lowered its projection for next year to 2.1 percent from 2.7 percent, according to a note to clients dated yesterday....

Morgan Stanley this week cut its forecast for global growth in 2011 and said the U.S. and Europe are “dangerously close to recession.”

“The next four quarters we don’t see growth that is much faster than the growth that took place in the first half of this year,” said Michael Feroli, JPMorgan’s chief U.S. economist in New York. “Global growth has disappointed and foreign growth forecasts have been taken lower. Risks of a recession are clearly elevated.”


Soon we should be reading about negative growth forecasts and there will be no ambiguity about the US economy being in a recession. And with world economies slowing and contracting, it will be quite the spectacle watching governments and central banks scrambling to deal with the growing sovereign debt crises while trying to encourage economic growth, or at least trying to slow recessionary impacts.




posted on Aug, 19 2011 @ 08:38 PM
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Economics needs an overhaul. Somehow success has been tied in with "growth", but the people making the calls forgot to consider that not all growth is good.

The banks and financial powers are similar to cancer growth in my opinion. They need to restructure the way they think.




posted on Aug, 19 2011 @ 08:39 PM
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These guys are hilarious.

Loot the taxpayers to all hell, and then give out gloom and doom projections.

Something needs to be slashed alright.



posted on Aug, 19 2011 @ 08:44 PM
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Originally posted by illuminatislave
Something needs to be slashed alright.

You almost had it right... you wanted to say...

Someone's throat needs to be slashed alright...


In other news, Goldman Sachs is still shilling... if there were honest, they would say that the US economy will contract in Q3 and Q4.



posted on Aug, 19 2011 @ 09:21 PM
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As this book unravels, we're getting closer to the truth,, but still so far from it.

Can't wait for the day where one of these "big guys" finally comes clean about where we're headed,



posted on Aug, 19 2011 @ 09:51 PM
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Cancer growths is a great way to look at it! Or perhaps maligned tumors?

Sometimes Less is More, and More is more or less just a path to Nothing.



posted on Aug, 19 2011 @ 10:06 PM
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Whats the bet they are going to say the government needs to give stimulus packages again I damn well hope not because it will never work you can't stop a market from becoming normal again.



posted on Aug, 20 2011 @ 12:39 AM
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...there are those who would cut a man’s throat to get a dollar out of his pocket


www.theforbiddenknowledge.com...



posted on Aug, 20 2011 @ 11:31 AM
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All the big players know we're in a second recession and things aren't going to get better, most will have positioned themselves to avoid the big correction/collapse coming.

reply to post by boncho
 


Agreed.

We have to change the system so it doesn't require perpetual growth and massive amounts of debt to "function". Banks should have less power, real goods and services should be what matters.



posted on Aug, 20 2011 @ 01:33 PM
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Originally posted by Vitchilo

Originally posted by illuminatislave
Something needs to be slashed alright.

You almost had it right... you wanted to say...

Someone's throat needs to be slashed alright...


In other news, Goldman Sachs is still shilling... if there were honest, they would say that the US economy will contract in Q3 and Q4.


Why be merciful with them? They would learn the lesson better if they were stripped of everything and then dropped off in front of a dumpster in the ghetto and say there is your new home. And if any of their rich buddies try to help them then they share the same fate.
edit on 20-8-2011 by buster2010 because: (no reason given)



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