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(CNBC)   Goldman CEO warns of terrible recession coming soon just after reporting huge profits in 3Q earnings report   (cnbc.com) divider line
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    More: Obvious, Goldman Sachs, Washington Mutual, Risk, Harvard Business School, Goldman Sachs CEO David Solomon, Monetary policy, Henry Paulson, risk-based business  
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185 clicks; posted to Business » on 18 Oct 2022 at 7:44 AM (22 weeks ago)   |   Favorite    |   share:  Share on Twitter share via Email Share on Facebook



18 Comments     (+0 »)
View Voting Results: Smartest and Funniest
 
NewportBarGuy [TotalFark] [OhFark]
2022-10-18 8:47:49 AM  
Is the recession coming because they are sucking all of our money into their own accounts?
 
Gubbo [TotalFark] [OhFark]
2022-10-18 8:54:20 AM  
Well as long as they made the quarterly numbers, who cares.
 
king of vegas
2022-10-18 8:56:21 AM  
I hereby predict that there will be a recession at some point in time in the future. You can thank me later for my sage advice.
 
Nah'mean [TotalFark]
2022-10-18 9:14:21 AM  
Well, damn, better cut their taxes now to soften the impact.
 
Rapmaster2000
2022-10-18 9:23:43 AM  
Take a look at the earnings calendar:  https://www.nasdaq.com/market-activity/earnings

TLDR:  nearly everyone is expecting to make a profit.  Some are expecting to make a lower profit than they made in Q3 of last year - a time when the economy was surging to fill the slack in demand created by the pandemic.  This is the "recession" - less revenue and profit compared to the insane revenue and profit caused by backfilling artificially reduced demand caused by a pandemic.
 
Eightballjacket [TotalFark]
2022-10-18 9:30:24 AM  
Subby, their profits fell 43% in the third quarter, don't you think declining profits are a sign of bad things to come?   If your pay fell 43%, is that good news to you?


https://www.cnbc.com/2022/10/18/gs-goldman-sachs-earnings-3q-2022-.html

The company said profit fell 43% to $3.07 billion, or $8.25 a share, exceeding the $7.69 estimate of analysts surveyed by Refinitiv. R
 
NewportBarGuy [TotalFark] [OhFark]
2022-10-18 9:39:01 AM  

Eightballjacket: Subby, their profits fell 43% in the third quarter, don't you think declining profits are a sign of bad things to come?   If your pay fell 43%, is that good news to you?


https://www.cnbc.com/2022/10/18/gs-goldman-sachs-earnings-3q-2022-.html

The company said profit fell 43% to $3.07 billion, or $8.25 a share, exceeding the $7.69 estimate of analysts surveyed by Refinitiv. R


Yeah but that comp number was insane. You have to throw out the last two years of numbers because they were all fueled by free money leading to MASSSIVE deals and trading revenue.

None of that was sustainable. They still had a damn fine profit.
 
Rapmaster2000
2022-10-18 9:39:33 AM  

Eightballjacket: Subby, their profits fell 43% in the third quarter, don't you think declining profits are a sign of bad things to come?   If your pay fell 43%, is that good news to you?


https://www.cnbc.com/2022/10/18/gs-goldman-sachs-earnings-3q-2022-.html

The company said profit fell 43% to $3.07 billion, or $8.25 a share, exceeding the $7.69 estimate of analysts surveyed by Refinitiv. R


Subby here.  Their earnings about match their Q3 2020 earnings and are double their Q3 2019 earnings.  They are simply returning to mean as is everything else in the economy.  We're "getting back to normal" - the thing everyone said they wanted in the pandemic.

This is "the recession".  Going back to normal.
 
DeathByGeekSquad
2022-10-18 10:12:01 AM  

Rapmaster2000: Eightballjacket: Subby, their profits fell 43% in the third quarter, don't you think declining profits are a sign of bad things to come?   If your pay fell 43%, is that good news to you?


https://www.cnbc.com/2022/10/18/gs-goldman-sachs-earnings-3q-2022-.html

The company said profit fell 43% to $3.07 billion, or $8.25 a share, exceeding the $7.69 estimate of analysts surveyed by Refinitiv. R

Subby here.  Their earnings about match their Q3 2020 earnings and are double their Q3 2019 earnings.  They are simply returning to mean as is everything else in the economy.  We're "getting back to normal" - the thing everyone said they wanted in the pandemic.

This is "the recession".  Going back to normal.


The leaders of these organizations have to balance what they know, with what gets reported.  They're expected to repeat and further fuel the narrative presented by the media coverage, or they get isolated and placed in a potentially compromising spotlight.

It's interesting reading articles about the stance of my bank's CEO publicly takes, and then receiving the internal communications.

If they didn't call it a recession, but instead called it a return, they'd risk continual distortion.
 
frankb00th
2022-10-18 10:34:08 AM  
I know very little about high finance but I read that as "we have gorged ourselves on the money so dont be surprised if there are only crumbs left."
How correct am I ?
 
Eightballjacket [TotalFark]
2022-10-18 10:54:02 AM  

Rapmaster2000: Eightballjacket: Subby, their profits fell 43% in the third quarter, don't you think declining profits are a sign of bad things to come?   If your pay fell 43%, is that good news to you?


https://www.cnbc.com/2022/10/18/gs-goldman-sachs-earnings-3q-2022-.html

The company said profit fell 43% to $3.07 billion, or $8.25 a share, exceeding the $7.69 estimate of analysts surveyed by Refinitiv. R

Subby here.  Their earnings about match their Q3 2020 earnings and are double their Q3 2019 earnings.  They are simply returning to mean as is everything else in the economy.  We're "getting back to normal" - the thing everyone said they wanted in the pandemic.

This is "the recession".  Going back to normal.


But you also have the retail sector taking a hit in the 2nd quarter (3rd has yet to be announced) and Wall Street is already cutting their earnings forecasts for 4th QTR 2022, so there is definitely a slow down coming.  No one knows for certain how bad it will be, but you are already seeing certain sectors take a hit.
 
Rapmaster2000
2022-10-18 10:58:18 AM  

Eightballjacket: Rapmaster2000: Eightballjacket: Subby, their profits fell 43% in the third quarter, don't you think declining profits are a sign of bad things to come?   If your pay fell 43%, is that good news to you?


https://www.cnbc.com/2022/10/18/gs-goldman-sachs-earnings-3q-2022-.html

The company said profit fell 43% to $3.07 billion, or $8.25 a share, exceeding the $7.69 estimate of analysts surveyed by Refinitiv. R

Subby here.  Their earnings about match their Q3 2020 earnings and are double their Q3 2019 earnings.  They are simply returning to mean as is everything else in the economy.  We're "getting back to normal" - the thing everyone said they wanted in the pandemic.

This is "the recession".  Going back to normal.

But you also have the retail sector taking a hit in the 2nd quarter (3rd has yet to be announced) and Wall Street is already cutting their earnings forecasts for 4th QTR 2022, so there is definitely a slow down coming.  No one knows for certain how bad it will be, but you are already seeing certain sectors take a hit.


Absolutely the retail sector is "taking a hit".  Target's expected earnings per share in Q3 are lower than Q3 for 2021.  They're double Q3 of 2019, but still, they didn't achieve endless growth so you're in a recession.

I'm not at all disagreeing that growth is lower than last year.  It completely is.  You're in the recession right now.  You've been in the recession this entire year.
 
mcreadyblue
2022-10-18 11:08:48 AM  

Rapmaster2000: Eightballjacket: Rapmaster2000: Eightballjacket: Subby, their profits fell 43% in the third quarter, don't you think declining profits are a sign of bad things to come?   If your pay fell 43%, is that good news to you?


https://www.cnbc.com/2022/10/18/gs-goldman-sachs-earnings-3q-2022-.html

The company said profit fell 43% to $3.07 billion, or $8.25 a share, exceeding the $7.69 estimate of analysts surveyed by Refinitiv. R

Subby here.  Their earnings about match their Q3 2020 earnings and are double their Q3 2019 earnings.  They are simply returning to mean as is everything else in the economy.  We're "getting back to normal" - the thing everyone said they wanted in the pandemic.

This is "the recession".  Going back to normal.

But you also have the retail sector taking a hit in the 2nd quarter (3rd has yet to be announced) and Wall Street is already cutting their earnings forecasts for 4th QTR 2022, so there is definitely a slow down coming.  No one knows for certain how bad it will be, but you are already seeing certain sectors take a hit.

Absolutely the retail sector is "taking a hit".  Target's expected earnings per share in Q3 are lower than Q3 for 2021.  They're double Q3 of 2019, but still, they didn't achieve endless growth so you're in a recession.

I'm not at all disagreeing that growth is lower than last year.  It completely is.  You're in the recession right now.  You've been in the recession this entire year.


I think your right. I think the recession started Jan 2022.

Historically, recessions last 11 months on average. This means the recession might be over by the end of next month.

The low, 3.5%, unemployment rate has business leaders flummoxed. They understand how there can be a recession that only effect the stock market and not poor families.
 
groppet
2022-10-18 12:39:22 PM  
Oh the recession that the CEOs want so they can go back to cutting pay and rolling back all things people have fought for the last few years.
 
Linux_Yes
2022-10-18 5:21:26 PM  

NewportBarGuy: Is the recession coming because they are sucking all of our money into their own accounts?



purdy much.

Goldman's Sack
 
Linux_Yes
2022-10-18 5:22:43 PM  

frankb00th: I know very little about high finance but I read that as "we have gorged ourselves on the money so dont be surprised if there are only crumbs left."
How correct am I ?



they shiat money.  We wipe their asses too.
 
frankb00th
2022-10-18 7:45:48 PM  

Linux_Yes: frankb00th: I know very little about high finance but I read that as "we have gorged ourselves on the money so dont be surprised if there are only crumbs left."
How correct am I ?


they shiat money.  We wipe their asses too.


Ill take that as a yes
 
DaMannimal
2022-10-18 9:37:36 PM  
Lots of delusional people here.  They didn't take the punch bowl away and led to massive overvaluations and everything is screwed six ways to Sunday now.  This 11 months on average is under normal circumstances...they haven't even broken the job market yet which need to happen for a bunch of reasons (super low unemployment is bad for efficiency just like high unemployment is) in order to get OPEC under control and crush demand and get housing under control.

You don't pump massive amounts of money through balance sheet expansion, free loans, and government spending  without the real productivity to back it up.  We are in unprecedented debt to GDP ratio for a developed country.  They'll backdate the recession to Jan 22 once the first real bad jobs reports come in, then we are looking a year out for investment classes to start really recovering a couple years for normal folks.  I had the DOW hitting 25 back in the spring when I figured the war would be over in 3-6 months.  Not looking like that now.  Multinationals are already sweating bullets with their overseas profits already, compound that with the energy crisis about to hit this winter...woof.
 
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