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4/30/10 Midday Report: Biggest swinging dick on Street may land in aptly named penal colony as criminal investigation launches on Goldma

|Includes: Goldman Sachs Group Inc. (GS), MNK

The markets are down today due to mostly inline GDP, more shenanigans in Greece, further investigation in to Goldman Sachs, and gravity.  GDP for Q1 was released and the economy expanded by 3.2% thanks to consumer spending which was up 3.6% and interestingly enough coincided with the release of KFC's Double Down thereby spiking sales of Pepto Bismal and artificial hearts.  Guesses were for 3.3% GDP expansion so the economy pretty much performed inline but following a 5.6% expansion in Q4, the economy has now had it's best two quarters since the end of 2003 when the great mortgage fraud frenzy was peaking and anyone who currrently or previously had a heartbeat could get approved for a loan (Money McBags isn't saying it was easy to get a mortgage, but Abe Vigoda owned 6 mansions and one apartment complex during that time and he died in the 1980s.  What?  he's still alive?  Nevermind).  Also, the Fed's inflation target was only up .6% which is the lowest level since records started being kept in 1959 but that target ignores food and fuel prices since why measure the things people actually need to spend their money on when measuring the value of money?  It's a bit like judging a movie based on the font of the opening credits (and Money McBags loves him some Garamond) or a wet t-shirt contest based on the flip-flops the contestants are wearing, but whatever.  Business spend also keeps inproving as it was up 13% thanks to the fact that it is bouncing back from historical lows and an increase in the sale of cardboard boxes to help pack up laid off employees.  While the consumer appears strong in GDP numbers, consumer sentiment dropped in April, though it still beat analyst guesses and was essentially the same as last month.  Consumers are at least flat lining as the average US citizen gives a fuck about whatever is happening in Europe and as job losses have begun to stagnate, they are happily oblivious to any potential impending financial doom.  Money McBags is pretty sure Europe will get their shit together so perhaps ignorance is bliss (though probably not as blissful as Elisabetta Canalis). 

There is more he said/she said/finger pointing/tail wagging/pillow biting in Greece today.  Moody's downgraded 9 Greek banks which is a bit like downgrading hydrogen as a fuel for zeppelins after the Hindenburg crash or Heidi Montag's singing career after her second album was released.  Greek prime minister George Papandreou is back crying for help saying "what is at stake is the survival of the nation.”  But if he were really concerned about the survival of the nation, perhaps he wouldn't have let the debt grow out of control or claimed the comedian Ant as one Greece's own.  Tomorrow's Labor Day festivities in Greece will likely be subdued as greater austerity measures threaten the ability of Greek workers to continue to produce no valuable output.  Seriously, what does Greece produce besides baklava for tourists and Julia Alexandratou sex tapes?  Perhaps union leaders should focus on that by figuratively solving the problem of what to do with all of the underwear they stole.

In the market, Goldman is getting sacked as US federal prosecutors..READ MORE...ANALYSIS OF QCOR....

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