There. They Said It.

I haven't seen the note but Bloomberg is reporting that Goldman Sachs has gone to -5% GDP for 4Q (the one we're in) and 9% unemployment for 4Q 2009.

Consensus for 4Q GDP is around -3% and unemployment estimates are all over the place.

Estimates are just that, and expectations are hard to gauge. At this point and from this level it doesn't hurt to make sure hopes for a rosy economic backdrop are dashed and expectations are low and reasonable.

Don't bother feeling better about the futures being up.