FLASHBACK: Remember Goldman's Gloomy Call For An Economic Slowdown?

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Photo: Robert Thomson via Flickr

Goldman Sachs’ Jan Hatziushas just walked back from his July predictions for doom and gloom in the American economy.He now sees the U.S. economy growing at 2.7% in 2011 and is positive about recent data.

But he didn’t see it that way too long ago.

In July, Hatzius produced a report titled, “The Second Half Slowdown.”

Now it looks as if that second half slowdown never materialised.

Will Hatzius be the last bear to stand up and admit defeat?

Check out the dark call that Hatzius made this summer, when practically everyone was calling for a double dip.

Fiscal policy is becoming more restrictive to growth

Source: Goldman Sachs via Paul Kedrosky

Layoffs have actually been on target

Source: Goldman Sachs via Paul Kedrosky

and the labour market shows little signs of improvement

Source: Goldman Sachs via Paul Kedrosky

Capital spending is disappointing

Source: Goldman Sachs via Paul Kedrosky

but the reality is, spending should not be high

Source: Goldman Sachs via Paul Kedrosky

Housing is still a big problem

Source: Goldman Sachs via Paul Kedrosky

And the European crisis threatens as well

Source: Goldman Sachs via Paul Kedrosky

Inflation is going down but...

Source: Goldman Sachs via Paul Kedrosky

but deflation is a real concern

Source: Goldman Sachs via Paul Kedrosky

Fiscal stimulus will not be there to save us

Source: Goldman Sachs via Paul Kedrosky

because public debt is still rising

Source: Goldman Sachs via Paul Kedrosky

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