Rosenberg

David Bianco, CFA, has solidifed his status as the anti-Rosenberg with yet another pump piece issued by TARP recipient extraordinaire BofA/Merrill Lynch. The Chief US Equity Strategist and Rosie replacement sees an S&P earnings of approximately $70, or roughly a Div/0 compared to the most recent negative trailing EPS for S&P companies. How Bianco sees earnings growth on limited cost extraction and a persistently declining top line is just slightly beyond our meager calculating skills.

Title says it all.

"The government has its hands in 40% of the economy and when public sector officials can influence how banks can value their assets, how mortgage servicers should be doing their business, who shall fail in the financial industry and who shall not; and when we have a central bank that is not just the lender but the market of last resort, even for RVs, and a government willing to run up its deficit to levels that would have made FDR blush, then perhaps we can end up seeing a recovery occur sooner than we had thought."

Always helpful to hear Rosie's perspective as he ferrets out the important data from the noise.

"We have had 6 points of multiple expansion. It has been a multiple expansion rally... We have priced in a 2012 recovery."
CNBC can't get enough of corny jokes about crystal balls. Zero Hedge can't get enough of David's delightful grasp on economics.

David Rosenberg on the mother of all jobless recoveries

Good, succinct obit of the Green Shoots period compliments of Rosie's headline points from his morning piece.

Era of the Green Shoots is Over

Good, succinct obit of the Green Shoots period compliments of Rosie's headline points from his morning piece.

David needs the groupies, which is why we forgive him for appearing with the clownshoes.

In his morning update piece, following up on his CNBC interview and providing much more clarity on the themes he touched upon, Rosenberg gives his explanation on the four factors currently in play in the market, which include i) technicals, ii) fund flows/market positioning, iii) valuation and iv) fundamentals. It is a tale of two cities, with the first two indicating a disconnect from reality as the market has likely more potential upside, while the underlying valuation/ fundamentals representing a market that has rarely been as rich.

Nothing new here for those who follow David, but some typical soundbites. "Rally can continue based on technicals. In late summer/early fall we will rollover" etc.

And of course the intellectual titans at CNBC close it off with a stunner of a question as the ominous "here comes the commercial break" music hits 145 dB. Has to be seen to be believed.

"David Rosenberg can't be bargained with. He can't be reasoned with. He doesn't feel pity or remorse... and he will absolutely not stop. Ever! Until all the baseless propaganda is dead."

On a day when the U.S. citizenry takes it easy, grilling, drinking and generally doing what it is good at - being lazy, hoping that things will get better, the economic terminator who recently moved to Canada, provides a steady stream of ammunition in the fight with ignorance and propaganda. Rosenberg's morning notes from this morning are a treat.

"David Rosenberg can't be bargained with. He can't be reasoned with. He doesn't feel pity or remorse... and he will absolutely not stop. Ever! Until all the baseless propaganda is dead."

On a day when the U.S. citizenry takes it easy, grilling, drinking and generally doing what it is good at - being lazy, hoping that things will get better, the economic terminator who recently moved to Canada, provides a steady stream of ammunition in the fight with ignorance and propaganda. Rosenberg's morning notes from this morning are a treat.

And this time under a much more hospitable master. Dear Merrill - peace; the only thing Zero Hedge needs from you at this point is more documented REIT upgrades... And maybe the reason for Sakwa's departure. Amazing how much less rosier Rosie's reality is when you don't have green shoots breathing over your shoulder.

One of the few sane voices in the desert has left the (Merrill Lynch) building. David Rosenberg, on his way out, leaves everyone with an economist's dozen of rules to remember.

David, so long, and thanks for all the fish.

Rosie's rules to remember:

1) In order for an economic forecast to be relevant, it must be combined with a market call.

2) Never be a slave to the data – they are no substitute for astute observation of the big picture.