David Rosenberg

The growing divergence between lower 10 year Treasury yields and higher equity prices continues.

"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."

David Rosenberg on the mother of all jobless recoveries

"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.

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.