David Rosenberg

The Week In Review

I am still amazed by the kind of bear market rally that a few statements of dubious propriety by CEOs of semi-nationalized banks as well as a couple of misread economic statements can generate.

The Push To Postpone the Inevitable Collapse Is Coming To An End

The only man with cojones to call the depression a depression, David Rosenberg, of what is now Bank of Countrywide Lynch, is reading behind the BS that was this morning's highly suspect GDP number, and expects the current quarter's annualized GDP decline to hit -6.3%! The two items that attract his attention are consumer and capital spending, declining 3.5% and 27.8%, respectively. So where did the fudging occur to result in the upside surprise: inventories.