Mr. Rosenberg has been writing about how bad things are for some time. Surely the recovery that has been based on green sprouts from government stimuli, but when will there be some admission that things are better? Are they?

Here are the latest comments from yesterday morning…

”¢ While you were sleeping; it seems that Europe is deemed as being more exposed to the Dubai situation than Asia ”” European bourses are down nearly 1% today while Asian markets are up more than 2%

”¢ U.S. Black Friday/Post-Thanksgiving retail sales disappoint ”” despite all the promotions and gimmicks, the best retail sales could muster was a paltry 0.5% YoY increase

”¢ Keep an eye on the credit markets again ”” real rates, have collapsed 34bps since the end of October; Baa corporate spreads are 13bps wider from the nearby lows and high-yield spreads have widened out 25bps

”¢ Memories of Dubai ”” the current Dubai situation is a reminder that there is still so much debt that is still being supported by questionable collateral

”¢ More on the depression ”” we currently have a situation that is not consistent with a plain-vanilla recession but with a depression