David Rosenberg has never been too excited about the prospects for anything good out of the U.S. economy. Every once and a while it is important to get the view of the perma-bulls and the perma-bears.

Here is what he was discussion in this morning’s brief:

• While you were sleeping: another negative session in global equity markets; risk aversion sentiment is on; in dribs and drabs, the long end of most government yield curves are rallying
• Macro and market thoughts: all these “rescue” packages in euroland really do is provide bridge financing and do not resolve the underlying structural problems in the system; gridlock in the U.S. congress is not good in terms of getting any of the tax/benefit goodies extended into next year
• Gold could take a near-term respite, although we remain long-term bullish
• Canada‘s Q3 current account deficit hits new record
• More upside to tomorrow‘s ISM manufacturing index: add the Dallas Fed survey to the list of strong regional manufacturing polls