Merrill considers its bullishness
[from Merrill Lynch chief economist David Rosenberg, who’s been among
Wall Street’s leading gloomsters over the last couple of years]
Gearing up for the down cycle
We have a well developed and heartily enforced ethic about being
bullish on America. We embrace the history. But, at the same time, we
need to preserve the Merrill Lynch edge, if at all possible. We want
to make sure that our clients’ interests are always well served and
at times this has meant telling people “stuff” they didn’t want to
hear - what we are seeing above the surface today has been building
for a year if not more.