**David Rosenberg on markets

David Rosenberg, chief North American economist at Merrill Lynch, commented Thursday following the GDP report, the market seemed insufficiently pessimistic, suggesting that “either a deep and prolonged recession has already long been discounted, or financial market participants are going to be in for a very big surprise because the economic data, as ugly as they are, promise to get a lot uglier in coming months and quarters.”

http://blogs.wsj.com/marketbeat/2008/10/31/halloween-session-trick-or-treat/