[lbo-talk] Merrill considers its bullishness

[Doug Henwood]

[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.