Running Back Towards the Cliff

Oh-oh. NY manufacturing index fell flat on it's ass this morning. Orders, shipments and hours worked all tumbled in the current report. But retailers reported an increase in October sales after months of declines. Meanwhile Moodys revealed that US treasury notes would suffer from an extension of the Bush tax cuts. Ireland, Portugal and Greece need ECB bailouts to survive as contagion spreads across the Eurozone.

The West is running back towards the cliff.