David Rosenberg, who like many of his kind who are proposing rationale data points but who has been proven wrong by the freight train of Federal Reserve liquidity on CNBC this morning.

David Rosenberg, he is a very well known economist (some claim a relative perma bear) who made the move over from Merrill Lynch to a Canadian firm Gluskin Sheff, earlier this year. While having mostly missed this rally, much of what he says deals more with the long term structural issues we bring up - rather than any tactical short to mid term trading concepts.