We already had the ugly…

• Let’s start with the bad:

• Survey: 70% of employees are to cut jobs or hold off hiring
• Wave of foreclosures to hurt the economy
• Morgan Stanley: Treasury yields and mortgage rates will soar
  

However, the latter is not necessarily bad, so here’s the good:

• Steep yield curves are actually predicting a good economy
• Rally to continue according to Goldman Sachs
• Merrill Lynch agrees