(1) The consensus sees lots of muddling along in 2012. (2) The consensus agrees that Europe is the biggest risk. (3) 2011 wasn’t 2008, but there is always next year. (4) The contrary scenario is a global boom with no recession in Europe. (5) Will the Middle East simmer or boil? (6) The Gridlock problem. (7) Checks and Balances requires a Balanced Budget Amendment. (8) A trillion here and there. (9) Payroll tax cuts killing PayGo. (10) Retail sales adding up to strong Q4 GDP. (11) Still market weighting Retailers.
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