“The economy fell off a cliff in October”

So says Richard Berner, co-head of global economics at Morgan Stanley, adding “We had a huge financial shock that intensified the credit crunch and triggered a sharp downturn.”

Intel, Circuit City , and many others are reporting steep drops in sales the past two months and the US stock market looks poised for another sharp leg down.

CRB/Jeffries Commodities Index

The Big Picture

Doug Kass asks: “Anyone notice that it took the CRB four and a half years to go from 252 to 478 but it took only four months to go from 478 to 252 !”