David Rosenberg Takes Other Side of David Tepper's Longs Hedged With Fed Put Options

David Rosenberg, Chief Economist at Gluskin Sheff and former North American Economist at Merrill Lynch, wrote a note about David Tepper's CNBC appearance. This is macroeconomic warfare! From Business Insider.
"Too bad we weren’t invited as a guest on CNBC last Friday to engage in a friendly debate with this portfolio manager because he didn’t outline the third scenario, either because he doesn’t believe it or he just plain didn’t contemplate it or he’s simply not positioned for it. That third scenario is that the economy weakens to such an extent that the Fed does indeed re-engage in QE, but that it does not work. So the “E” goes down and the P/E multiple does not expand. [Read more ]

Brace yourself for my EWI Dow 1,000 themed post! So will azazel the deflation demon silently invade the U.S. economy or is that risk officially backstopped by the Fed? It's also interesting that David Rosenberg thinks gold will hit $3,000 an ounce.