UBS, Morgan Stanley, BlackRock on the S&P 500 (Links, 9/26/2011)

Are Equities Cheap Right Now? No, UBS Says (Forbes)

Morgan Stanley: The Terrifying 2012 Bear Case Scenario -EPS analysis (Business Insider)

UBS' Euro Doom And Gloom Team Releases Sequel: "The Eurozone Sovereign Crisis Has Entered A More Dangerous Phase" (Zero Hedge)

BlackRock's Bob Doll Turns Increasingly Pessimistic (Pragmatic Capitalism)

Germany at war over eurozone bail-out - Germany and France could lose AAA credit rating if EFSF leveraged (The Telegraph)

ECB's Liikanen sees downside risks to economy (Reuters)

China’s Developers Facing ‘Increasingly Severe’ Credit Outlook, S&P Says (Reuters)

Not Over by a Longshot (JohnHussman)

Paul Tudor Jones on the Economy (MemphisDailyNews via Business Insider)

Video: Jim Rogers on Gold, Silver, Base Metals and Agricultural Commodities (Business Insider

Sales of new homes fall in August (LA Times)