Where the hell did manufacturing go?

Seriously, with the ISM’s factory index falling faster than it has in 20 years in the US, and similar gauges dropping like epileptic ducks in the UK, Euro Zone, and Chine, I’m expecting global manufacturing’s face to show up on a milk carton.

If there is any solace, it is that oil prices fell on reports that OPEC is holding off on further cuts for now, as did retail gasoling (75th straight day!).

Meanwhile, another indicator of the credit crunch Treasury yields, are still plumbing record lows, indicating that money is still too frightened to do anything.