Just over a week ago, when presenting the latest bearish report by Morgan Stanley, we concluded that if the bank is right, "the world is now in a recession." Why? As a reminder, earlier this month we reported that the Morgan Stanley Business Conditions Index just suffered its biggest one month drop in history. Predictably, this was sufficient ammo for Morgan Stanley's doom and gloom equity strategist Michael Wilson to launch what may have been his most bearish tirade so far this year, and as the strategist wrte, "data points and analyst sentiment are falling and we think PMIs and earnings revisions are next." That was ... (full story)