Season of Good Cheer?

Some troubling headlines as November draws to a close…
Government Gridlock ‘Ensures’ 2012 Recession, Yahoo Finance
Fallout from deficit-reduction panel failure, Reuters
Italian bond yields above 8%, Financial Times
Bond yields surge across Europe as debt ratings are downgraded, LA Times
UK borrowing costs drop below Germany, Financial Times
China manufacturing PMI raises fears for ‘hard landing’, Daily Telegraph