Grim economic outlook

The latest WSJ survey shows that, on average, the 52 economists queried expect gross domestic product to contract for three consecutive quarters, starting with the just-ended July-September period. It would be the first time there has been three straight quarterly declines in more than half a century. "We're in the middle of a very dark tunnel," Brian Fabbri of BNP Paribas told the Journal. What's amazing about these sentiments is how different they are from, say, early September, when the economic mood was a lot more positive.

Among economists surveyed, 54% said they think the next president should launch an economic-stimulus package in January. Economists were divided on where the stimulus should go. Some 13% said it should be used to increase food stamps and unemployment benefits; 9% preferred infrastructure spending; 4% favored taxpayer rebates and 28% said it should be some mix of those options.