by Calculated Risk on 12/02/2013 08:45:00 PM

From Joe Weisenthal at Business Insider: Here's Wall Street's Big Idea For 2014

[I]t's clear what the big idea for 2014 is: The final return to a normal non-crisis environment and the search for growth.

This theme was stated with the most flair by Japanese investment bank Nomura, which titled its 2014 outlook the "End Of The End Of The World." ...

Morgan Stanley's outlook for 2014 incorporate similar ideas. They lay out 5 big things that need to happen for sustained global growth, and what's key is that each pillar is region specific and not crisis related. ...

Meanwhile, Citi's top economist Willem Buiter goes so far as to call 2014 a potentially "revolutionary" year for the global economy, precisely because of the end of the age of crisis.

Yet what is revolutionary about 2014 is that the likelihood of severe downside tail events, which could paralyze the global economy, seems to have diminished significantly (though not disappeared). Granted, the euro-area is still work in progress, China presents meaningful question marks, Congressional gridlock in the US could still throw sand in the federal fiscal wheels and geopolitics can always surprise. But, enough progress has been made that all of these issues seem less threatening today than 12 months ago.

It is fun to make out of consensus calls, but I also think growth will pickup in 2014.

Tuesday:
• All Day: Light vehicle sales for November. The consensus is for light vehicle sales to increase to 15.7 million SAAR in November (Seasonally Adjusted Annual Rate) from 15.2 million SAAR in October.