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<title>Minyanville - Kevin Depew RSS</title>
<description>
The Trusted Choice for the Wall Street Voice
</description>
<link>
		http://www.minyanville.com</link>
<copyright>
		2013Minyanville Publishing and Multimedia, LLC. All Rights Reserved
</copyright>
		<item>
<title><![CDATA[Investing Is Back: What to Expect in 2012 and Beyond]]></title>
<link>
			http://www.minyanville.com/businessmarkets/articles/technical-analysis-stock-market-analysis-tdst/12/1/2011/id/38164</link>
<pubDate>
			Thu, 1 Dec 2011 11:20:00EST
</pubDate>
<guid isPermaLink="true">
			http://www.minyanville.com/businessmarkets/articles/technical-analysis-stock-market-analysis-tdst/12/1/2011/id/38164</guid>
<description>
<![CDATA[Greetings and Happy Festivus Week! As the holiday season and year-end approaches, I wanted to update you with my view on the current states of markets via my DeMark work and discuss the longer-term view for 2012 and beyond. Beginning in June 2009, and reinforced by the late July 2009 technical DeMark TDST level breakout, an indicator that the market&#39;s trend shifted from negative to positive, I&#39;ve slowly reevaluated my approach to markets, trading and expectations for returns and correlations. Much of this was spelled out in my  June 3, 2009 article, The Time for Bearishness Has Passed.

Since then ]]>
</description>
<content:encoded>
	<![CDATA[Greetings and Happy Festivus Week! As the holiday season and year-end approaches, I wanted to update you with my view on the current states of markets via my DeMark work and discuss the longer-term view for 2012 and beyond. Beginning in June 2009, and reinforced by the late July 2009 technical DeMark TDST level breakout, an indicator that the market&#39;s trend shifted from negative to positive, I&#39;ve slowly reevaluated my approach to markets, trading and expectations for returns and correlations. Much of this was spelled out in my  June 3, 2009 article, The Time for Bearishness Has Passed.

Since then ]]>
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<title><![CDATA[Interview: Occupy Wall Street's David Graeber on Why the Movement Matters]]></title>
<link>
			http://www.minyanville.com/businessmarkets/articles/occupy-wall-street-demands-how-occupy/11/3/2011/id/37707</link>
<pubDate>
			Thu, 3 Nov 2011 12:15:00EST
</pubDate>
<guid isPermaLink="true">
			http://www.minyanville.com/businessmarkets/articles/occupy-wall-street-demands-how-occupy/11/3/2011/id/37707</guid>
<description>
<![CDATA["Money is the root of all evil" &ndash; so goes the old adage. In today's hyper-connected globalized market, a more accurate aphorism might be "debt is the root of all evil." We see this in the crushing Greek and American sovereign debt, in the housing market where scores of homeowners are being foreclosed upon because they are unable to pay their mortgages, and in the amount of loans students have to take on to go to college these days &ndash; all of these different debts threaten to take down the house of cards that is our hyper-connected global financial market. ]]>
</description>
<content:encoded>
	<![CDATA["Money is the root of all evil" &ndash; so goes the old adage. In today's hyper-connected globalized market, a more accurate aphorism might be "debt is the root of all evil." We see this in the crushing Greek and American sovereign debt, in the housing market where scores of homeowners are being foreclosed upon because they are unable to pay their mortgages, and in the amount of loans students have to take on to go to college these days &ndash; all of these different debts threaten to take down the house of cards that is our hyper-connected global financial market. ]]>
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<title><![CDATA[Five Things You Need to Know: The Fluidity of Change]]></title>
<link>
			http://www.minyanville.com/businessmarkets/articles/kevin-depew-kevin-depew-twitter-five/10/24/2011/id/37515</link>
<pubDate>
			Mon, 24 Oct 2011 10:30:00EST
</pubDate>
<guid isPermaLink="true">
			http://www.minyanville.com/businessmarkets/articles/kevin-depew-kevin-depew-twitter-five/10/24/2011/id/37515</guid>
<description>
<![CDATA["&#39;The going is the goal," a pragmatic philosopher said; past and future had both been swallowed in the void of a meaningless now. Such are still the pious beliefs of the futurologist, whose inflated expectations, like the inflated values of our dubious financial-credit system, are based on the supposition that the day for casting up a balance between assets and liabilities can be indefinitely postponed. Are not the losses in fact gains, he asks, like his predecessors, since only through constant waste and war can the mega-machine keep on expanding." 

Dubious financial-credit system? Check. Indefinite postponement of balancing assets and ]]>
</description>
<content:encoded>
	<![CDATA["&#39;The going is the goal," a pragmatic philosopher said; past and future had both been swallowed in the void of a meaningless now. Such are still the pious beliefs of the futurologist, whose inflated expectations, like the inflated values of our dubious financial-credit system, are based on the supposition that the day for casting up a balance between assets and liabilities can be indefinitely postponed. Are not the losses in fact gains, he asks, like his predecessors, since only through constant waste and war can the mega-machine keep on expanding." 

Dubious financial-credit system? Check. Indefinite postponement of balancing assets and ]]>
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<title><![CDATA[A Timeline of Banking Transaction Velocity and Complexity]]></title>
<link>
			http://www.minyanville.com/businessmarkets/articles/Dexia-municipal-bond-european-contagian-greek/10/4/2011/id/37205</link>
<pubDate>
			Tue, 4 Oct 2011 10:40:00EST
</pubDate>
<guid isPermaLink="true">
			http://www.minyanville.com/businessmarkets/articles/Dexia-municipal-bond-european-contagian-greek/10/4/2011/id/37205</guid>
<description>
<![CDATA[This morning's top news from Europe is that Dexia SA (DXBGF.PK), BNP Paribas SA (BNP.PA) and Societe Generale SA (GLE.PA) are pushing back against European regulatory demands that they accept more losses on the Greek government debt they are holding. Of those three banks, Dexia is the most interesting for U.S. market. The Wall Street Journal published a good piece this morning outlining why a bank that few in this country have ever heard of could be important. It's a good read but the gist is that Dexia is a major player in the U.S. municipal bond market, acting as ]]>
</description>
<content:encoded>
	<![CDATA[This morning's top news from Europe is that Dexia SA (DXBGF.PK), BNP Paribas SA (BNP.PA) and Societe Generale SA (GLE.PA) are pushing back against European regulatory demands that they accept more losses on the Greek government debt they are holding. Of those three banks, Dexia is the most interesting for U.S. market. The Wall Street Journal published a good piece this morning outlining why a bank that few in this country have ever heard of could be important. It's a good read but the gist is that Dexia is a major player in the U.S. municipal bond market, acting as ]]>
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<title><![CDATA[Five Things You Need to Know: Our Microwaveable Depression]]></title>
<link>
			http://www.minyanville.com/businessmarkets/articles/kevin-depew-us-economy-bank-bailouts/9/8/2011/id/36768</link>
<pubDate>
			Thu, 8 Sep 2011 11:30:00EST
</pubDate>
<guid isPermaLink="true">
			http://www.minyanville.com/businessmarkets/articles/kevin-depew-us-economy-bank-bailouts/9/8/2011/id/36768</guid>
<description>
<![CDATA[1. Our Microwaveable Depression Night after night they stood alone, invisibly, in their solitary food lines, and pressed the assigned code into the machines. Three minutes on high for some. Five minutes on low for others. A minute and a half on defrost and then three minutes on medium just for complexity's sake. This code, commands really, sometimes varied in pattern but nonetheless managed to convey a certain level of assuredness with their simplicity. Poke holes in plastic to allow steam to escape. Do not reheat. Pull back film before heating. Do not add water. Keep frozen until ready to ]]>
</description>
<content:encoded>
	<![CDATA[1. Our Microwaveable Depression Night after night they stood alone, invisibly, in their solitary food lines, and pressed the assigned code into the machines. Three minutes on high for some. Five minutes on low for others. A minute and a half on defrost and then three minutes on medium just for complexity's sake. This code, commands really, sometimes varied in pattern but nonetheless managed to convey a certain level of assuredness with their simplicity. Poke holes in plastic to allow steam to escape. Do not reheat. Pull back film before heating. Do not add water. Keep frozen until ready to ]]>
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<title><![CDATA[Five Things You Need to Know: Fed's Plosser Takes a Few Potshots at the Fed]]></title>
<link>
			http://www.minyanville.com/businessmarkets/articles/federal-reserve-plosser-qe3-inflation-targeting/8/17/2011/id/36396</link>
<pubDate>
			Wed, 17 Aug 2011 12:15:00EST
</pubDate>
<guid isPermaLink="true">
			http://www.minyanville.com/businessmarkets/articles/federal-reserve-plosser-qe3-inflation-targeting/8/17/2011/id/36396</guid>
<description>
<![CDATA[1. Fed's Plosser Takes a Few Potshots at the FedThis morning Philadelphia Federal Reserve President Charles Plosser appeared on Bloomberg radio with Tom Keene and Ken Prewitt to discuss for the first time his opposition to the FOMC's August 9 decision to throw another round of stimulus on the slowly smoldering U.S. economy. You may recall that the biggest surprise coming out of the FOMC's August 9 meeting wasn't the added stimulus but the fact that three of the 10 voting members (the other two were Richard Fisher and Narayana Kocherlakota) opposed the inclusion of language specifying that the Fed's ]]>
</description>
<content:encoded>
	<![CDATA[1. Fed's Plosser Takes a Few Potshots at the FedThis morning Philadelphia Federal Reserve President Charles Plosser appeared on Bloomberg radio with Tom Keene and Ken Prewitt to discuss for the first time his opposition to the FOMC's August 9 decision to throw another round of stimulus on the slowly smoldering U.S. economy. You may recall that the biggest surprise coming out of the FOMC's August 9 meeting wasn't the added stimulus but the fact that three of the 10 voting members (the other two were Richard Fisher and Narayana Kocherlakota) opposed the inclusion of language specifying that the Fed's ]]>
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<title><![CDATA[Five Things You Need to Know: Asymmetric Economy Increasingly Untenable and Unstable]]></title>
<link>
			http://www.minyanville.com/businessmarkets/articles/asymmetric-economy-corporations-are-people-wtc/8/15/2011/id/36350</link>
<pubDate>
			Mon, 15 Aug 2011 12:10:00EST
</pubDate>
<guid isPermaLink="true">
			http://www.minyanville.com/businessmarkets/articles/asymmetric-economy-corporations-are-people-wtc/8/15/2011/id/36350</guid>
<description>
<![CDATA[1. Our Asymmetric SocietyWe live in an increasingly asymmetric world. One in which the wealthiest Americans are feeling very little discomfort from the ongoing economic depression while others, the majority really, are confronted almost daily with the pain of few jobs and/or job mobility, rising prices for necessities (including rent) combined with a lack of wage growth to keep pace, and no incentives -- let alone ability -- to consume on a scale to which the old economy was accustomed. It's a situation that is becoming more untenable and unstable by the day, and one that simply cannot continue indefinitely ]]>
</description>
<content:encoded>
	<![CDATA[1. Our Asymmetric SocietyWe live in an increasingly asymmetric world. One in which the wealthiest Americans are feeling very little discomfort from the ongoing economic depression while others, the majority really, are confronted almost daily with the pain of few jobs and/or job mobility, rising prices for necessities (including rent) combined with a lack of wage growth to keep pace, and no incentives -- let alone ability -- to consume on a scale to which the old economy was accustomed. It's a situation that is becoming more untenable and unstable by the day, and one that simply cannot continue indefinitely ]]>
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<title><![CDATA[Five Things You Need to Know: End of Days Signs]]></title>
<link>
			http://www.minyanville.com/businessmarkets/articles/kevin-depew-stock-market-crash-stocks/8/8/2011/id/36204</link>
<pubDate>
			Mon, 8 Aug 2011 12:30:00EST
</pubDate>
<guid isPermaLink="true">
			http://www.minyanville.com/businessmarkets/articles/kevin-depew-stock-market-crash-stocks/8/8/2011/id/36204</guid>
<description>
<![CDATA[1. End of Days Signs
"And the kings of the earth, and the great men, and the rich men, and the chief captains, and the mighty men, and every bondman, and every free man, hid themselves in the dens and in the rocks of the mountains."-- Revelations 6:15

The dead white mammal was spotted on a Minnesota county road. It had five claws, long toenails and dark tufts of hair on its back and head. No one could say just what in the hell it was. Some guessed a badger with mange. Others said it was probably a diseased skunk, ]]>
</description>
<content:encoded>
	<![CDATA[1. End of Days Signs
"And the kings of the earth, and the great men, and the rich men, and the chief captains, and the mighty men, and every bondman, and every free man, hid themselves in the dens and in the rocks of the mountains."-- Revelations 6:15

The dead white mammal was spotted on a Minnesota county road. It had five claws, long toenails and dark tufts of hair on its back and head. No one could say just what in the hell it was. Some guessed a badger with mange. Others said it was probably a diseased skunk, ]]>
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<title><![CDATA[Everything You Need to Know About Today's Massive Market Plunge]]></title>
<link>
			http://www.minyanville.com/businessmarkets/articles/todd-harrison-stock-market-economy-double/8/4/2011/id/36153</link>
<pubDate>
			Thu, 4 Aug 2011 16:20:00EST
</pubDate>
<guid isPermaLink="true">
			http://www.minyanville.com/businessmarkets/articles/todd-harrison-stock-market-economy-double/8/4/2011/id/36153</guid>
<description>
<![CDATA[The massive plunge on Wall Street today sent the Dow down 512 points or 4.3 percent to its lowest level in more than six months. The VIX Index, the benchmark index for stock options, rose to 35% its highest intra-day level in more than a year, though at 31.59 it remains well below the 2008 debt crisis peak of 89.53. Some notable stock declines included LinkedIn (LNKD) down 9.6%, Nokia (NOK) down 7.3%, and Research in Motion (RIMM) down 6.8%. Apple (AAPL) and Google (GOOG) both outperformed the the broad market, down 3.8% and 3.94% respectively. Year-to-date the Dow is ]]>
</description>
<content:encoded>
	<![CDATA[The massive plunge on Wall Street today sent the Dow down 512 points or 4.3 percent to its lowest level in more than six months. The VIX Index, the benchmark index for stock options, rose to 35% its highest intra-day level in more than a year, though at 31.59 it remains well below the 2008 debt crisis peak of 89.53. Some notable stock declines included LinkedIn (LNKD) down 9.6%, Nokia (NOK) down 7.3%, and Research in Motion (RIMM) down 6.8%. Apple (AAPL) and Google (GOOG) both outperformed the the broad market, down 3.8% and 3.94% respectively. Year-to-date the Dow is ]]>
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<title><![CDATA[Minyanville Round Table: Debt Ceiling Talks Victimized by Social Mood]]></title>
<link>
			http://www.minyanville.com/businessmarkets/articles/debt-limit-ceiling-debt-national-debt/7/15/2011/id/35764</link>
<pubDate>
			Fri, 15 Jul 2011 12:15:00EST
</pubDate>
<guid isPermaLink="true">
			http://www.minyanville.com/businessmarkets/articles/debt-limit-ceiling-debt-national-debt/7/15/2011/id/35764</guid>
<description>
<![CDATA[Each week a number of Minyanville Professors will discuss a major economic or financial markets topic via an informal email exchange. This week's topic is the debt ceiling and the great divide between Washington and Wall Street and between Main Street and Wall Street. Participating are Peter Atwater, Conor Sen, Professor Pinch, and Kevin Depew.Conor Sen:As you guys know, I've been captivated by the debt ceiling negotiations this weekend and how they reflect today's social mood. Wall Street seems to always have a poor understanding of how Washington works because they're looking at the system through Wall Street logic, not ]]>
</description>
<content:encoded>
	<![CDATA[Each week a number of Minyanville Professors will discuss a major economic or financial markets topic via an informal email exchange. This week's topic is the debt ceiling and the great divide between Washington and Wall Street and between Main Street and Wall Street. Participating are Peter Atwater, Conor Sen, Professor Pinch, and Kevin Depew.Conor Sen:As you guys know, I've been captivated by the debt ceiling negotiations this weekend and how they reflect today's social mood. Wall Street seems to always have a poor understanding of how Washington works because they're looking at the system through Wall Street logic, not ]]>
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<title><![CDATA[Five Things You Need to Know: The Lingering Stealth Depression]]></title>
<link>
			http://www.minyanville.com/businessmarkets/articles/depression-great-recession-stealth-depression-modern/7/11/2011/id/35655</link>
<pubDate>
			Mon, 11 Jul 2011 12:00:00EST
</pubDate>
<guid isPermaLink="true">
			http://www.minyanville.com/businessmarkets/articles/depression-great-recession-stealth-depression-modern/7/11/2011/id/35655</guid>
<description>
<![CDATA[1. The Lingering Stealth Depression
Despite the seeming enormity of it in retrospect, the stock market crash of 1929 barely even registered for most Americans. The day before the crash, Time Magazine's Oct. 28, 1929 issue was business as usual; national stories, Washington stories, a review of the newest plays opening in Manhattan, a piece on a cat washing contest in Kingston, NC. 
A week later, in the wake of the stock plunge, the cover story was as far from a piece on crashing share prices as you could get - a profile of a man named Samuel Insull, the ]]>
</description>
<content:encoded>
	<![CDATA[1. The Lingering Stealth Depression
Despite the seeming enormity of it in retrospect, the stock market crash of 1929 barely even registered for most Americans. The day before the crash, Time Magazine's Oct. 28, 1929 issue was business as usual; national stories, Washington stories, a review of the newest plays opening in Manhattan, a piece on a cat washing contest in Kingston, NC. 
A week later, in the wake of the stock plunge, the cover story was as far from a piece on crashing share prices as you could get - a profile of a man named Samuel Insull, the ]]>
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<title><![CDATA[Minyanville Round Table: Social, Political, Economic Polarization Threatening Recovery]]></title>
<link>
			http://www.minyanville.com/businessmarkets/articles/kevin-depew-us-economy-stock-market/7/8/2011/id/35615</link>
<pubDate>
			Fri, 8 Jul 2011 11:00:00EST
</pubDate>
<guid isPermaLink="true">
			http://www.minyanville.com/businessmarkets/articles/kevin-depew-us-economy-stock-market/7/8/2011/id/35615</guid>
<description>
<![CDATA[On Thursday, July 7,  Peter Atwater, Conor Sen, Professor Pinch and I began an extended email back-and-forth exchange about the overall macro picture, the global economy, financial markets and what we expect going forward. Rather than sending the four of us off to write separate pieces based on these ideas -- the traditional way of generating content -- I thought, why not just publish the exchange as it originally happened? This is the Internet, after all, and we can do whatever we want. Peter Atwater kicked it off Thursday morning: I am gravely concerned about Europe.From a safety and soundness ]]>
</description>
<content:encoded>
	<![CDATA[On Thursday, July 7,  Peter Atwater, Conor Sen, Professor Pinch and I began an extended email back-and-forth exchange about the overall macro picture, the global economy, financial markets and what we expect going forward. Rather than sending the four of us off to write separate pieces based on these ideas -- the traditional way of generating content -- I thought, why not just publish the exchange as it originally happened? This is the Internet, after all, and we can do whatever we want. Peter Atwater kicked it off Thursday morning: I am gravely concerned about Europe.From a safety and soundness ]]>
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<title><![CDATA[Five Things You Need to Know: We've Been Here Before... and We'll Be Here Again]]></title>
<link>
			http://www.minyanville.com/businessmarkets/articles/kevin-depew-debt-ceiling-debt-ceiling/7/6/2011/id/35563</link>
<pubDate>
			Wed, 6 Jul 2011 11:45:00EST
</pubDate>
<guid isPermaLink="true">
			http://www.minyanville.com/businessmarkets/articles/kevin-depew-debt-ceiling-debt-ceiling/7/6/2011/id/35563</guid>
<description>
<![CDATA[1. We've Been Here Before... and We'll Be Here AgainThis may strike you as very familiar:

"Because of today's terrific speed-up of information moving, we have a chance to apprehend, predict and influence the environmental forces shaping us - and thus win back control of our own destinies. The new extensions of man and the environment they generate are the central manifestations of the evolutionary process, and yet we still cannot free ourselves of the delusion that it is how a medium is used that counts, rather than what it does to us and with us. This is the zombie ]]>
</description>
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	<![CDATA[1. We've Been Here Before... and We'll Be Here AgainThis may strike you as very familiar:

"Because of today's terrific speed-up of information moving, we have a chance to apprehend, predict and influence the environmental forces shaping us - and thus win back control of our own destinies. The new extensions of man and the environment they generate are the central manifestations of the evolutionary process, and yet we still cannot free ourselves of the delusion that it is how a medium is used that counts, rather than what it does to us and with us. This is the zombie ]]>
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<title><![CDATA[Five Things You Need to Know: American Companies Have Billions In Cash Trapped Overseas]]></title>
<link>
			http://www.minyanville.com/businessmarkets/articles/tax-repatriation-holiday-apple-cash-overseas/7/5/2011/id/35542</link>
<pubDate>
			Tue, 5 Jul 2011 11:20:00EST
</pubDate>
<guid isPermaLink="true">
			http://www.minyanville.com/businessmarkets/articles/tax-repatriation-holiday-apple-cash-overseas/7/5/2011/id/35542</guid>
<description>
<![CDATA[1. American Companies Have Billions In Cash Trapped OverseasHouse of Cards author William Cohan in an op-ed for Bloomberg View makes the case that companies with cash trapped in overseas bank accounts should be given an incentive to bring it back to the US with tax breaks tied to capital reinvestment, hiring and, research and development spending. "Because of the success of American companies in the global economy, they have billions of dollars in cash trapped in the bank accounts of their subsidiary operations overseas," Cohan writes. "Why not give these corporations the incentive to bring that money home with ]]>
</description>
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	<![CDATA[1. American Companies Have Billions In Cash Trapped OverseasHouse of Cards author William Cohan in an op-ed for Bloomberg View makes the case that companies with cash trapped in overseas bank accounts should be given an incentive to bring it back to the US with tax breaks tied to capital reinvestment, hiring and, research and development spending. "Because of the success of American companies in the global economy, they have billions of dollars in cash trapped in the bank accounts of their subsidiary operations overseas," Cohan writes. "Why not give these corporations the incentive to bring that money home with ]]>
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<title><![CDATA[Five Things You Need to Know: The Debt Crisis Is Not a Final Destination]]></title>
<link>
			http://www.minyanville.com/businessmarkets/articles/debt-crisis-macroeconomics-greek-debt-piigs/6/27/2011/id/35406</link>
<pubDate>
			Mon, 27 Jun 2011 14:30:00EST
</pubDate>
<guid isPermaLink="true">
			http://www.minyanville.com/businessmarkets/articles/debt-crisis-macroeconomics-greek-debt-piigs/6/27/2011/id/35406</guid>
<description>
<![CDATA[1. Are You Married to Your View?One of the macro guys I really pay attention to is Edward Harrison of the site Credit Writedowns (Toddo, Peter Atwater, Professor Pinch, James Kostohryz, all Minyanville contributors being a few of the others I pay attention to). But Harrison is one of the few people who writes valuable macroeconomics content without being overly emotional or dogmatic. He isn't married to his view. And if the macro fundamentals shift in unexpected ways, as is often the case, he isn't afraid to update his outlook accordingly, something that is far more difficult than it may ]]>
</description>
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	<![CDATA[1. Are You Married to Your View?One of the macro guys I really pay attention to is Edward Harrison of the site Credit Writedowns (Toddo, Peter Atwater, Professor Pinch, James Kostohryz, all Minyanville contributors being a few of the others I pay attention to). But Harrison is one of the few people who writes valuable macroeconomics content without being overly emotional or dogmatic. He isn't married to his view. And if the macro fundamentals shift in unexpected ways, as is often the case, he isn't afraid to update his outlook accordingly, something that is far more difficult than it may ]]>
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<title><![CDATA[Five Things You Need to Know: An Inside Look at Our Asymmetric Recovery]]></title>
<link>
			http://www.minyanville.com/businessmarkets/articles/inflation-five-things-you-need-to/6/24/2011/id/35377</link>
<pubDate>
			Fri, 24 Jun 2011 12:30:00EST
</pubDate>
<guid isPermaLink="true">
			http://www.minyanville.com/businessmarkets/articles/inflation-five-things-you-need-to/6/24/2011/id/35377</guid>
<description>
<![CDATA[1. An Inside Look at Our Asymmetric RecoveryThe overall economy is weak, housing remains a drag, unemployment high, consumer spending uneven, but some companies are reporting improved conditions. FedEx (FDX) executives during the company's fourth quarter earnings call this week maintained the company is seeing signs of an "improved economy" and "strong customer demand." Make no mistake, this wasn't a tentative, hopeful assertion of economic improvement. FedEx Chairman Federick Smith's comments were definitive and bold: "We believe that the near-term softness in the economy will be temporary," Smith said. "Going forward, we see stronger economic growth," he added. "We believe ]]>
</description>
<content:encoded>
	<![CDATA[1. An Inside Look at Our Asymmetric RecoveryThe overall economy is weak, housing remains a drag, unemployment high, consumer spending uneven, but some companies are reporting improved conditions. FedEx (FDX) executives during the company's fourth quarter earnings call this week maintained the company is seeing signs of an "improved economy" and "strong customer demand." Make no mistake, this wasn't a tentative, hopeful assertion of economic improvement. FedEx Chairman Federick Smith's comments were definitive and bold: "We believe that the near-term softness in the economy will be temporary," Smith said. "Going forward, we see stronger economic growth," he added. "We believe ]]>
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<title><![CDATA[Five Things You Need to Know: Greece Debt Rollover, Why Semantics Matter]]></title>
<link>
			http://www.minyanville.com/businessmarkets/articles/socionomics-asset-bubbles-financial-markets-speculation/6/21/2011/id/35292</link>
<pubDate>
			Tue, 21 Jun 2011 10:45:00EST
</pubDate>
<guid isPermaLink="true">
			http://www.minyanville.com/businessmarkets/articles/socionomics-asset-bubbles-financial-markets-speculation/6/21/2011/id/35292</guid>
<description>
<![CDATA[1. Greece Debt Rollover: Why Semantics MatterGood news. Things are looking up, according to the world. "Hopes for Greek Deal Bolster Risk Assets," claims the Financial Times. The German Dax Index rallied nearly 1 percent. Japan's Nikkei, Hong Kong's Hang Seng Index and even Greece's Athens Stock Exchange rallied. Athens was up more than 3 percent. The good news is weird and somewhat mysterious, so let me try to explain. First, Luxembourg prime minister Jean-Claude Juncker, who yesterday hosted a meeting of eurozone officials, assured everyone that Greece's prime minister, George Papanadreou, had assured him that everything possible would be ]]>
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	<![CDATA[1. Greece Debt Rollover: Why Semantics MatterGood news. Things are looking up, according to the world. "Hopes for Greek Deal Bolster Risk Assets," claims the Financial Times. The German Dax Index rallied nearly 1 percent. Japan's Nikkei, Hong Kong's Hang Seng Index and even Greece's Athens Stock Exchange rallied. Athens was up more than 3 percent. The good news is weird and somewhat mysterious, so let me try to explain. First, Luxembourg prime minister Jean-Claude Juncker, who yesterday hosted a meeting of eurozone officials, assured everyone that Greece's prime minister, George Papanadreou, had assured him that everything possible would be ]]>
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<title><![CDATA[Five Things You Need to Know: Why Is Tech So Hated?]]></title>
<link>
			http://www.minyanville.com/businessmarkets/articles/tech-tech-valuations-tech-sector-tech/6/14/2011/id/35147</link>
<pubDate>
			Tue, 14 Jun 2011 12:30:00EST
</pubDate>
<guid isPermaLink="true">
			http://www.minyanville.com/businessmarkets/articles/tech-tech-valuations-tech-sector-tech/6/14/2011/id/35147</guid>
<description>
<![CDATA[1. Are Tech Companies the New Banks?It's a question with multiple meanings. On the one hand, given our recent history with banks, bailouts and blowups, the question is asking if tech companies are somehow over-leveraged and meandering blindly into bubble territory. (cf. LinkedIn (LNKD), Groupon, Zynga, Pandora, Facebook or the random tech IPO flavor of the day.) On the other hand, the question considered by Peter Thiel in this TechCrunch piece by Sarah Lacy is, How did tech companies get to be like banks, so boring? It's an interesting viewpoint. Over the past decade banks have been anything but. Of ]]>
</description>
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	<![CDATA[1. Are Tech Companies the New Banks?It's a question with multiple meanings. On the one hand, given our recent history with banks, bailouts and blowups, the question is asking if tech companies are somehow over-leveraged and meandering blindly into bubble territory. (cf. LinkedIn (LNKD), Groupon, Zynga, Pandora, Facebook or the random tech IPO flavor of the day.) On the other hand, the question considered by Peter Thiel in this TechCrunch piece by Sarah Lacy is, How did tech companies get to be like banks, so boring? It's an interesting viewpoint. Over the past decade banks have been anything but. Of ]]>
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<title><![CDATA[Five Things You Need to Know: President Obama's Economic Team Faces the Limits of Fiscal Policy]]></title>
<link>
			http://www.minyanville.com/businessmarkets/articles/President-Obama-Obama-economic-policy-startup/6/9/2011/id/35065</link>
<pubDate>
			Thu, 9 Jun 2011 13:15:00EST
</pubDate>
<guid isPermaLink="true">
			http://www.minyanville.com/businessmarkets/articles/President-Obama-Obama-economic-policy-startup/6/9/2011/id/35065</guid>
<description>
<![CDATA[1. President Obama's Economic Team Faces the Limits of Fiscal PolicyAustan Goolsbee looks like an economist. In fact, if you were to find yourself walking around Washington D.C. and by chance were to meet Goolsbee in the street, you'd think to yourself as a matter of course, "Ah, that guy must be an economist." And you'd be right. Goolsbee, President Barack Obama's soon-to-be-departing top economics adviser, has a Ph.D. in economics from the Massachusetts Institute of Technology. Which is not to say there's anything wrong with that, it's just that these days economists are pretty easy to pick out of ]]>
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	<![CDATA[1. President Obama's Economic Team Faces the Limits of Fiscal PolicyAustan Goolsbee looks like an economist. In fact, if you were to find yourself walking around Washington D.C. and by chance were to meet Goolsbee in the street, you'd think to yourself as a matter of course, "Ah, that guy must be an economist." And you'd be right. Goolsbee, President Barack Obama's soon-to-be-departing top economics adviser, has a Ph.D. in economics from the Massachusetts Institute of Technology. Which is not to say there's anything wrong with that, it's just that these days economists are pretty easy to pick out of ]]>
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<title><![CDATA[Five Things You Need to Know: Grim Chart Shows Unemployed Face Long, Difficult Road]]></title>
<link>
			http://www.minyanville.com/businessmarkets/articles/municipal-defaults-municipal-bond-default-muni/6/6/2011/id/34973</link>
<pubDate>
			Mon, 6 Jun 2011 11:20:00EST
</pubDate>
<guid isPermaLink="true">
			http://www.minyanville.com/businessmarkets/articles/municipal-defaults-municipal-bond-default-muni/6/6/2011/id/34973</guid>
<description>
<![CDATA[1. Grim Chart Shows Unemployed Face Long, Difficult RoadYou know the numbers. Nine-point-one percent unemployment. And Friday's jobs report showed we added 54,000 jobs in May, a bizarre number that is even worse when you factor in the even more bizarre Birth-Death adjustment which renders the entire report a virtually unreadable non sequitur. Bloomberg's Richard Yamarone notes that at this pace it would take more than 10 years to recoup the nearly 7 million jobs lost during the most recent recession. But wait, things get even worse. The chart below shows the average duration in weeks of unemployment dating back ]]>
</description>
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	<![CDATA[1. Grim Chart Shows Unemployed Face Long, Difficult RoadYou know the numbers. Nine-point-one percent unemployment. And Friday's jobs report showed we added 54,000 jobs in May, a bizarre number that is even worse when you factor in the even more bizarre Birth-Death adjustment which renders the entire report a virtually unreadable non sequitur. Bloomberg's Richard Yamarone notes that at this pace it would take more than 10 years to recoup the nearly 7 million jobs lost during the most recent recession. But wait, things get even worse. The chart below shows the average duration in weeks of unemployment dating back ]]>
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<title><![CDATA[Will Capitalism Survivie? Should It?]]></title>
<link>
			http://www.minyanville.com/mvpremium/will-capitalism-survivie-should-it/</link>
<pubDate>
			Tue, 15 Mar 2011 10:21:00EST
</pubDate>
<guid isPermaLink="true">
			http://www.minyanville.com/mvpremium/will-capitalism-survivie-should-it/</guid>
<description>
<![CDATA["Just as the Great Recession has demonstrated the limits of the means set in place during the last 40 years to contain capitalism's tendency to periodic disaster," writes Paul Mattick, "it suggests the need finally to take seriously the idea, as the saying goes, that another world is possible." You must have a view on this piece already, do you not? After all, despite the claim that we are trained by our purportedly left-leaning colleges to embrace collectivism, the knee jerk move to embrace capitalism -- no matter the cost -- is the result of a much deeper training, an ]]>
</description>
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	<![CDATA["Just as the Great Recession has demonstrated the limits of the means set in place during the last 40 years to contain capitalism's tendency to periodic disaster," writes Paul Mattick, "it suggests the need finally to take seriously the idea, as the saying goes, that another world is possible." You must have a view on this piece already, do you not? After all, despite the claim that we are trained by our purportedly left-leaning colleges to embrace collectivism, the knee jerk move to embrace capitalism -- no matter the cost -- is the result of a much deeper training, an ]]>
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<title><![CDATA[Sneaky Banks to Lay Foundation for Their Own Collapse]]></title>
<link>
			http://www.minyanville.com/mvpremium/sneaky-banks-to-lay-foundation/</link>
<pubDate>
			Fri, 11 Mar 2011 11:56:00EST
</pubDate>
<guid isPermaLink="true">
			http://www.minyanville.com/mvpremium/sneaky-banks-to-lay-foundation/</guid>
<description>
<![CDATA[It seemed like the perfect plan. And in the end it was. So perfect, in fact, that it actually worked... it worked too much. Desperate to squeeze the last remaining fee from credit wary and cash-strapped consumers, the major banks are plotting the perfect plan: cap debit card transactions -- even if you run your debit card as credit -- at $50. Okay, maybe $100 for some. The goal, naturally, is to get around banking reform by exploiting a loophole. Currently, banks and retailers split something called an Interchange Fee every time a customer makes a debit card purchase. These ]]>
</description>
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	<![CDATA[It seemed like the perfect plan. And in the end it was. So perfect, in fact, that it actually worked... it worked too much. Desperate to squeeze the last remaining fee from credit wary and cash-strapped consumers, the major banks are plotting the perfect plan: cap debit card transactions -- even if you run your debit card as credit -- at $50. Okay, maybe $100 for some. The goal, naturally, is to get around banking reform by exploiting a loophole. Currently, banks and retailers split something called an Interchange Fee every time a customer makes a debit card purchase. These ]]>
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<title><![CDATA[Two Charts Illustrate What QE2 Really Means]]></title>
<link>
			http://www.minyanville.com/mvpremium/two-charts-illustrate-what-qe2/</link>
<pubDate>
			Thu, 10 Mar 2011 10:08:00EST
</pubDate>
<guid isPermaLink="true">
			http://www.minyanville.com/mvpremium/two-charts-illustrate-what-qe2/</guid>
<description>
<![CDATA[The beauty of bureaucratic acronyms, at least from the perspective of bureaucrats, is that after a time they begin to lose reference to anything tangible. TARP very quickly destroyed reference to either qualitative or quantitative bailouts, instead becoming a self-referential signifier of itself. Quick, ask yourself what words comprise the acronym TARP... takes a moment, right? For normal people, at least. Finance geeks are exempted. After all, they are not the targets of clever government agency acronyms, the teeming masses are. Of course, this function of economic acronyms, which are not really economics-related at all but nevertheless populate the lexicon ]]>
</description>
<content:encoded>
	<![CDATA[The beauty of bureaucratic acronyms, at least from the perspective of bureaucrats, is that after a time they begin to lose reference to anything tangible. TARP very quickly destroyed reference to either qualitative or quantitative bailouts, instead becoming a self-referential signifier of itself. Quick, ask yourself what words comprise the acronym TARP... takes a moment, right? For normal people, at least. Finance geeks are exempted. After all, they are not the targets of clever government agency acronyms, the teeming masses are. Of course, this function of economic acronyms, which are not really economics-related at all but nevertheless populate the lexicon ]]>
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<title><![CDATA[Wine Proves More Recession-Proof Than Beer]]></title>
<link>
			http://www.minyanville.com/mvpremium/wine-proves-more-recession-proof/</link>
<pubDate>
			Wed, 9 Mar 2011 09:25:00EST
</pubDate>
<guid isPermaLink="true">
			http://www.minyanville.com/mvpremium/wine-proves-more-recession-proof/</guid>
<description>
<![CDATA[Conventional wisdom holds that during tough times, when the belt tightening really kicks in, the downsized, laid off and generally dispossessed choose beer over wine. On the surface it makes sense; beer is cheaper than wine. Period. Case closed. Ah statistics, though. Surprisingly, a look at the data tells otherwise. According to data from Bloomberg, during the 2001 recession beer expenditures fell by 6.6 percent from May 2001 to January 2002 while wine expenditures actually increased 3.5 percent. Incredibly, or not depending on your affinity for the vineyards divinity, spending on wine outpaced even real personal spending, which gained 2 ]]>
</description>
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	<![CDATA[Conventional wisdom holds that during tough times, when the belt tightening really kicks in, the downsized, laid off and generally dispossessed choose beer over wine. On the surface it makes sense; beer is cheaper than wine. Period. Case closed. Ah statistics, though. Surprisingly, a look at the data tells otherwise. According to data from Bloomberg, during the 2001 recession beer expenditures fell by 6.6 percent from May 2001 to January 2002 while wine expenditures actually increased 3.5 percent. Incredibly, or not depending on your affinity for the vineyards divinity, spending on wine outpaced even real personal spending, which gained 2 ]]>
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<title><![CDATA[Long-Term Taleb Better Than Short-Term Taleb]]></title>
<link>
			http://www.minyanville.com/mvpremium/long-term-taleb-better-than/</link>
<pubDate>
			Thu, 3 Mar 2011 10:16:00EST
</pubDate>
<guid isPermaLink="true">
			http://www.minyanville.com/mvpremium/long-term-taleb-better-than/</guid>
<description>
<![CDATA[Look, don't waste your time listening to "The Black Swan" author Nassim Taleb (or any of us, really) on granular, short-term events. I'm not sure what the hell happened here. Back in 2001, with the release of "Fooled by Randomness," Taleb made a name by challenging the conventional wisdom of success in markets and even life. He rarely appeared on television, saying he had no use for people making short-term predictions about things which were inherently unpredictable. In his infrequent appearances he eschewed neckties because anyone who appears on television wearing a necktie takes himself too seriously and is probably ]]>
</description>
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	<![CDATA[Look, don't waste your time listening to "The Black Swan" author Nassim Taleb (or any of us, really) on granular, short-term events. I'm not sure what the hell happened here. Back in 2001, with the release of "Fooled by Randomness," Taleb made a name by challenging the conventional wisdom of success in markets and even life. He rarely appeared on television, saying he had no use for people making short-term predictions about things which were inherently unpredictable. In his infrequent appearances he eschewed neckties because anyone who appears on television wearing a necktie takes himself too seriously and is probably ]]>
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<title><![CDATA[The Currency of White Women's Hair in a Down Economy ]]></title>
<link>
			http://www.minyanville.com/mvpremium/the-currency-of-white-womens/</link>
<pubDate>
			Wed, 2 Mar 2011 10:16:00EST
</pubDate>
<guid isPermaLink="true">
			http://www.minyanville.com/mvpremium/the-currency-of-white-womens/</guid>
<description>
<![CDATA[Oh how I wish that I had written this headline. But I cannot take credit. It's the title of a short, and very good, essay on the relationship between the economy and white women's hair written by Bridget Crawford of the Pace University School of Law. From the abstract:"As the economy has declined, sales of home hair-care products targeted toward white women have increased. Major news outlets report on salon customers trying to stretch out the time between their regular $250 hair salon treatments. Certain women turn to home hair dyes to maintain conforming appearances. In popular culture, to have ]]>
</description>
<content:encoded>
	<![CDATA[Oh how I wish that I had written this headline. But I cannot take credit. It's the title of a short, and very good, essay on the relationship between the economy and white women's hair written by Bridget Crawford of the Pace University School of Law. From the abstract:"As the economy has declined, sales of home hair-care products targeted toward white women have increased. Major news outlets report on salon customers trying to stretch out the time between their regular $250 hair salon treatments. Certain women turn to home hair dyes to maintain conforming appearances. In popular culture, to have ]]>
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<title><![CDATA[How Being Bearish Will Make You a Terrorist]]></title>
<link>
			http://www.minyanville.com/mvpremium/how-being-bearish-will-make/</link>
<pubDate>
			Tue, 1 Mar 2011 11:21:00EST
</pubDate>
<guid isPermaLink="true">
			http://www.minyanville.com/mvpremium/how-being-bearish-will-make/</guid>
<description>
<![CDATA[It's okay to be bearish, a little bit. But remember: if you get too bearish you'll become a full-fledged terrorist. That's the takeaway from a report on the 2008 economic crisis prepared by a pentagon contractor. The report, originally written in 2009 by financial analyst Kevin D. Freeman, is getting some play from the Washington Times, which last night published a piece outlining some of the conclusions. &ldquo;There is sufficient justification to question whether outside forces triggered, capitalized upon or magnified the economic difficulties of 2008,&rdquo; the report says, explaining that those domestic economic factors would have caused a &ldquo;normal ]]>
</description>
<content:encoded>
	<![CDATA[It's okay to be bearish, a little bit. But remember: if you get too bearish you'll become a full-fledged terrorist. That's the takeaway from a report on the 2008 economic crisis prepared by a pentagon contractor. The report, originally written in 2009 by financial analyst Kevin D. Freeman, is getting some play from the Washington Times, which last night published a piece outlining some of the conclusions. &ldquo;There is sufficient justification to question whether outside forces triggered, capitalized upon or magnified the economic difficulties of 2008,&rdquo; the report says, explaining that those domestic economic factors would have caused a &ldquo;normal ]]>
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<title><![CDATA[Bernanke Says Recent "Visible" Inflation "Temporary," and "Relatively Modest"]]></title>
<link>
			http://www.minyanville.com/mvpremium/bernanke-says-recent-visible-inflation/</link>
<pubDate>
			Tue, 1 Mar 2011 10:30:00EST
</pubDate>
<guid isPermaLink="true">
			http://www.minyanville.com/mvpremium/bernanke-says-recent-visible-inflation/</guid>
<description>
<![CDATA[Fed Chairman Ben Bernanke just kicked off two days of testimony on monetary policy. Here's what you need to know.First, Bernanke just began reading his prepared testimony, which can be found here. The Federal Reserve releases important speeches and testimony on its Web site concurrent with the beginning of the speeches and testimony so in the future you can always head over to the FederalReserve.Gov Web site and under News & Events and Testimony and Speeches find whatever is being said without having to listen to the whole thing. After the speech or testimony, there is typically a Q&A. The ]]>
</description>
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	<![CDATA[Fed Chairman Ben Bernanke just kicked off two days of testimony on monetary policy. Here's what you need to know.First, Bernanke just began reading his prepared testimony, which can be found here. The Federal Reserve releases important speeches and testimony on its Web site concurrent with the beginning of the speeches and testimony so in the future you can always head over to the FederalReserve.Gov Web site and under News & Events and Testimony and Speeches find whatever is being said without having to listen to the whole thing. After the speech or testimony, there is typically a Q&A. The ]]>
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<title><![CDATA[That House You Bought 10 Years Ago Is Worth Exactly The Same Now As It Was Then]]></title>
<link>
			http://www.minyanville.com/mvpremium/that-house-you-bought-10/</link>
<pubDate>
			Thu, 24 Feb 2011 09:24:00EST
</pubDate>
<guid isPermaLink="true">
			http://www.minyanville.com/mvpremium/that-house-you-bought-10/</guid>
<description>
<![CDATA[The chart below shows the median price for existing homes, which is down 3.7 percent year-over-year to $158,000. Some interesting things to note about this: 1) While existing home sales increased 2.7 percent, the percent of home sales which were distressed rose to 37 percent, an incredible amount if you stop to think about it. 2) Also, 32 percent of the existing home sales transactions were for cash.3) Oh, and if you were thinking that the housing bubble collapse has exterminated all speculative activity in the housing market, consider that 23 percent of all sales went to buyers classified as ]]>
</description>
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	<![CDATA[The chart below shows the median price for existing homes, which is down 3.7 percent year-over-year to $158,000. Some interesting things to note about this: 1) While existing home sales increased 2.7 percent, the percent of home sales which were distressed rose to 37 percent, an incredible amount if you stop to think about it. 2) Also, 32 percent of the existing home sales transactions were for cash.3) Oh, and if you were thinking that the housing bubble collapse has exterminated all speculative activity in the housing market, consider that 23 percent of all sales went to buyers classified as ]]>
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