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The Raw Material
Stocks Aren't Merely Trading Chips, Pru Executive Reminds "Investors"
7/30/10

When Prudential Financial Vice Chairman Mark B. Grier went down to Washington early last month to participate in a roundtable the SEC convened to discuss the not-always scintillating topic of market structure, he was odd man out. He was the only certified seer on the panel, having warned the SEC in a meeting only weeks earlier that a runaway market event, like May 6's flash crash, was all-too-possible.[More]
 

guestperspectives
Focus On Tails, Too
The Mean Of The New Normal Is An Observation Rarely Realized
7/30/10 4:00 AM

By Richard Clarida
"The 'New Normal'...turns out to be a world where scenarios move from impossible to inevitable without even pausing at improbable. Flocks of black swans go winging by with a frequency that is dulling our sensitivity to just how extraordinary these financial times are."[More]
 
Disingenuous "Dip"
With No Real Expansion, Face The Reality Of Depression
7/30/10 3:00 AM

By Frank Martin
Talk of a double dip-recession is disingenuous, not much different than labeling the stock market rally from March 2009 to April 2010 as a "new bull market."

 

In order to have a double-dip recession you must first have something that at least looks like a bona fide recovery. Since the fourth quarter 2009 dead cat bounce in GDP, the economic "growth" numbers have been atypically anemic, well below that necessary to make a dent in the increasingly chronic and therefore problematic overhang of 16.5% of the labor force that is either unemployed or underemployed, a not insignificant 26.5 million souls.[More]
 

Chilled To Bone
Revenue Recovery Shockingly Poor In This Ice Age
7/30/10 2:00 AM

By Albert Edwards

We are at the most dangerous stage in the Ice Age - the 'post-bubble cycle'. For although it is clear that leading indicators have turned downwards, the choir of sell-side sirens is singing its song of reassurance.[More]
 

Uncle Sam Won’t Go Broke
Why The Sovereign Debt Hysteria Is Misguided
7/30/10

By David A. Levy & Srinivas Thiruvadanthai

While some countries deserve to have their creditworthiness doubted, others, including the United States, do not.[More]
 

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