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	<title>Comments on: Corporate Earnings Through Recessions</title>
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	<link>http://www.ritholtz.com/blog/2009/04/corporate-earnings-through-recessions/</link>
	<description>Macro Perspective on the Capital Markets, Economy, Geopolitics, Technology, and Digital Media</description>
	<lastBuildDate>Sat, 21 Nov 2009 12:43:00 -0500</lastBuildDate>
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		<title>By: Comparer la chute des bénéfices des entreprises en pèriode de crise &#124; GraphSeo Bourse</title>
		<link>http://www.ritholtz.com/blog/2009/04/corporate-earnings-through-recessions/comment-page-2/#comment-171810</link>
		<dc:creator>Comparer la chute des bénéfices des entreprises en pèriode de crise &#124; GraphSeo Bourse</dc:creator>
		<pubDate>Fri, 15 May 2009 09:53:33 +0000</pubDate>
		<guid isPermaLink="false">http://www.ritholtz.com/blog/?p=23938#comment-171810</guid>
		<description>[...] Publié par julien  le April - 20 - 2009         Un graphique fort intéressant récupéré sur le blog de riholtz qui nous montre et compare la chute des bénéfices des entreprises à travers les différentes [...]</description>
		<content:encoded><![CDATA[<p>[...] Publié par julien  le April &#8211; 20 &#8211; 2009         Un graphique fort intéressant récupéré sur le blog de riholtz qui nous montre et compare la chute des bénéfices des entreprises à travers les différentes [...]</p>
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		<title>By: CyHastings</title>
		<link>http://www.ritholtz.com/blog/2009/04/corporate-earnings-through-recessions/comment-page-2/#comment-163563</link>
		<dc:creator>CyHastings</dc:creator>
		<pubDate>Tue, 21 Apr 2009 01:03:51 +0000</pubDate>
		<guid isPermaLink="false">http://www.ritholtz.com/blog/?p=23938#comment-163563</guid>
		<description>Well butter my biscuit and call me Sally.....

What do we have here??

Debt in one hand and bullshit in the other.



PS....since we never got a Friday night music thread.

May I humbly present Mr. Skip James.
&quot;Devil Got My Woman&quot; 
Newport 1966

http://www.youtube.com/watch?v=JB2POWSnStU</description>
		<content:encoded><![CDATA[<p>Well butter my biscuit and call me Sally&#8230;..</p>
<p>What do we have here??</p>
<p>Debt in one hand and bullshit in the other.</p>
<p>PS&#8230;.since we never got a Friday night music thread.</p>
<p>May I humbly present Mr. Skip James.<br />
&#8220;Devil Got My Woman&#8221;<br />
Newport 1966</p>
<p><a href="http://www.youtube.com/watch?v=JB2POWSnStU" rel="nofollow">http://www.youtube.com/watch?v=JB2POWSnStU</a></p>
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		<title>By: willid3</title>
		<link>http://www.ritholtz.com/blog/2009/04/corporate-earnings-through-recessions/comment-page-2/#comment-163520</link>
		<dc:creator>willid3</dc:creator>
		<pubDate>Mon, 20 Apr 2009 22:03:51 +0000</pubDate>
		<guid isPermaLink="false">http://www.ritholtz.com/blog/?p=23938#comment-163520</guid>
		<description>maybe the reason earnings had such trouble was the length of recovery the job market and the length of time before incomes grew?</description>
		<content:encoded><![CDATA[<p>maybe the reason earnings had such trouble was the length of recovery the job market and the length of time before incomes grew?</p>
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		<title>By: MRegan</title>
		<link>http://www.ritholtz.com/blog/2009/04/corporate-earnings-through-recessions/comment-page-2/#comment-163512</link>
		<dc:creator>MRegan</dc:creator>
		<pubDate>Mon, 20 Apr 2009 21:14:49 +0000</pubDate>
		<guid isPermaLink="false">http://www.ritholtz.com/blog/?p=23938#comment-163512</guid>
		<description>TZ-

Re Morales, yes. However, the lowlands separatists are really, really bad people. Regarding Duayer, in over his head, but the guys he was with- former mercs from the Balkans wars. Here is something to ponder, why would someone posting on a storm front  bulletin (white supremacist site) know about Duayer and what is the link to a private bodyguards company (which operates in Ireland and Croatia)? I don&#039;t know anything about the kid other than what was on a bloggers site and in the news sites out of Ireland. The stuff out of Bolivia in Spanish is challenging, so to speak. But what went down, it is a very big deal. The armed opposition is being routed. As for the Irish Minister, he&#039;s already been told what he is going to find out (IMHO). In the report below they leave out that he went to the US before arriving in Bolivia.

From an Irish report: http://www.irishtimes.com/newspaper/breaking/2009/0420/breaking22.htm

&quot;The Irishman graduated from Galway-Mayo Institute of Technology last summer. He had worked as a security guard for a Galway firm while in college and began working for them full-time after graduation. He went to Bolivia on a three-month training course last November.

It appears he met Mr Flores in January and was offered work by him. Mr Dwyer&#039;s family are said to be keen to find out the nature of Mr Flores&#039;s firm&#039;s work and what Mr Dwyer knew about it. A family spokesman said they had many unanswered questions.

Mr Flores was a journalist born in Bolivia with Croatian nationality who had fought in the Balkan wars.

Zoltan Brady, editor of a magazine for which Mr Flores wrote in Hungary, said he had gone to Bolivia last spring &quot;to fight against its communist government&quot; and for the independence of the province of Santa Cruz. He dismissed suggestions Mr Flores was a hired assassin.&quot;</description>
		<content:encoded><![CDATA[<p>TZ-</p>
<p>Re Morales, yes. However, the lowlands separatists are really, really bad people. Regarding Duayer, in over his head, but the guys he was with- former mercs from the Balkans wars. Here is something to ponder, why would someone posting on a storm front  bulletin (white supremacist site) know about Duayer and what is the link to a private bodyguards company (which operates in Ireland and Croatia)? I don&#8217;t know anything about the kid other than what was on a bloggers site and in the news sites out of Ireland. The stuff out of Bolivia in Spanish is challenging, so to speak. But what went down, it is a very big deal. The armed opposition is being routed. As for the Irish Minister, he&#8217;s already been told what he is going to find out (IMHO). In the report below they leave out that he went to the US before arriving in Bolivia.</p>
<p>From an Irish report: <a href="http://www.irishtimes.com/newspaper/breaking/2009/0420/breaking22.htm" rel="nofollow">http://www.irishtimes.com/newspaper/breaking/2009/0420/breaking22.htm</a></p>
<p>&#8220;The Irishman graduated from Galway-Mayo Institute of Technology last summer. He had worked as a security guard for a Galway firm while in college and began working for them full-time after graduation. He went to Bolivia on a three-month training course last November.</p>
<p>It appears he met Mr Flores in January and was offered work by him. Mr Dwyer&#8217;s family are said to be keen to find out the nature of Mr Flores&#8217;s firm&#8217;s work and what Mr Dwyer knew about it. A family spokesman said they had many unanswered questions.</p>
<p>Mr Flores was a journalist born in Bolivia with Croatian nationality who had fought in the Balkan wars.</p>
<p>Zoltan Brady, editor of a magazine for which Mr Flores wrote in Hungary, said he had gone to Bolivia last spring &#8220;to fight against its communist government&#8221; and for the independence of the province of Santa Cruz. He dismissed suggestions Mr Flores was a hired assassin.&#8221;</p>
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		<title>By: Bruce N Tennessee</title>
		<link>http://www.ritholtz.com/blog/2009/04/corporate-earnings-through-recessions/comment-page-1/#comment-163511</link>
		<dc:creator>Bruce N Tennessee</dc:creator>
		<pubDate>Mon, 20 Apr 2009 20:47:37 +0000</pubDate>
		<guid isPermaLink="false">http://www.ritholtz.com/blog/?p=23938#comment-163511</guid>
		<description>@Transor Z...that made me grin....pretty good comment</description>
		<content:encoded><![CDATA[<p>@Transor Z&#8230;that made me grin&#8230;.pretty good comment</p>
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		<title>By: R. Timm</title>
		<link>http://www.ritholtz.com/blog/2009/04/corporate-earnings-through-recessions/comment-page-1/#comment-163506</link>
		<dc:creator>R. Timm</dc:creator>
		<pubDate>Mon, 20 Apr 2009 20:40:49 +0000</pubDate>
		<guid isPermaLink="false">http://www.ritholtz.com/blog/?p=23938#comment-163506</guid>
		<description>The fallacy of this chart is that it is demonstrating how far we are below fake earnings now that those fake earnings are being removed with losses.  As a simplified example: when bank X wrote an interest only mortgage it booked profits on a bunch of non-cash revenue that in reality it would never see.  Now the banks are using write downs to remove those fake earnings.  Lever that X30 or X40 and it is big money.  The write-downs will not last forever though so even if financials don&#039;t have any earnings from here on out that black line will spike back up.  If the price peak from which you are measuring was meaningless does the rest of the chart have any value?

Given that I think the chart is fairly meaningless as a historical comparison I can&#039;t blame the creators too much.  There isn&#039;t exactly a way to normalize earnings for a credit bubble, commodity bubble, and housing bubble all occuring in close proximity.</description>
		<content:encoded><![CDATA[<p>The fallacy of this chart is that it is demonstrating how far we are below fake earnings now that those fake earnings are being removed with losses.  As a simplified example: when bank X wrote an interest only mortgage it booked profits on a bunch of non-cash revenue that in reality it would never see.  Now the banks are using write downs to remove those fake earnings.  Lever that X30 or X40 and it is big money.  The write-downs will not last forever though so even if financials don&#8217;t have any earnings from here on out that black line will spike back up.  If the price peak from which you are measuring was meaningless does the rest of the chart have any value?</p>
<p>Given that I think the chart is fairly meaningless as a historical comparison I can&#8217;t blame the creators too much.  There isn&#8217;t exactly a way to normalize earnings for a credit bubble, commodity bubble, and housing bubble all occuring in close proximity.</p>
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		<title>By: Transor Z</title>
		<link>http://www.ritholtz.com/blog/2009/04/corporate-earnings-through-recessions/comment-page-1/#comment-163500</link>
		<dc:creator>Transor Z</dc:creator>
		<pubDate>Mon, 20 Apr 2009 20:29:09 +0000</pubDate>
		<guid isPermaLink="false">http://www.ritholtz.com/blog/?p=23938#comment-163500</guid>
		<description>@ Bruce: I think you&#039;re being too hard on your dog.</description>
		<content:encoded><![CDATA[<p>@ Bruce: I think you&#8217;re being too hard on your dog.</p>
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		<title>By: Bruce N Tennessee</title>
		<link>http://www.ritholtz.com/blog/2009/04/corporate-earnings-through-recessions/comment-page-1/#comment-163497</link>
		<dc:creator>Bruce N Tennessee</dc:creator>
		<pubDate>Mon, 20 Apr 2009 20:20:30 +0000</pubDate>
		<guid isPermaLink="false">http://www.ritholtz.com/blog/?p=23938#comment-163497</guid>
		<description>All this time I was taking you more seriously than I should have been...</description>
		<content:encoded><![CDATA[<p>All this time I was taking you more seriously than I should have been&#8230;</p>
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		<title>By: Transor Z</title>
		<link>http://www.ritholtz.com/blog/2009/04/corporate-earnings-through-recessions/comment-page-1/#comment-163495</link>
		<dc:creator>Transor Z</dc:creator>
		<pubDate>Mon, 20 Apr 2009 20:18:29 +0000</pubDate>
		<guid isPermaLink="false">http://www.ritholtz.com/blog/?p=23938#comment-163495</guid>
		<description>@MRegan: Somehow I don&#039;t see him as the type to buddy up to nazis. But I could be wrong. :)

I think the jury is still out on Morales. I think it&#039;s very unlikely Dwyer was an assassin. We&#039;ll have to see what the Irish minister can find out I guess.</description>
		<content:encoded><![CDATA[<p>@MRegan: Somehow I don&#8217;t see him as the type to buddy up to nazis. But I could be wrong. <img src='http://www.ritholtz.com/blog/wp-includes/images/smilies/icon_smile.gif' alt=':)' class='wp-smiley' /> </p>
<p>I think the jury is still out on Morales. I think it&#8217;s very unlikely Dwyer was an assassin. We&#8217;ll have to see what the Irish minister can find out I guess.</p>
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		<title>By: Bruce N Tennessee</title>
		<link>http://www.ritholtz.com/blog/2009/04/corporate-earnings-through-recessions/comment-page-1/#comment-163494</link>
		<dc:creator>Bruce N Tennessee</dc:creator>
		<pubDate>Mon, 20 Apr 2009 20:18:14 +0000</pubDate>
		<guid isPermaLink="false">http://www.ritholtz.com/blog/?p=23938#comment-163494</guid>
		<description>Franklin..ok...but please don&#039;t tell me you are an avid gamer...now I feel like I&#039;m trying to discuss rainfall with my dog..you have hurt my feelings...</description>
		<content:encoded><![CDATA[<p>Franklin..ok&#8230;but please don&#8217;t tell me you are an avid gamer&#8230;now I feel like I&#8217;m trying to discuss rainfall with my dog..you have hurt my feelings&#8230;</p>
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