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	<title>Comments on: Monday Reading</title>
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	<link>http://www.ritholtz.com/blog/2009/10/monday-reading-3/</link>
	<description>Macro Perspective on the Capital Markets, Economy, Geopolitics, Technology, and Digital Media</description>
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		<title>By: Mark E Hoffer</title>
		<link>http://www.ritholtz.com/blog/2009/10/monday-reading-3/comment-page-2/#comment-227717</link>
		<dc:creator>Mark E Hoffer</dc:creator>
		<pubDate>Tue, 20 Oct 2009 19:58:34 +0000</pubDate>
		<guid isPermaLink="false">http://www.ritholtz.com/blog/?p=41657#comment-227717</guid>
		<description>Dogfish, 

w/ http://clusty.com/search?input-form=clusty-simple&amp;v%3Asources=webplus&amp;query=Lavon+Affair+USS+Liberty

and http://clusty.com/search?input-form=clusty-simple&amp;v%3Asources=webplus&amp;query=Odigo+Zim+Trading+WTC+Security

I find it amazing that there&#039;s been so little interest in the, actual, events of that day..

and to your point about Israel being able to take care of herself http://clusty.com/search?input-form=clusty-simple&amp;v%3Asources=webplus&amp;query=Israel+Dimona+NPT they, certainly, have the means..

We&#039;ve mishandle our relationship with Israel, and, as we&#039;re learning, it isn&#039;t doing us much good..</description>
		<content:encoded><![CDATA[<p>Dogfish, </p>
<p>w/ <a href="http://clusty.com/search?input-form=clusty-simple&#038;v%3Asources=webplus&#038;query=Lavon+Affair+USS+Liberty" rel="nofollow">http://clusty.com/search?input-form=clusty-simple&#038;v%3Asources=webplus&#038;query=Lavon+Affair+USS+Liberty</a></p>
<p>and <a href="http://clusty.com/search?input-form=clusty-simple&#038;v%3Asources=webplus&#038;query=Odigo+Zim+Trading+WTC+Security" rel="nofollow">http://clusty.com/search?input-form=clusty-simple&#038;v%3Asources=webplus&#038;query=Odigo+Zim+Trading+WTC+Security</a></p>
<p>I find it amazing that there&#8217;s been so little interest in the, actual, events of that day..</p>
<p>and to your point about Israel being able to take care of herself <a href="http://clusty.com/search?input-form=clusty-simple&#038;v%3Asources=webplus&#038;query=Israel+Dimona+NPT" rel="nofollow">http://clusty.com/search?input-form=clusty-simple&#038;v%3Asources=webplus&#038;query=Israel+Dimona+NPT</a> they, certainly, have the means..</p>
<p>We&#8217;ve mishandle our relationship with Israel, and, as we&#8217;re learning, it isn&#8217;t doing us much good..</p>
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		<title>By: Dogfish</title>
		<link>http://www.ritholtz.com/blog/2009/10/monday-reading-3/comment-page-2/#comment-227703</link>
		<dc:creator>Dogfish</dc:creator>
		<pubDate>Tue, 20 Oct 2009 19:22:15 +0000</pubDate>
		<guid isPermaLink="false">http://www.ritholtz.com/blog/?p=41657#comment-227703</guid>
		<description>I didn&#039;t even need to click on the clusty links after I saw what the query variables contained...  :)  

I would add Lavon Affair and USS Liberty to the list.  And Iraq War, and (possibly, controversially) 9/11.  They have been caught numerous times doing false flags... as to 9/11, check out Odigo, Urban Moving Systems, and the companies who took over security for the airports involved in 9/11 and London on 7/7.  It all points to Mossad/Israel, and they&#039;ve done it before (aforementioned Lavon and USS Liberty).

I think a good first step would be to withhold all foreign aid to them until they properly address all the UN Resolutions against them for their treatment of the Palestinians.  Or at least until they stop building more settlements (Which would address several of the resolutions).

Its ironic to me how we used one UN Resolution to justify invading Iraq and overthrowing Saddam (really at their request), yet continue to give favored status and guaranteed security council veto votes to a country that has dozens of resolutions against it, the only country in the region that has nukes, and they are not a signatory of the NPT while having those nukes (Since they won&#039;t admit although everyone knows it).

Which is why the whole Iran thing is bogus.  Israel can defend herself and turn all of Iran into green glass if necessary.  It&#039;s not about security, it&#039;s about expansion and destabilizing any other country in the region that might stand in the way.</description>
		<content:encoded><![CDATA[<p>I didn&#8217;t even need to click on the clusty links after I saw what the query variables contained&#8230;  :)  </p>
<p>I would add Lavon Affair and USS Liberty to the list.  And Iraq War, and (possibly, controversially) 9/11.  They have been caught numerous times doing false flags&#8230; as to 9/11, check out Odigo, Urban Moving Systems, and the companies who took over security for the airports involved in 9/11 and London on 7/7.  It all points to Mossad/Israel, and they&#8217;ve done it before (aforementioned Lavon and USS Liberty).</p>
<p>I think a good first step would be to withhold all foreign aid to them until they properly address all the UN Resolutions against them for their treatment of the Palestinians.  Or at least until they stop building more settlements (Which would address several of the resolutions).</p>
<p>Its ironic to me how we used one UN Resolution to justify invading Iraq and overthrowing Saddam (really at their request), yet continue to give favored status and guaranteed security council veto votes to a country that has dozens of resolutions against it, the only country in the region that has nukes, and they are not a signatory of the NPT while having those nukes (Since they won&#8217;t admit although everyone knows it).</p>
<p>Which is why the whole Iran thing is bogus.  Israel can defend herself and turn all of Iran into green glass if necessary.  It&#8217;s not about security, it&#8217;s about expansion and destabilizing any other country in the region that might stand in the way.</p>
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		<title>By: Mark E Hoffer</title>
		<link>http://www.ritholtz.com/blog/2009/10/monday-reading-3/comment-page-2/#comment-227699</link>
		<dc:creator>Mark E Hoffer</dc:creator>
		<pubDate>Tue, 20 Oct 2009 19:03:05 +0000</pubDate>
		<guid isPermaLink="false">http://www.ritholtz.com/blog/?p=41657#comment-227699</guid>
		<description>Dogfish, 

missed your post in all the Wang-dude back &#039;n forth..

&quot;Did you see the comments the other week by El Baradei, stating that the greatest danger to the region isn’t Iran’s nukes, but Israel’s aggression?

Also, good post by Greenwald today on “why they hate us”…
ht tp://www.salon.com/opinion/greenwald/2009/10/19/rohde/

Even with all that, I think another war would do wonders to distract our fellow citizens from their economic worries! Also, GE was down a bit this quarter, it’s our duty to order more weapons from them and their subsidiaries to support this fine American corporation who only has our best interests at heart. If you don’t believe me, go watch some of NBC’s analysis on the situation.&quot;

to me, El Baradei is correct.  We&#039;d do well to wonder what We, really, get in return for our support of Israel.  They should learn to play nice with others, at the minimum.
http://clusty.com/search?input-form=clusty-simple&amp;v%3Asources=webplus&amp;query=AIPAC+spying
http://clusty.com/search?input-form=clusty-simple&amp;v%3Asources=webplus&amp;query=Mearsheimer+Walt might be good places to start..

Greenwald, as well, is a sharp cat.  I, too, find his stuff worth reading.
And, re: the GE set piece, it&#039;s, too much, like that..</description>
		<content:encoded><![CDATA[<p>Dogfish, </p>
<p>missed your post in all the Wang-dude back &#8216;n forth..</p>
<p>&#8220;Did you see the comments the other week by El Baradei, stating that the greatest danger to the region isn’t Iran’s nukes, but Israel’s aggression?</p>
<p>Also, good post by Greenwald today on “why they hate us”…<br />
ht tp://www.salon.com/opinion/greenwald/2009/10/19/rohde/</p>
<p>Even with all that, I think another war would do wonders to distract our fellow citizens from their economic worries! Also, GE was down a bit this quarter, it’s our duty to order more weapons from them and their subsidiaries to support this fine American corporation who only has our best interests at heart. If you don’t believe me, go watch some of NBC’s analysis on the situation.&#8221;</p>
<p>to me, El Baradei is correct.  We&#8217;d do well to wonder what We, really, get in return for our support of Israel.  They should learn to play nice with others, at the minimum.<br />
<a href="http://clusty.com/search?input-form=clusty-simple&#038;v%3Asources=webplus&#038;query=AIPAC+spying" rel="nofollow">http://clusty.com/search?input-form=clusty-simple&#038;v%3Asources=webplus&#038;query=AIPAC+spying</a><br />
<a href="http://clusty.com/search?input-form=clusty-simple&#038;v%3Asources=webplus&#038;query=Mearsheimer+Walt" rel="nofollow">http://clusty.com/search?input-form=clusty-simple&#038;v%3Asources=webplus&#038;query=Mearsheimer+Walt</a> might be good places to start..</p>
<p>Greenwald, as well, is a sharp cat.  I, too, find his stuff worth reading.<br />
And, re: the GE set piece, it&#8217;s, too much, like that..</p>
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		<title>By: How the Common Man Sees It</title>
		<link>http://www.ritholtz.com/blog/2009/10/monday-reading-3/comment-page-2/#comment-227611</link>
		<dc:creator>How the Common Man Sees It</dc:creator>
		<pubDate>Tue, 20 Oct 2009 16:05:18 +0000</pubDate>
		<guid isPermaLink="false">http://www.ritholtz.com/blog/?p=41657#comment-227611</guid>
		<description>&lt;i&gt;And I decide holding gold is better than holding cash,
especially now, where both earn no yield&lt;/i&gt;

I nominate this line as being the single best line of the crisis</description>
		<content:encoded><![CDATA[<p><i>And I decide holding gold is better than holding cash,<br />
especially now, where both earn no yield</i></p>
<p>I nominate this line as being the single best line of the crisis</p>
]]></content:encoded>
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		<title>By: VennData</title>
		<link>http://www.ritholtz.com/blog/2009/10/monday-reading-3/comment-page-2/#comment-227528</link>
		<dc:creator>VennData</dc:creator>
		<pubDate>Tue, 20 Oct 2009 11:43:14 +0000</pubDate>
		<guid isPermaLink="false">http://www.ritholtz.com/blog/?p=41657#comment-227528</guid>
		<description>The Very Separate World of Conservative Republicans

http://www.democracycorps.com/focus/2009/10/the-very-separate-world-of-conservative-republicans/

&quot;The self-identifying conservative Republicans who make up the base of the Republican Party stand a world apart from the rest of America, according to focus groups conducted by Democracy Corps. These base Republican voters dislike Barack Obama to be sure – which is not very surprising as base Democrats had few positive things to say about George Bush – but these voters identify themselves as part of a ‘mocked’ minority with a set of shared beliefs and knowledge, and commitment to oppose Obama that sets them apart from the majority in the country.  They believe Obama is ruthlessly advancing a ‘secret agenda’ to bankrupt the United States and dramatically expand government control to an extent nothing short of socialism.  They overwhelmingly view a successful Obama presidency as the destruction of this country’s founding principles and are committed to seeing the president fail.&quot;

Looks like the GOP is becoming the Tin Foil Hat Party.</description>
		<content:encoded><![CDATA[<p>The Very Separate World of Conservative Republicans</p>
<p><a href="http://www.democracycorps.com/focus/2009/10/the-very-separate-world-of-conservative-republicans/" rel="nofollow">http://www.democracycorps.com/focus/2009/10/the-very-separate-world-of-conservative-republicans/</a></p>
<p>&#8220;The self-identifying conservative Republicans who make up the base of the Republican Party stand a world apart from the rest of America, according to focus groups conducted by Democracy Corps. These base Republican voters dislike Barack Obama to be sure – which is not very surprising as base Democrats had few positive things to say about George Bush – but these voters identify themselves as part of a ‘mocked’ minority with a set of shared beliefs and knowledge, and commitment to oppose Obama that sets them apart from the majority in the country.  They believe Obama is ruthlessly advancing a ‘secret agenda’ to bankrupt the United States and dramatically expand government control to an extent nothing short of socialism.  They overwhelmingly view a successful Obama presidency as the destruction of this country’s founding principles and are committed to seeing the president fail.&#8221;</p>
<p>Looks like the GOP is becoming the Tin Foil Hat Party.</p>
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		<title>By: The Window Washer</title>
		<link>http://www.ritholtz.com/blog/2009/10/monday-reading-3/comment-page-2/#comment-227494</link>
		<dc:creator>The Window Washer</dc:creator>
		<pubDate>Tue, 20 Oct 2009 05:11:39 +0000</pubDate>
		<guid isPermaLink="false">http://www.ritholtz.com/blog/?p=41657#comment-227494</guid>
		<description>420 fun with Einhorn

 call me ahab Says: 

420d- there are also more harmful things that are illegal like fraud- which i am waiting for the USG to get more vigilant about-

Ahab,
USG get more vigilant? Does the ceiling tile  in your office hold in the smell of your Grunk? Causing the cleaning crew to find your stash?
He...He..
Sorry, that buy near the top of housing was one of the first things that made me start to reconsider my BRK position. I didn&#039;t think the price fully discounted future energy prices properly. Takes a lot of juice to bake board but I digress.

 DL Says: 

I’m no big fan of tax increases, but think of all the money the government could raise by legalizing weed and taxing it.


DL 
Lets get this cleared up.

IT&#039;S A WEED!
 If it&#039;s legal there is no tax base. Toss a couple of clones in the back yard and your worst problem is keeping out the neighborhood scamps each fall. Didn&#039;t you ever raid someones garden when you were a kid?
After fighting off the kids you clean out the corner in your garage where all the kids old bikes are with the clubs you don&#039;t use anymore and put up a growlight. 
Oh yeah then you declare the trade value on your 1040 for the bag you toss the guy that mows your lawn.



Not a smoker but last year I got some info that made me look  into the medical marijuana biz. I&#039;ve been doing some pretty serious work the last 6 months on it.
A little inside info for TBP crew:
Everyone thinks it&#039;s &quot;Boomtime&quot; or a &quot;gold rush&quot;

Wait for it............................

It&#039;s a race to the bottom.


Einhorn was great.

BARRY!!!! Give that boy posting power on the Think Tank PLEASE!!!!!!
Just give him access and send him a bottle of McCarthy&#039;s single malt on a Saturday.
Envision him getting a single malt from Portland, code attached, delivered by a blond in a Z car.
I insist Ms. BP spray a bit of gravel as she speeds away.

Good night, Barry. Good work. Sleep well. I’ll most likely kill you in the morning.”</description>
		<content:encoded><![CDATA[<p>420 fun with Einhorn</p>
<p> call me ahab Says: </p>
<p>420d- there are also more harmful things that are illegal like fraud- which i am waiting for the USG to get more vigilant about-</p>
<p>Ahab,<br />
USG get more vigilant? Does the ceiling tile  in your office hold in the smell of your Grunk? Causing the cleaning crew to find your stash?<br />
He&#8230;He..<br />
Sorry, that buy near the top of housing was one of the first things that made me start to reconsider my BRK position. I didn&#8217;t think the price fully discounted future energy prices properly. Takes a lot of juice to bake board but I digress.</p>
<p> DL Says: </p>
<p>I’m no big fan of tax increases, but think of all the money the government could raise by legalizing weed and taxing it.</p>
<p>DL<br />
Lets get this cleared up.</p>
<p>IT&#8217;S A WEED!<br />
 If it&#8217;s legal there is no tax base. Toss a couple of clones in the back yard and your worst problem is keeping out the neighborhood scamps each fall. Didn&#8217;t you ever raid someones garden when you were a kid?<br />
After fighting off the kids you clean out the corner in your garage where all the kids old bikes are with the clubs you don&#8217;t use anymore and put up a growlight.<br />
Oh yeah then you declare the trade value on your 1040 for the bag you toss the guy that mows your lawn.</p>
<p>Not a smoker but last year I got some info that made me look  into the medical marijuana biz. I&#8217;ve been doing some pretty serious work the last 6 months on it.<br />
A little inside info for TBP crew:<br />
Everyone thinks it&#8217;s &#8220;Boomtime&#8221; or a &#8220;gold rush&#8221;</p>
<p>Wait for it&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;.</p>
<p>It&#8217;s a race to the bottom.</p>
<p>Einhorn was great.</p>
<p>BARRY!!!! Give that boy posting power on the Think Tank PLEASE!!!!!!<br />
Just give him access and send him a bottle of McCarthy&#8217;s single malt on a Saturday.<br />
Envision him getting a single malt from Portland, code attached, delivered by a blond in a Z car.<br />
I insist Ms. BP spray a bit of gravel as she speeds away.</p>
<p>Good night, Barry. Good work. Sleep well. I’ll most likely kill you in the morning.”</p>
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		<title>By: Mark E Hoffer</title>
		<link>http://www.ritholtz.com/blog/2009/10/monday-reading-3/comment-page-2/#comment-227488</link>
		<dc:creator>Mark E Hoffer</dc:creator>
		<pubDate>Tue, 20 Oct 2009 04:02:26 +0000</pubDate>
		<guid isPermaLink="false">http://www.ritholtz.com/blog/?p=41657#comment-227488</guid>
		<description>&quot;I define a bureaucrat as a person who makes decisions affecting other people, but who has no personal stake in the outcome.

Some bureaucrat has decided that squirting an active virus up a child’s nose is a vaccination. That child will be infected, and will shed the active virus for several days everywhere the child goes. This guarantees the spread of the virus. We are told that this is a good idea. That is a lie.

Bureaucrats are in the habit of lying. Why not? They have job security, and they can’t lose. When the CDC was threatened with irrelevance during the ‘80s, they jumped on the news that a few gay men in San Francisco had died of exotic diseases. I was working in a small rural hospital at the time, and I wondered about the sudden hyperventilating in the press about this event. My best friend worked in a teaching hospital in Oakland and he started sending me local Berkeley papers with articles written by Peter Duesberg. As time passed, I handed copies of these articles to AIDS patients who began to trickle in. Those who stopped taking the toxic AIDS drugs and adopted a healthier lifestyle survived...&quot;
by Robert Klassen
Recently by Robert Klassen: MRSA Update
http://www.lewrockwell.com/klassen/klassen114.html#
~~
http://www.lewrockwell.com/celente/Future-Trends-2012-Celente.pdf
~~
&quot;...What I have found interesting about the Obama Administration is just how candid it is about controlling our lives. He and his minions are true progressives. The progressives of the early 1900s were very frank about their goals to use the power of the State and force people to live as the progressives thought they should...&quot;
http://bothwell.typepad.com/whos_your_nanny/2009/10/the-obama-administration-continues-its-destruction-of-the-us-economy.html

Wang-dude, 

remember, &quot;Differin&#039; opines, make&#039;m Run the Equuines.&quot;
past that, your fact set seems that of fancy..
fan·cy
1. The mental faculty through which whims, visions, and fantasies are summoned up; imagination, especially of a whimsical or fantastic nature.</description>
		<content:encoded><![CDATA[<p>&#8220;I define a bureaucrat as a person who makes decisions affecting other people, but who has no personal stake in the outcome.</p>
<p>Some bureaucrat has decided that squirting an active virus up a child’s nose is a vaccination. That child will be infected, and will shed the active virus for several days everywhere the child goes. This guarantees the spread of the virus. We are told that this is a good idea. That is a lie.</p>
<p>Bureaucrats are in the habit of lying. Why not? They have job security, and they can’t lose. When the CDC was threatened with irrelevance during the ‘80s, they jumped on the news that a few gay men in San Francisco had died of exotic diseases. I was working in a small rural hospital at the time, and I wondered about the sudden hyperventilating in the press about this event. My best friend worked in a teaching hospital in Oakland and he started sending me local Berkeley papers with articles written by Peter Duesberg. As time passed, I handed copies of these articles to AIDS patients who began to trickle in. Those who stopped taking the toxic AIDS drugs and adopted a healthier lifestyle survived&#8230;&#8221;<br />
by Robert Klassen<br />
Recently by Robert Klassen: MRSA Update<br />
<a href="http://www.lewrockwell.com/klassen/klassen114.html#" rel="nofollow">http://www.lewrockwell.com/klassen/klassen114.html#</a><br />
~~<br />
<a href="http://www.lewrockwell.com/celente/Future-Trends-2012-Celente.pdf" rel="nofollow">http://www.lewrockwell.com/celente/Future-Trends-2012-Celente.pdf</a><br />
~~<br />
&#8220;&#8230;What I have found interesting about the Obama Administration is just how candid it is about controlling our lives. He and his minions are true progressives. The progressives of the early 1900s were very frank about their goals to use the power of the State and force people to live as the progressives thought they should&#8230;&#8221;<br />
<a href="http://bothwell.typepad.com/whos_your_nanny/2009/10/the-obama-administration-continues-its-destruction-of-the-us-economy.html" rel="nofollow">http://bothwell.typepad.com/whos_your_nanny/2009/10/the-obama-administration-continues-its-destruction-of-the-us-economy.html</a></p>
<p>Wang-dude, </p>
<p>remember, &#8220;Differin&#8217; opines, make&#8217;m Run the Equuines.&#8221;<br />
past that, your fact set seems that of fancy..<br />
fan·cy<br />
1. The mental faculty through which whims, visions, and fantasies are summoned up; imagination, especially of a whimsical or fantastic nature.</p>
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		<title>By: Clay</title>
		<link>http://www.ritholtz.com/blog/2009/10/monday-reading-3/comment-page-2/#comment-227476</link>
		<dc:creator>Clay</dc:creator>
		<pubDate>Tue, 20 Oct 2009 02:52:01 +0000</pubDate>
		<guid isPermaLink="false">http://www.ritholtz.com/blog/?p=41657#comment-227476</guid>
		<description>The reported NAHB Housing Mkt Index (HMI) of 18 doesn&#039;t do much for me unless I can see a bigger picture.
The HMI was around 70 in 2004 and 2005.

The NAHB Housing Market Index chart with components from 1995:

http://www.nahb.org/fileUpload_details.aspx?contentID=57939</description>
		<content:encoded><![CDATA[<p>The reported NAHB Housing Mkt Index (HMI) of 18 doesn&#8217;t do much for me unless I can see a bigger picture.<br />
The HMI was around 70 in 2004 and 2005.</p>
<p>The NAHB Housing Market Index chart with components from 1995:</p>
<p><a href="http://www.nahb.org/fileUpload_details.aspx?contentID=57939" rel="nofollow">http://www.nahb.org/fileUpload_details.aspx?contentID=57939</a></p>
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		<title>By: rootless_cosmopolitan</title>
		<link>http://www.ritholtz.com/blog/2009/10/monday-reading-3/comment-page-2/#comment-227475</link>
		<dc:creator>rootless_cosmopolitan</dc:creator>
		<pubDate>Tue, 20 Oct 2009 02:26:53 +0000</pubDate>
		<guid isPermaLink="false">http://www.ritholtz.com/blog/?p=41657#comment-227475</guid>
		<description>Harry Wanger,

&quot;Are you drunk? High? Or just plain stupid? How is my claim that Industrial Production being best in 4 years a lie?? CBS says, &#039;Industrial output grows the most in four years&#039;. They must be lying through their teeth.&quot;

Please find someone who explains to you the semantic difference between the statement that a variable was best (highest, greatest, strongest etc.) and the statement that the change in the variable was best (highest, greatest, strongest etc.). But it doesn&#039;t even matter. The increase in industrial production from August to September was 0.7%. It was already higher from July to August with 1.2%, and June to July with 0.9%. The month-to-month increase was higher in October 2008 (1.3%) or February 2007 (0.8%) as well. The data can be found here:

http://research.stlouisfed.org/fred2/series/INDPRO?cid=3

But what are officially released data compared to what you say you have heard on TV. I guess I just can&#039;t keep up with that.

&quot;I’ve told you and just about everybody over and over that the market based on historical p/e adjusted for inflation is just under fair value. You want me to say it again? I just did.&quot;

Argumentum ad nauseam. Just repeating a claim over and over doesn&#039;t make it true. You have said a log of things here. See our BS about industrial production. Why would anyone trust your word? Back your claim up with data and disclose your sources.

rc</description>
		<content:encoded><![CDATA[<p>Harry Wanger,</p>
<p>&#8220;Are you drunk? High? Or just plain stupid? How is my claim that Industrial Production being best in 4 years a lie?? CBS says, &#8216;Industrial output grows the most in four years&#8217;. They must be lying through their teeth.&#8221;</p>
<p>Please find someone who explains to you the semantic difference between the statement that a variable was best (highest, greatest, strongest etc.) and the statement that the change in the variable was best (highest, greatest, strongest etc.). But it doesn&#8217;t even matter. The increase in industrial production from August to September was 0.7%. It was already higher from July to August with 1.2%, and June to July with 0.9%. The month-to-month increase was higher in October 2008 (1.3%) or February 2007 (0.8%) as well. The data can be found here:</p>
<p><a href="http://research.stlouisfed.org/fred2/series/INDPRO?cid=3" rel="nofollow">http://research.stlouisfed.org/fred2/series/INDPRO?cid=3</a></p>
<p>But what are officially released data compared to what you say you have heard on TV. I guess I just can&#8217;t keep up with that.</p>
<p>&#8220;I’ve told you and just about everybody over and over that the market based on historical p/e adjusted for inflation is just under fair value. You want me to say it again? I just did.&#8221;</p>
<p>Argumentum ad nauseam. Just repeating a claim over and over doesn&#8217;t make it true. You have said a log of things here. See our BS about industrial production. Why would anyone trust your word? Back your claim up with data and disclose your sources.</p>
<p>rc</p>
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		<title>By: Melvis</title>
		<link>http://www.ritholtz.com/blog/2009/10/monday-reading-3/comment-page-2/#comment-227474</link>
		<dc:creator>Melvis</dc:creator>
		<pubDate>Tue, 20 Oct 2009 02:13:16 +0000</pubDate>
		<guid isPermaLink="false">http://www.ritholtz.com/blog/?p=41657#comment-227474</guid>
		<description>I am currently reading the book, This Time is Different: Eight Centuries of Financial Folly by Carmen M. Reinhart and Kenneth Rogoff and highly recommend it. 

Also very much liked the Monday Reading article by Einhorn on gold, sovereign default, and more.  Very, very sobering.  Currently I have about 3% of my portfolio in GLD but am thinking about increasing that to about 10% to 15% as a form insurance against a currency crisis. 

This quote stood out to me from the article:

 &quot;When I watch Chairman Bernanke, Secretary Geithner and Mr. Summers on TV, read 
speeches written by the Fed Governors, observe the “stimulus” black hole, and think about 
our short-termism and lack of fiscal discipline and political will, my instinct is to want to 
short the dollar.  But then I look at the other major currencies.  The Euro, the Yen, and the 
British Pound might be worse.  So, I conclude that picking one these currencies is like 
choosing my favorite dental procedure.  And I decide holding gold is better than holding cash, 
especially now, where both earn no yield. 
  
Along these same lines, we have bought long-dated options on much higher U.S. and 
Japanese interest rates.  The options in Japan are particularly cheap because the historical 
volatility is so low.  I prefer options to simply shorting government bonds, because there 
remains a possibility of a further government bond rally in response to the economy rolling 
over again.  With options, I can clearly limit how much I am willing to lose, while creating a 
lot of leverage to a possible rate spiral.</description>
		<content:encoded><![CDATA[<p>I am currently reading the book, This Time is Different: Eight Centuries of Financial Folly by Carmen M. Reinhart and Kenneth Rogoff and highly recommend it. </p>
<p>Also very much liked the Monday Reading article by Einhorn on gold, sovereign default, and more.  Very, very sobering.  Currently I have about 3% of my portfolio in GLD but am thinking about increasing that to about 10% to 15% as a form insurance against a currency crisis. </p>
<p>This quote stood out to me from the article:</p>
<p> &#8220;When I watch Chairman Bernanke, Secretary Geithner and Mr. Summers on TV, read<br />
speeches written by the Fed Governors, observe the “stimulus” black hole, and think about<br />
our short-termism and lack of fiscal discipline and political will, my instinct is to want to<br />
short the dollar.  But then I look at the other major currencies.  The Euro, the Yen, and the<br />
British Pound might be worse.  So, I conclude that picking one these currencies is like<br />
choosing my favorite dental procedure.  And I decide holding gold is better than holding cash,<br />
especially now, where both earn no yield. </p>
<p>Along these same lines, we have bought long-dated options on much higher U.S. and<br />
Japanese interest rates.  The options in Japan are particularly cheap because the historical<br />
volatility is so low.  I prefer options to simply shorting government bonds, because there<br />
remains a possibility of a further government bond rally in response to the economy rolling<br />
over again.  With options, I can clearly limit how much I am willing to lose, while creating a<br />
lot of leverage to a possible rate spiral.</p>
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