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	<title>Tom's Blog On Markets &#38; Investments &#187; Bonds</title>
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	<link>http://tom-davis.us</link>
	<description>The Official Blog For Tom Davis</description>
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		<title>No More CDS? At All? Ever?  Maybe So.</title>
		<link>http://tom-davis.us/2009/11/07/no-more-cds/</link>
		<comments>http://tom-davis.us/2009/11/07/no-more-cds/#comments</comments>
		<pubDate>Sat, 07 Nov 2009 19:07:16 +0000</pubDate>
		<dc:creator>Tom</dc:creator>
				<category><![CDATA[Alternative Investments]]></category>
		<category><![CDATA[Bonds]]></category>
		<category><![CDATA[Credit Markets]]></category>
		<category><![CDATA[CDS]]></category>
		<category><![CDATA[clearinghouse]]></category>
		<category><![CDATA[credit default swaps]]></category>
		<category><![CDATA[David Einhorn]]></category>
		<category><![CDATA[Greenlight Capital]]></category>

		<guid isPermaLink="false">http://tom-davis.us/?p=292</guid>
		<description><![CDATA[That&#8217;s CDS (as in Credit Default Swaps), not the computer disks or Certificates of Deposit.  But David Einhorn the well-known chief of Greenlight Capital has come out unequivocally against their existence in a letter to his investors documented in this FT Column.  I never thought I would see this coming from a well-known hedge fund [...]]]></description>
		<wfw:commentRss>http://tom-davis.us/2009/11/07/no-more-cds/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Oct. Jobs Report-First Thoughts</title>
		<link>http://tom-davis.us/2009/11/06/oct-jobs-report-first-thoughts/</link>
		<comments>http://tom-davis.us/2009/11/06/oct-jobs-report-first-thoughts/#comments</comments>
		<pubDate>Fri, 06 Nov 2009 14:13:50 +0000</pubDate>
		<dc:creator>Tom</dc:creator>
				<category><![CDATA[Bonds]]></category>
		<category><![CDATA[Credit Markets]]></category>
		<category><![CDATA[August jobs report]]></category>
		<category><![CDATA[Jobs report]]></category>
		<category><![CDATA[Non-farm payrolls]]></category>
		<category><![CDATA[October jobs report]]></category>
		<category><![CDATA[revisions]]></category>
		<category><![CDATA[September jobs report]]></category>

		<guid isPermaLink="false">http://tom-davis.us/?p=287</guid>
		<description><![CDATA[The 190,000 job loss number is a tad worse than expectations.  Lots of bearish commentary on CNBC and Bloomberg TV.  The bond market has not rallied like it did last month, though.  Price action in USTs, yields down 6 bps or so, suggests the number is not that much worse than expectations.  Now look at [...]]]></description>
		<wfw:commentRss>http://tom-davis.us/2009/11/06/oct-jobs-report-first-thoughts/feed/</wfw:commentRss>
		<slash:comments>1</slash:comments>
		</item>
		<item>
		<title>Hunting The Next Black Swan</title>
		<link>http://tom-davis.us/2009/09/16/hunting-the-next-black-swan/</link>
		<comments>http://tom-davis.us/2009/09/16/hunting-the-next-black-swan/#comments</comments>
		<pubDate>Thu, 17 Sep 2009 02:42:40 +0000</pubDate>
		<dc:creator>Tom</dc:creator>
				<category><![CDATA[Bonds]]></category>
		<category><![CDATA[Credit Markets]]></category>
		<category><![CDATA[CDS]]></category>
		<category><![CDATA[financial sector]]></category>
		<category><![CDATA[Good Markets]]></category>
		<category><![CDATA[limited purpose banking]]></category>
		<category><![CDATA[Quant]]></category>
		<category><![CDATA[Tipping Point]]></category>

		<guid isPermaLink="false">http://tom-davis.us/?p=220</guid>
		<description><![CDATA[Interesting story on NPR this afternoon that relates to the prospects for improved financial market regulatory reform.
What do sardine populations, Wall Street and Antarctica have in common? The answer is, they can all reach a critical moment — a tipping point — and change dramatically and unexpectedly.
Fish populations can crash. Markets can, too. And Antarctic [...]]]></description>
		<wfw:commentRss>http://tom-davis.us/2009/09/16/hunting-the-next-black-swan/feed/</wfw:commentRss>
		<slash:comments>2</slash:comments>
		</item>
		<item>
		<title>June Jobs Report</title>
		<link>http://tom-davis.us/2009/07/03/june-jobs-report/</link>
		<comments>http://tom-davis.us/2009/07/03/june-jobs-report/#comments</comments>
		<pubDate>Fri, 03 Jul 2009 15:46:07 +0000</pubDate>
		<dc:creator>admin</dc:creator>
				<category><![CDATA[Bonds]]></category>
		<category><![CDATA[Credit Markets]]></category>
		<category><![CDATA[Economy]]></category>
		<category><![CDATA[Jobs report]]></category>
		<category><![CDATA[Unemployment]]></category>

		<guid isPermaLink="false">http://tom-davis.us/?p=187</guid>
		<description><![CDATA[Hard to feel good about this report, as summarized by the WSJ this morning:
About the best we can say about yesterday&#8217;s June jobs report is that employment is usually a lagging economic indicator. At least we hope it is, because the loss of 467,000 jobs for the month is one more sign that the economy [...]]]></description>
		<wfw:commentRss>http://tom-davis.us/2009/07/03/june-jobs-report/feed/</wfw:commentRss>
		<slash:comments>1</slash:comments>
		</item>
		<item>
		<title>GM Will Be Navigating an Unusual Bankruptcy Process</title>
		<link>http://tom-davis.us/2009/05/26/147/</link>
		<comments>http://tom-davis.us/2009/05/26/147/#comments</comments>
		<pubDate>Tue, 26 May 2009 16:30:41 +0000</pubDate>
		<dc:creator>Tom</dc:creator>
				<category><![CDATA[Bonds]]></category>
		<category><![CDATA[Credit Markets]]></category>
		<category><![CDATA[Stocks]]></category>
		<category><![CDATA[bankruptcy]]></category>
		<category><![CDATA[Chapter 11]]></category>
		<category><![CDATA[Chapter 7]]></category>
		<category><![CDATA[creditors]]></category>
		<category><![CDATA[GM]]></category>
		<category><![CDATA[retailers]]></category>

		<guid isPermaLink="false">http://tom-davis.us/?p=147</guid>
		<description><![CDATA[With the GM bankruptcy filing apparently about a week away, it is interesting to listen to this Bloomberg podcast from January 15th, 2009 with Harvey R. Miller, partner at Weil Gotschal &#38; Manges LLP, James Sprayregen, a partner at Kirkland &#38; Ellis LLP, Larry Gottlieb, a partner at Cooley Godward Kronish LLP (a specialist in [...]]]></description>
		<wfw:commentRss>http://tom-davis.us/2009/05/26/147/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
<enclosure url="http://media.bloomberg.com/bb/avfile/Politics/Law/vW3Or4Biy5GY.mp3" length="26134508" type="audio/mpeg" />
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		<item>
		<title>Is This Early Cycle Behavior? Gold and Energy Up, Financials Down?</title>
		<link>http://tom-davis.us/2009/05/20/is-this-early-cycle-behavior-gold-and-energy-up-financials-down/</link>
		<comments>http://tom-davis.us/2009/05/20/is-this-early-cycle-behavior-gold-and-energy-up-financials-down/#comments</comments>
		<pubDate>Wed, 20 May 2009 18:20:47 +0000</pubDate>
		<dc:creator>Tom</dc:creator>
				<category><![CDATA[Bonds]]></category>
		<category><![CDATA[Stocks]]></category>
		<category><![CDATA[financial stocks]]></category>
		<category><![CDATA[sector rotation]]></category>

		<guid isPermaLink="false">http://tom-davis.us/?p=106</guid>
		<description><![CDATA[With an hour to go in US equity trading, growth indices are outperforming value stock indices, large, mid and small cap, about 2:1, across the board.  Growth is up about .75% and value shares up about half that.  The VIX is at its lowest level since the Lehman collapse last fall.  The Energy and Materials [...]]]></description>
		<wfw:commentRss>http://tom-davis.us/2009/05/20/is-this-early-cycle-behavior-gold-and-energy-up-financials-down/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Huge Derivatives Market Likely To Soon Be A Much More Efficient</title>
		<link>http://tom-davis.us/2009/05/14/otc-derivatives-likely-to-soon-be-exchange-traded/</link>
		<comments>http://tom-davis.us/2009/05/14/otc-derivatives-likely-to-soon-be-exchange-traded/#comments</comments>
		<pubDate>Thu, 14 May 2009 16:07:32 +0000</pubDate>
		<dc:creator>Tom</dc:creator>
				<category><![CDATA[Alternative Investments]]></category>
		<category><![CDATA[Bonds]]></category>
		<category><![CDATA[Credit Markets]]></category>
		<category><![CDATA[Stocks]]></category>
		<category><![CDATA[Uncategorized]]></category>

		<guid isPermaLink="false">http://predictivemarkets.wordpress.com/?p=35</guid>
		<description><![CDATA[Bloomberg reports this morning (in a poorly written lead) that SEC Chairwoman Mary Shapiro wants to take OTC derivative trading onto an exchange.
Which, it has been discovered, in the case of corporate bonds, drives down broker/dealer trading profits.  But here&#8217;s how Bloomberg writes the first sentence.
U.S. regulators may impose the same price reporting and transparency requirements [...]]]></description>
		<wfw:commentRss>http://tom-davis.us/2009/05/14/otc-derivatives-likely-to-soon-be-exchange-traded/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Broken Parts of Our Capital Markets, part one</title>
		<link>http://tom-davis.us/2009/05/01/broken-parts-of-our-capital-markets-part-one/</link>
		<comments>http://tom-davis.us/2009/05/01/broken-parts-of-our-capital-markets-part-one/#comments</comments>
		<pubDate>Fri, 01 May 2009 12:00:14 +0000</pubDate>
		<dc:creator>Tom</dc:creator>
				<category><![CDATA[Alternative Investments]]></category>
		<category><![CDATA[Bonds]]></category>
		<category><![CDATA[Credit Markets]]></category>
		<category><![CDATA[Stocks]]></category>
		<category><![CDATA[Uncategorized]]></category>

		<guid isPermaLink="false">http://predictivemarkets.wordpress.com/?p=29</guid>
		<description><![CDATA[This post could be a very long, but I&#8217;ll keep it short.  All I can do is chip away and start cataloging the most broken parts of our financial system.  Where do you start when there are so many candidates?  I&#8217;ve long thought that the rating agencies ought to be high on the list, and [...]]]></description>
		<wfw:commentRss>http://tom-davis.us/2009/05/01/broken-parts-of-our-capital-markets-part-one/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
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