| jm9i5n75yc | Date: Monday, 2014-01-13, 11:01 PM | Message # 1 |
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| e typical Econ chart of this is drawn in terms of liquidity preference, that is, desired cash holdings plotted against interest rates. When interest rates are high, people choose to hold less cash because cash doesnt earn interest. As interest rates decline toward zero and especially if the Fed chooses to pay banks interest on cash reserves, which is presently the case, there is no effective difference between holding riskless debt securities say, Treasury bills and riskless cash balances, so additional cash balances are simply kept idle. Velocity A related way to think about a liquidity trap is in terms of monetary velocity: nominal GDP divided the monetary base. The identity, which is true definition, is MV = PY – the monetary base times velocity is equal to the price level times real output. Velocity is just the dollar value of GDP that the economy produces per dollar of monetary base. You can also think of velocity as the number of times that one dollar turns over each year to purchase goods and services in the economy. Rising velocity implies that money is turni
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ley Brian Rogers T. Rowe Price chairman: Well I think over the next five to seven years, our outlook is good. I mean, I believe this is a bump in the road. If we keep our investment organization together, if we offer our clients a good value proposition, if we provide them with great service, if we run the company with integrity, which I think is important, and clients feel rewarded investing with us, I think well do fine. And I think when the economy begins to recover and you know if you read what Tom Friedman writes, which is very front page these days, the world is getting much more, much more flat in terms of economic activity. I think the outlook for companies T. Rowe Price over the longterm is very positive. Forbes: Why isnt there more of an industry in analyzing funds, do you think Don Phillips Morningstar managing director: Well the real thing that surprises me is not that theres not more fund research, but there isnt more what I would call fundamental fund research. You know, the vast majority of fund research is superficial. And I mean that in a literal sense
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re , acres across ten villages that will affect , landowners but has met with resistance even as it is being accused of bullying and pressure tactics. Tata washes its hands of those allegations. Land acquisition is the governments job, says a spokesperson. Acres of rice, chickpeas and lentils stretch to the horizon. Standing among rows of chickpeas on his acres, Hidmo Mandavi, the village head, says Tata reps have been telling him and other farmers to sell the land and have offered them jobs in the new steel factory. Were not engineers, he says. Well get jobs–but jobs where well be serving water to others or sweeping the floors. Right now we live owners. Why should we become servants Their defiance doesnt go down well, even in the worlds largest democracy. The police have been breaking up gatherings of as few as five people. A couple of winters ago two busloads of villagers were on their way to meet the governor of Chhattisgarh to complain about being bullied into selling their land for the Tata plant when the police stopped their buses and hauled them off to jail. Mas
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lowered the fees for listing and promoting items. In May he cut a deal with Buy to land more books, DVDs and electronics, big categories for Amazon. Ebays search technology no longer defaults to listing the auction ending soonest, which guaranteed every seller a shot at prime placement. Now it uses a more Google relevancy criteria for results. But Donahoes problems lie far deeper than what a tweak to the listing fees can fix. In the companys trenches the joke is that eBay has become the IBM of Silicon Valley, referring to the computer makers infamously bureaucratic rituals that bogged it down two decades ago. Interviews with a score of current and former eBay employees point to endless meetings and an overemphasis on getting ideas put in a deck PowerPoint slides rather than on true innovation. They say eBay is cluttered with businessconsultant types who are out of touch with customers, lacking in technological vision and prone to sheep thinking, while the iconoclastic engineers just take orders. Meg Whitman cut her teeth at Bain amp Co. before layovers at Disney an
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