Peripheral European countries will probably default per Professor Feldstein...Greece, Ireland and Portugal...

Martin Feldstein believes unemployment can decrease to 5.5% but it will be slow. Europe will have issues getting near these levels.

Professor Feldstein is concerned about the smaller commercial housing and residential housing debt issues.

At a Martin Feldstein speech and he suggests that a declining dollar may be the one way to avoid a 1 in 3 chance of a recession. Need exports to increase.

The stock market seems to be consolidating for a potential stronger move in the 4th quarter...stay tuned.

Adding foreign currency exposure this month to further diversify portfolios into our 5 multiple asset classes.