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…11 Jul-11 Effective tax rate on the Equivalent effective tax rate after Renters accounting for OE impact Source: Bloomberg. Source:J.P. Morgan Private Bank, Tax Policy Center, CCH. There are some heretical critiques of zerophilia, chief among them Jeremy Grantham's "Night of the Living Fed' from October 2010. Grantham sees misallocation of resources; unproductive speculation; unrealistic return assumptions by companies, endowments, individuals and pension funds and the consequential excess commitments they make; the impact on commodity prices…