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	<title>the rational post &#187; banking system</title>
	<atom:link href="http://www.freedom24.org/rationalpost/tag/banking-system/feed/" rel="self" type="application/rss+xml" />
	<link>http://www.freedom24.org/rationalpost</link>
	<description>a collection of essays and articles on the science of everyday life</description>
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	<language>en</language>
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		<item>
		<title>the foreclosure mess</title>
		<link>http://www.freedom24.org/rationalpost/2010/10/16/the-foreclosure-mess/</link>
		<comments>http://www.freedom24.org/rationalpost/2010/10/16/the-foreclosure-mess/#comments</comments>
		<pubDate>Sat, 16 Oct 2010 15:58:54 +0000</pubDate>
		<dc:creator>The Editor</dc:creator>
				<category><![CDATA[financial crisis]]></category>
		<category><![CDATA[in other words]]></category>
		<category><![CDATA[bailout]]></category>
		<category><![CDATA[banking system]]></category>
		<category><![CDATA[capitalism]]></category>
		<category><![CDATA[corruption]]></category>
		<category><![CDATA[investment]]></category>
		<category><![CDATA[mortgage]]></category>
		<category><![CDATA[real estate]]></category>
		<category><![CDATA[regulation]]></category>
		<category><![CDATA[speculation]]></category>

		<guid isPermaLink="false">http://www.freedom24.org/rationalpost/?p=2382</guid>
		<description><![CDATA[A timely and frightening exploration of the causes and consequences of the emerging foreclosure mess. This close cousin of the earlier sub-prime mortgage debacle provides even more evidence of the financial industry&#8217;s hubris and inescapable self-interest. 
As the saying goes: garbage in, garbage out&#8230;
The Foreclosure Mess
October 15, 2010, Cumberland Advisors (www.cumber.com)
Dear Readers, this text came to me in an email from sources that are in the financial services business and with whom I have a personal relationship.  The original text was laced with expletives and I would not use it in the form I received it.  Therefore the text below has had some substantial editing in order to remove that language.  The intentions of the writer are undisturbed. ...]]></description>
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		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>the great recession: act ii</title>
		<link>http://www.freedom24.org/rationalpost/2010/08/11/the-great-recession-act-ii/</link>
		<comments>http://www.freedom24.org/rationalpost/2010/08/11/the-great-recession-act-ii/#comments</comments>
		<pubDate>Thu, 12 Aug 2010 00:55:54 +0000</pubDate>
		<dc:creator>The Editor</dc:creator>
				<category><![CDATA[featured]]></category>
		<category><![CDATA[financial crisis]]></category>
		<category><![CDATA[world affairs]]></category>
		<category><![CDATA[austerity]]></category>
		<category><![CDATA[bailout]]></category>
		<category><![CDATA[banking system]]></category>
		<category><![CDATA[capitalism]]></category>
		<category><![CDATA[crisis]]></category>
		<category><![CDATA[debate]]></category>
		<category><![CDATA[financial markets]]></category>
		<category><![CDATA[geopolitics]]></category>
		<category><![CDATA[history]]></category>
		<category><![CDATA[macroeconomics]]></category>
		<category><![CDATA[stimulus]]></category>

		<guid isPermaLink="false">http://www.freedom24.org/rationalpost/?p=2315</guid>
		<description><![CDATA[As Canadians sparred over fake lakes, budget-busting security, and the global capitalist conspiracy, the world’s twenty most influential leaders convened in Toronto this past June to negotiate a response to the worst financial crisis in generations. At issue was an age old debate between two economic philosophies: stimulus as a life vest versus stimulus as a straitjacket. The pro-life camp was championed by consumerist America and its global supply chain. The pro-restraint camp was led by conservative Germany and its regional demand chain. At risk were millions of jobs, trillions in debt, and quite possibly the fate of our modern political economy.
With so much on the line, the G20’s vague and non-committal communique was particularly troublesome, since a crisis this big requires a coordinated and comprehensive response. Instead, the world’s two largest economies spent ...]]></description>
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		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>a dose of reality</title>
		<link>http://www.freedom24.org/rationalpost/2010/05/05/a-dose-of-economic-reality/</link>
		<comments>http://www.freedom24.org/rationalpost/2010/05/05/a-dose-of-economic-reality/#comments</comments>
		<pubDate>Wed, 05 May 2010 15:06:39 +0000</pubDate>
		<dc:creator>The Editor</dc:creator>
				<category><![CDATA[featured]]></category>
		<category><![CDATA[financial crisis]]></category>
		<category><![CDATA[history & society]]></category>
		<category><![CDATA[bailout]]></category>
		<category><![CDATA[banking system]]></category>
		<category><![CDATA[behavioral]]></category>
		<category><![CDATA[capital markets]]></category>
		<category><![CDATA[capitalism]]></category>
		<category><![CDATA[geopolitics]]></category>
		<category><![CDATA[history]]></category>
		<category><![CDATA[investment]]></category>
		<category><![CDATA[investments]]></category>
		<category><![CDATA[macroeconomics]]></category>
		<category><![CDATA[politics]]></category>
		<category><![CDATA[rates]]></category>
		<category><![CDATA[real estate]]></category>
		<category><![CDATA[speculation]]></category>
		<category><![CDATA[unemployment]]></category>

		<guid isPermaLink="false">http://www.freedom24.org/rationalpost/?p=2163</guid>
		<description><![CDATA[Armies of bulls and bears are camped out on either side of the great debate over the future of the global economy. Armed with the latest statistics and plenty of financial incentive, both sides are engaged in massive media campaigns to rally anyone left on the fence &#8212; principally retail investors who were either burned in the great collapse of 2008-09 or sat out the fast and furious rally over the past 14 months. As the rhetoric heats up, it becomes increasingly difficult to choose sides. A careful examination of these competing wagers provides a more holistic perspective for anyone brave enough to join the fight.
Victory lap
Having survived the worst correction in generations, major indices are now back to levels ...]]></description>
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		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>turning a new leaf?</title>
		<link>http://www.freedom24.org/rationalpost/2010/04/07/turning-a-new-leaf/</link>
		<comments>http://www.freedom24.org/rationalpost/2010/04/07/turning-a-new-leaf/#comments</comments>
		<pubDate>Wed, 07 Apr 2010 20:56:52 +0000</pubDate>
		<dc:creator>The Editor</dc:creator>
				<category><![CDATA[financial crisis]]></category>
		<category><![CDATA[in other words]]></category>
		<category><![CDATA[banking system]]></category>
		<category><![CDATA[bubble]]></category>
		<category><![CDATA[crisis]]></category>
		<category><![CDATA[greenspan]]></category>
		<category><![CDATA[macroeconomics]]></category>
		<category><![CDATA[regulation]]></category>

		<guid isPermaLink="false">http://www.freedom24.org/rationalpost/?p=2068</guid>
		<description><![CDATA[Mr. Dollar testified before the Financial Crisis Inquiry Commission today about the challenges of a self-regulating market and the dangers that lie ahead. While his belief in free market capitalism remains unshaken, Greenspan&#8217;s warnings about the key attributes that should underpin a stable banking system &#8212; adequate capitalization, liquidity, and regulatory oversight &#8212; cast a surprising shot across the bow of modern banking giants who have grown a little too comfortable with their bailout blanket and artificially low interest rates. 
Whether the economy tips back into chaos or not remains to be seen, but the rare regulatory prudence recommended in the Maestro&#8217;s testimony is a welcome conservative voice in the growing chorus to reign in banking titans who seem unwilling ...]]></description>
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		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>market makers</title>
		<link>http://www.freedom24.org/rationalpost/2010/03/25/market-makers/</link>
		<comments>http://www.freedom24.org/rationalpost/2010/03/25/market-makers/#comments</comments>
		<pubDate>Fri, 26 Mar 2010 00:38:26 +0000</pubDate>
		<dc:creator>The Editor</dc:creator>
				<category><![CDATA[finance & economics]]></category>
		<category><![CDATA[financial crisis]]></category>
		<category><![CDATA[in other words]]></category>
		<category><![CDATA[banking system]]></category>
		<category><![CDATA[capital markets]]></category>
		<category><![CDATA[economics]]></category>
		<category><![CDATA[finance]]></category>
		<category><![CDATA[primer]]></category>
		<category><![CDATA[speculation]]></category>

		<guid isPermaLink="false">http://www.freedom24.org/rationalpost/?p=2040</guid>
		<description><![CDATA[As ideological battles are waged over the benefits of free markets, the challenges of financial regulation, the inefficiency of policymaking, and the design of a sustainable path forward, pundits often attack one another without a fundamental understanding of the mechanics of our modern financial system. This primer helps to explain the unique roles that banks and capital markets play in the efficient (and sometimes painfully inefficient) functioning of of modern society. While it won&#8217;t settle any debates, it certainly reminds us how little we may know about the way the economy works&#8230;


Did the Capital Markets Fail Us?
By Karen Johnson &#124; Thursday, March 25, 2010
Amid the debate about excessive bonuses and inadequate risk management, it is useful to ask why the faith ...]]></description>
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		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>financial crisis for beginners</title>
		<link>http://www.freedom24.org/rationalpost/2009/12/15/financial-crisis-for-beginners/</link>
		<comments>http://www.freedom24.org/rationalpost/2009/12/15/financial-crisis-for-beginners/#comments</comments>
		<pubDate>Tue, 15 Dec 2009 07:03:47 +0000</pubDate>
		<dc:creator>The Editor</dc:creator>
				<category><![CDATA[financial crisis]]></category>
		<category><![CDATA[in other words]]></category>
		<category><![CDATA[banking system]]></category>
		<category><![CDATA[CDS]]></category>
		<category><![CDATA[federal reserve]]></category>
		<category><![CDATA[japan]]></category>
		<category><![CDATA[leverage]]></category>
		<category><![CDATA[macroeconomics]]></category>
		<category><![CDATA[policy]]></category>
		<category><![CDATA[primer]]></category>

		<guid isPermaLink="false">http://www.freedom24.org/rationalpost/?p=1712</guid>
		<description><![CDATA[Commentators often question how recent events in global capital markets could possibly sneak up on the world&#8217;s leading economists and policymakers. One possible explanation begins with the premise that the average citizen is reasonably unaware of even the most basic financial and economic concepts – like fractional reserve banking and the time value of money. As a result, generations of otherwise sophisticated individuals have grown up trusting that our economic plumbing and the individuals who manage it are fundamentally sound.

From the sophisticated supply chain that furnishes your morning cup of Ethiopian dark roast to the number of travel miles it takes to fly home for the holidays, the financial system reaches seamlessly into virtually every part of our life. It ...]]></description>
		<wfw:commentRss>http://www.freedom24.org/rationalpost/2009/12/15/financial-crisis-for-beginners/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>reflections on a year of crisis</title>
		<link>http://www.freedom24.org/rationalpost/2009/08/22/reflections-on-a-year-of-crisis/</link>
		<comments>http://www.freedom24.org/rationalpost/2009/08/22/reflections-on-a-year-of-crisis/#comments</comments>
		<pubDate>Sun, 23 Aug 2009 02:56:01 +0000</pubDate>
		<dc:creator>The Editor</dc:creator>
				<category><![CDATA[financial crisis]]></category>
		<category><![CDATA[history & society]]></category>
		<category><![CDATA[in other words]]></category>
		<category><![CDATA[banking system]]></category>
		<category><![CDATA[bernanke]]></category>
		<category><![CDATA[crisis]]></category>
		<category><![CDATA[federal reserve]]></category>
		<category><![CDATA[history]]></category>
		<category><![CDATA[macroeconomics]]></category>
		<category><![CDATA[monetary]]></category>
		<category><![CDATA[policy]]></category>
		<category><![CDATA[regulation]]></category>
		<category><![CDATA[speech]]></category>

		<guid isPermaLink="false">http://www.freedom24.org/rationalpost/?p=867</guid>
		<description><![CDATA[A comprehensive if somewhat subjective view of the two years since the credit crisis first broke, direct from the horse&#8217;s mouth. Perhaps more interesting than any insider account of the Fed&#8217;s frantic response to the meltdown of the banking system is the degree to which the Chairman was concerned with the human impact of his macroeconomic policy-making&#8230;

 Reflections on a Year of Crisis
Chairman Ben S. Bernanke
Speech at the Federal Reserve Bank of Kansas City&#8217;s Annual Economic Symposium, Jackson Hole, Wyoming, August 21, 2009
By the standards of recent decades, the economic environment at the time of this symposium one year ago was quite challenging. A year after the onset of the current crisis in August 2007, financial markets remained stressed, the ...]]></description>
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		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>macrofinancial stability</title>
		<link>http://www.freedom24.org/rationalpost/2009/07/04/macrofinancial-stability/</link>
		<comments>http://www.freedom24.org/rationalpost/2009/07/04/macrofinancial-stability/#comments</comments>
		<pubDate>Sun, 05 Jul 2009 01:46:45 +0000</pubDate>
		<dc:creator>The Editor</dc:creator>
				<category><![CDATA[finance & economics]]></category>
		<category><![CDATA[financial crisis]]></category>
		<category><![CDATA[in other words]]></category>
		<category><![CDATA[banking system]]></category>
		<category><![CDATA[contagion]]></category>
		<category><![CDATA[credit]]></category>
		<category><![CDATA[crisis]]></category>
		<category><![CDATA[economist]]></category>
		<category><![CDATA[financial markets]]></category>
		<category><![CDATA[macroeconomics]]></category>
		<category><![CDATA[regulation]]></category>
		<category><![CDATA[systemic]]></category>
		<category><![CDATA[theory]]></category>

		<guid isPermaLink="false">http://www.freedom24.org/rationalpost/?p=872</guid>
		<description><![CDATA[Armchair financial quarterbacks would do well to tune out the mass media every so often and tune into the real global dialogue on the nature of the recent crisis and our prospects for a sustainable recovery. It is no coincidence that those whose perspective is truly global consider the fundamental nature of our modern political economy in terms of decades not days, systems not statistics, and welfare not wealth.
In this speech, given just weeks before the March 2008 arranged marriage of Bear Stearns and JPMorgan, this banker to central bankers dissects the credit crisis of 2007 and calls attention to dangerous fault-lines that presaged the apocalyptic deleveraging of the next 18 months&#8230;

Past financial crises, the current financial turmoil, and the ...]]></description>
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		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>politico economicus</title>
		<link>http://www.freedom24.org/rationalpost/2009/03/27/homo-politico-economicus/</link>
		<comments>http://www.freedom24.org/rationalpost/2009/03/27/homo-politico-economicus/#comments</comments>
		<pubDate>Fri, 27 Mar 2009 16:06:40 +0000</pubDate>
		<dc:creator>The Editor</dc:creator>
				<category><![CDATA[featured]]></category>
		<category><![CDATA[financial crisis]]></category>
		<category><![CDATA[history & society]]></category>
		<category><![CDATA[banking system]]></category>
		<category><![CDATA[behavioral]]></category>
		<category><![CDATA[capital markets]]></category>
		<category><![CDATA[expectations]]></category>
		<category><![CDATA[failure]]></category>
		<category><![CDATA[finance]]></category>
		<category><![CDATA[financial markets]]></category>
		<category><![CDATA[macroeconomics]]></category>
		<category><![CDATA[model]]></category>
		<category><![CDATA[political economy]]></category>
		<category><![CDATA[rational]]></category>
		<category><![CDATA[theory]]></category>

		<guid isPermaLink="false">http://www.freedom24.org/rationalpost/?p=704</guid>
		<description><![CDATA[In the midst of a global financial pandemic, private enterprise finds itself under the public microscope yet again — as it did during the 1930s after a century of unbridled growth and later in the 1970s after decades of stifling regulatory oversight. With this 21st century changing of the guard, the theoretical bases for free market capitalism are now under academic and legislative review. At the heart of the debate is the accuracy of the economic models taught to college students around the planet as though they were immutable physical laws. Having some basis for estimating the future is clearly a useful if not interesting intellectual exercise, but modeling the stability of the entire financial system around half-baked calculus and ...]]></description>
		<wfw:commentRss>http://www.freedom24.org/rationalpost/2009/03/27/homo-politico-economicus/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>syntax error</title>
		<link>http://www.freedom24.org/rationalpost/2009/03/16/systemic-risk/</link>
		<comments>http://www.freedom24.org/rationalpost/2009/03/16/systemic-risk/#comments</comments>
		<pubDate>Tue, 17 Mar 2009 02:40:01 +0000</pubDate>
		<dc:creator>The Editor</dc:creator>
				<category><![CDATA[financial crisis]]></category>
		<category><![CDATA[in other words]]></category>
		<category><![CDATA[banking system]]></category>
		<category><![CDATA[connection]]></category>
		<category><![CDATA[contagion]]></category>
		<category><![CDATA[financial markets]]></category>
		<category><![CDATA[networks]]></category>
		<category><![CDATA[regulation]]></category>
		<category><![CDATA[systemic risk]]></category>
		<category><![CDATA[trade]]></category>

		<guid isPermaLink="false">http://www.freedom24.org/rationalpost/?p=684</guid>
		<description><![CDATA[Contagion could be used to describe much of the activity in the capital markets over the last 40 years, as global financial flows have accelerated, trade and capital barriers have disappeared, regulatory oversight has diminished, and financial innovation has made the packaging and sale of securities as easy as ordering a Big Mac combo. From defaults on recycled petrodollars in the early 1980s, to the Mexican peso crisis in 1994, to the &#8220;Asian Contagion&#8221; in 1997-98, and most recently the Great Collapse of 2008, what began as sanity checks on asset values and risk metrics quickly evolved into stampedes of herding capital feeling to higher ground. In this look at the nature and understanding systemic collapse, Kotok explores whether anything ...]]></description>
		<wfw:commentRss>http://www.freedom24.org/rationalpost/2009/03/16/systemic-risk/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>princely finance</title>
		<link>http://www.freedom24.org/rationalpost/2009/01/02/princely-finance/</link>
		<comments>http://www.freedom24.org/rationalpost/2009/01/02/princely-finance/#comments</comments>
		<pubDate>Fri, 02 Jan 2009 20:44:05 +0000</pubDate>
		<dc:creator>The Editor</dc:creator>
				<category><![CDATA[finance & economics]]></category>
		<category><![CDATA[financial crisis]]></category>
		<category><![CDATA[history & society]]></category>
		<category><![CDATA[in other words]]></category>
		<category><![CDATA[banking system]]></category>
		<category><![CDATA[failures]]></category>
		<category><![CDATA[fiscal policy]]></category>
		<category><![CDATA[history]]></category>
		<category><![CDATA[leverage]]></category>
		<category><![CDATA[monetary policy]]></category>
		<category><![CDATA[regulation]]></category>
		<category><![CDATA[taxes]]></category>

		<guid isPermaLink="false">http://www.freedom24.org/rationalpost/?p=464</guid>
		<description><![CDATA[This brief history of regal extortion draws some parallels to today&#8217;s &#8220;sinister&#8221; Federal Reserve, though the links are less tenuous than Dr. Hoye and others often suggest&#8230;
PRINCELY FINANCE AND TAXATION
Bob Hoye, INSTITUTIONAL  ADVISORS
With a degree in geophysics and a number of fascinating summers in mining exploration, one winter in “the bush” quickly led Bob into the financial markets. This included experience on the trading desk and in the research department of a large investment dealer, which led to institutional stock and bond sales.
Bob’s review of financial history provided the forecasting models designed to anticipate significant trend reversals in the sometimes alarming volatility typical of the transition from rampant speculation in tangible assets to fabulous speculation in financial assets.
One would ...]]></description>
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		<slash:comments>0</slash:comments>
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		<item>
		<title>next shoe to drop</title>
		<link>http://www.freedom24.org/rationalpost/2008/12/01/next-shoe-to-drop/</link>
		<comments>http://www.freedom24.org/rationalpost/2008/12/01/next-shoe-to-drop/#comments</comments>
		<pubDate>Mon, 01 Dec 2008 17:27:27 +0000</pubDate>
		<dc:creator>The Editor</dc:creator>
				<category><![CDATA[finance & economics]]></category>
		<category><![CDATA[financial crisis]]></category>
		<category><![CDATA[in other words]]></category>
		<category><![CDATA[banking system]]></category>
		<category><![CDATA[contagion]]></category>
		<category><![CDATA[finance]]></category>
		<category><![CDATA[mortgages]]></category>
		<category><![CDATA[real estate]]></category>
		<category><![CDATA[stimulus]]></category>

		<guid isPermaLink="false">http://www.freedom24.org/rationalpost/?p=426</guid>
		<description><![CDATA[With all eyes on traditional residential mortgages, analysts are now looking for clues in related asset classes for any signs of recessionary contagion. In his weekly review of the U.S. economy, Nouriel Roubini highlights the vulnerability of commercial mortgage back securities – which typically lag their residential cousins by 2 years – as well as plunging retail sales, a worsening inventory cycle, and the soaring fiscal deficit&#8230;
Focus on the U.S. Economy
RGE Monitor
The current U.S. and global economic conditions, remain at the very least quite challenging.  The good news is that President-elect Barack Obama has unveiled a first rate economic team to drive the economy towards the recovery.  Larry Summers, Tim Geithner and Christina Romer are certainly top rated experts and ...]]></description>
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		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>oh canada</title>
		<link>http://www.freedom24.org/rationalpost/2008/11/13/oh-canada/</link>
		<comments>http://www.freedom24.org/rationalpost/2008/11/13/oh-canada/#comments</comments>
		<pubDate>Fri, 14 Nov 2008 00:36:38 +0000</pubDate>
		<dc:creator>The Editor</dc:creator>
				<category><![CDATA[in other words]]></category>
		<category><![CDATA[banking system]]></category>
		<category><![CDATA[canada]]></category>
		<category><![CDATA[finance]]></category>
		<category><![CDATA[leverage]]></category>
		<category><![CDATA[regulation]]></category>

		<guid isPermaLink="false">http://www.freedom24.org/rationalpost/?p=396</guid>
		<description><![CDATA[Currently the envy of Hank Paulson and virtually every Finance Minister around the globe, Jim Flaherty describes how the world&#8217;s leading middle-power managed to side-step most of the financial devastation that&#8217;s haunting global financial markets, and what the world can learn from its sure-footed path&#8230;

&#8220;Boring&#8221; Canada&#8217;s Financial Tips for the World
The following guest column by the Honourable Jim Flaherty, Minister of Finance, appeared in today’s Financial Times. In it, Minister Flaherty outlines Canada’s five-point plan to restore stability to the international financial system.
&#8220;The financial crisis that began 14 months ago in the US has intensified and spread around the world, threatening to roll back economic progress that has been made over the past two decades. Governments have been responding in ...]]></description>
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		<title>hot potato</title>
		<link>http://www.freedom24.org/rationalpost/2008/05/17/hot-potato-financial-crisis/</link>
		<comments>http://www.freedom24.org/rationalpost/2008/05/17/hot-potato-financial-crisis/#comments</comments>
		<pubDate>Sat, 17 May 2008 16:59:38 +0000</pubDate>
		<dc:creator>The Editor</dc:creator>
				<category><![CDATA[finance & economics]]></category>
		<category><![CDATA[financial crisis]]></category>
		<category><![CDATA[in other words]]></category>
		<category><![CDATA[banking system]]></category>
		<category><![CDATA[contagion]]></category>
		<category><![CDATA[history]]></category>
		<category><![CDATA[macroeconomics]]></category>
		<category><![CDATA[regulation]]></category>
		<category><![CDATA[risk]]></category>
		<category><![CDATA[strategy]]></category>

		<guid isPermaLink="false">http://www.freedom24.org/rationalpost/?p=243</guid>
		<description><![CDATA[As financial institutions continue to navel gaze in the aftermath of the credit crisis, confidence in their ability to self-regulate continues to decline. With little trust in their assets, their markets, or even their peers, these global banking titans have sworn off their independence and, like disenchanted teens, are returning home to be cared for by risk-averse, populist policy-makers and their never-ending pool of taxpayers&#8217; dough. The danger here is that both sides are still reacting to deeds already done, and nobody has yet proposed a solution to avoid similar financial chaos going forward. With threats to global income in the order of nearly a trillion dollars, whoever ultimately grabs this hot potato better have pretty thick skin&#8230;

Paradise lost
May 15th ...]]></description>
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		<title>speakerphone diplomacy</title>
		<link>http://www.freedom24.org/rationalpost/2008/04/02/speakerphone-diplomacy/</link>
		<comments>http://www.freedom24.org/rationalpost/2008/04/02/speakerphone-diplomacy/#comments</comments>
		<pubDate>Wed, 02 Apr 2008 21:56:07 +0000</pubDate>
		<dc:creator>The Editor</dc:creator>
				<category><![CDATA[financial crisis]]></category>
		<category><![CDATA[in other words]]></category>
		<category><![CDATA[bailout]]></category>
		<category><![CDATA[banking system]]></category>
		<category><![CDATA[Bear Stearns]]></category>
		<category><![CDATA[collapse]]></category>
		<category><![CDATA[contagion]]></category>
		<category><![CDATA[credit crisis]]></category>
		<category><![CDATA[diplomacy]]></category>
		<category><![CDATA[leverage]]></category>
		<category><![CDATA[money supply]]></category>
		<category><![CDATA[systemic]]></category>

		<guid isPermaLink="false">http://www.freedom24.org/rationalpost/?p=239</guid>
		<description><![CDATA[We&#8217;ll probably never know how close we came to systemic financial collapse this March, but if anyone had any idea about the scale and scope of the global credit crisis, it was this ragtag collection of Wall Street rainmakers who gathered by phone last Sunday to rescue the world&#8230;
Leveraged Planet
By Andrew Ross Sorkin
Just after JPMorgan Chase announced its initial $2-a-share deal to buy Bear Stearns, government officials held an extraordinary impromptu conference call. The participants on the Sunday night call, who got a preview of the deal, were Wall Street&#8217;s biggest power brokers: Lloyd Blankfein of Goldman Sachs dialed in from home. John Mack of Morgan Stanley rushed to the office to listen on speakerphone. Richard Fuld of Lehman Brothers, ...]]></description>
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