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	<title>Sidetalk</title>
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	<link>http://acheson.wordpress.com</link>
	<description></description>
	<pubDate>Thu, 03 Jul 2008 14:19:11 +0000</pubDate>
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	<language>en</language>
			<item>
		<title>The real U.S. unemployment rate is close to 1 in 10 (10%)</title>
		<link>http://acheson.wordpress.com/2008/07/03/the-real-us-unemployment-rate-is-close-to-1-in-10-10/</link>
		<comments>http://acheson.wordpress.com/2008/07/03/the-real-us-unemployment-rate-is-close-to-1-in-10-10/#comments</comments>
		<pubDate>Thu, 03 Jul 2008 14:19:11 +0000</pubDate>
		<dc:creator>amyacheson</dc:creator>
		
		<category><![CDATA[birth death model]]></category>

		<category><![CDATA[jobs lost]]></category>

		<category><![CDATA[real unemployment]]></category>

		<category><![CDATA[unemployment]]></category>

		<guid isPermaLink="false">http://acheson.wordpress.com/?p=411</guid>
		<description><![CDATA[The official figures are kept artificially low because of the &#8220;birth-death model&#8221; and other artifices.  The actual unemployment rate on the ground is close to 10%.  Mish Shedlock has an absolutely excellent article explaining the numbers, both real and imagined; it makes the situation quite clear.  If you&#8217;re interested in crunching the numbers, read it [...]]]></description>
		<wfw:commentRss>http://acheson.wordpress.com/2008/07/03/the-real-us-unemployment-rate-is-close-to-1-in-10-10/feed/</wfw:commentRss>
	
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			<media:title type="html">Administrator</media:title>
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		<item>
		<title>Sharp contraction of credit by U.S. banks</title>
		<link>http://acheson.wordpress.com/2008/07/01/sharp-contraction-of-credit-by-us-banks/</link>
		<comments>http://acheson.wordpress.com/2008/07/01/sharp-contraction-of-credit-by-us-banks/#comments</comments>
		<pubDate>Tue, 01 Jul 2008 16:30:07 +0000</pubDate>
		<dc:creator>amyacheson</dc:creator>
		
		<category><![CDATA[bank lending]]></category>

		<category><![CDATA[capping credit line]]></category>

		<category><![CDATA[credit contraction]]></category>

		<category><![CDATA[pulling credit line]]></category>

		<guid isPermaLink="false">http://acheson.wordpress.com/?p=410</guid>
		<description><![CDATA[One recent phenomenon many are experiencing on an individual and corporate level is creditors capping or cutting off lines of credit (if not previously committed).  Turns out this is true and the most recent numbers show that in fact banks are pulling credit at a faster rate than at any time since the number has [...]]]></description>
		<wfw:commentRss>http://acheson.wordpress.com/2008/07/01/sharp-contraction-of-credit-by-us-banks/feed/</wfw:commentRss>
	
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			<media:title type="html">Administrator</media:title>
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	</item>
		<item>
		<title>Barclays Capital warns of worldwide financial storm, says US Fed&#8217;s credibility is &#8220;below zero&#8221;</title>
		<link>http://acheson.wordpress.com/2008/06/26/barclays-capital-warns-of-worldwide-financial-storm-says-us-feds-credibility-is-below-zero/</link>
		<comments>http://acheson.wordpress.com/2008/06/26/barclays-capital-warns-of-worldwide-financial-storm-says-us-feds-credibility-is-below-zero/#comments</comments>
		<pubDate>Fri, 27 Jun 2008 02:51:30 +0000</pubDate>
		<dc:creator>amyacheson</dc:creator>
		
		<category><![CDATA[Ambrose-Pierce]]></category>

		<category><![CDATA[Barclay's]]></category>

		<category><![CDATA[Barclay's Capital]]></category>

		<category><![CDATA[Bernanke]]></category>

		<category><![CDATA[Fed flubbed]]></category>

		<category><![CDATA[Fed fluffed]]></category>

		<category><![CDATA[credibility]]></category>

		<category><![CDATA[financial storm]]></category>

		<category><![CDATA[sub-zero credibility]]></category>

		<category><![CDATA[the Fed]]></category>

		<category><![CDATA[wealth management]]></category>

		<category><![CDATA[wealth preservation]]></category>

		<guid isPermaLink="false">http://acheson.wordpress.com/?p=404</guid>
		<description><![CDATA[
&#8220;Barclays Capital has advised clients to batten down the hatches for a worldwide financial storm, warning that the US Federal Reserve has allowed the inflation genie out of the bottle and let its credibility fall &#8220;below zero&#8221;.
&#8220;We&#8217;re in a nasty environment,&#8221; said Tim Bond, the bank&#8217;s chief equity strategist. &#8220;There is an inflation shock underway. [...]]]></description>
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			<media:title type="html">Administrator</media:title>
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		<item>
		<title>Pensions in trouble = taxpayers in trouble</title>
		<link>http://acheson.wordpress.com/2008/06/26/pensions-in-trouble-taxpayers-in-trouble/</link>
		<comments>http://acheson.wordpress.com/2008/06/26/pensions-in-trouble-taxpayers-in-trouble/#comments</comments>
		<pubDate>Thu, 26 Jun 2008 23:55:27 +0000</pubDate>
		<dc:creator>amyacheson</dc:creator>
		
		<category><![CDATA[New York City]]></category>

		<category><![CDATA[effect on pensions]]></category>

		<category><![CDATA[firefighter pensions]]></category>

		<category><![CDATA[fiscal condition]]></category>

		<category><![CDATA[government pensions]]></category>

		<category><![CDATA[municipalities]]></category>

		<category><![CDATA[pension losses]]></category>

		<category><![CDATA[pension plans]]></category>

		<category><![CDATA[pension tsunami]]></category>

		<category><![CDATA[police pensions]]></category>

		<category><![CDATA[revenue shortfalls]]></category>

		<category><![CDATA[states]]></category>

		<category><![CDATA[tax revenues]]></category>

		<category><![CDATA[taxpayer bailout]]></category>

		<category><![CDATA[teacher pensions]]></category>

		<guid isPermaLink="false">http://acheson.wordpress.com/?p=403</guid>
		<description><![CDATA[What happens when public employee pension plans lose money on the investments they rely on to pay benefits? Well, the government has to make up the shortfall or cut out the benefits. Today we see for example, New York City pension funds are losing money on their investments. The City of New York will have [...]]]></description>
		<wfw:commentRss>http://acheson.wordpress.com/2008/06/26/pensions-in-trouble-taxpayers-in-trouble/feed/</wfw:commentRss>
	
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			<media:title type="html">Administrator</media:title>
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		<item>
		<title>Banks follow the money - ready for a new &#8220;money center&#8221; in the Mideast?</title>
		<link>http://acheson.wordpress.com/2008/06/24/banks-follow-the-money-ready-for-a-new-money-center-in-the-mideast/</link>
		<comments>http://acheson.wordpress.com/2008/06/24/banks-follow-the-money-ready-for-a-new-money-center-in-the-mideast/#comments</comments>
		<pubDate>Tue, 24 Jun 2008 15:37:08 +0000</pubDate>
		<dc:creator>amyacheson</dc:creator>
		
		<category><![CDATA[Mideast]]></category>

		<category><![CDATA[Swiss banks]]></category>

		<category><![CDATA[UAE]]></category>

		<category><![CDATA[UBS]]></category>

		<category><![CDATA[islamic finance]]></category>

		<category><![CDATA[money center]]></category>

		<category><![CDATA[money center banks]]></category>

		<guid isPermaLink="false">http://acheson.wordpress.com/?p=402</guid>
		<description><![CDATA[Remember the famous quote attributed to infamous bank robber Willie Sutton? 
“I rob banks because that&#8217;s where the money is.”
Where&#8217;s the money these days?  Perhaps the Mideast?  It may be that the traditional money centers &#8212;  New York, London &#8212; aren&#8217;t where the money is anymore.  
Banks with the capital resources to do so, or who [...]]]></description>
		<wfw:commentRss>http://acheson.wordpress.com/2008/06/24/banks-follow-the-money-ready-for-a-new-money-center-in-the-mideast/feed/</wfw:commentRss>
	
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			<media:title type="html">Administrator</media:title>
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		<item>
		<title>Concentration of wealth - the &#8220;super rich&#8221; get even richer</title>
		<link>http://acheson.wordpress.com/2008/06/24/concentration-of-wealth-the-super-rich-get-even-richer/</link>
		<comments>http://acheson.wordpress.com/2008/06/24/concentration-of-wealth-the-super-rich-get-even-richer/#comments</comments>
		<pubDate>Tue, 24 Jun 2008 15:19:04 +0000</pubDate>
		<dc:creator>amyacheson</dc:creator>
		
		<category><![CDATA[effect of credit crunch on rich]]></category>

		<category><![CDATA[income disparity]]></category>

		<category><![CDATA[income inequality]]></category>

		<category><![CDATA[millionaires]]></category>

		<category><![CDATA[super rich]]></category>

		<category><![CDATA[wealth disparity]]></category>

		<guid isPermaLink="false">http://acheson.wordpress.com/?p=400</guid>
		<description><![CDATA[One of the underlying themes of the global financial crisis is the disparity in wealth and income between most of the world&#8217;s population and a very small few.  The divide between the amount of money and assets held by the &#8220;really rich&#8221; and the rest of the world&#8217;s people has grown to a chasm compared [...]]]></description>
		<wfw:commentRss>http://acheson.wordpress.com/2008/06/24/concentration-of-wealth-the-super-rich-get-even-richer/feed/</wfw:commentRss>
	
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			<media:title type="html">Administrator</media:title>
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		<item>
		<title>The Shape of Bank Earnings To Come: U, V,  or L?</title>
		<link>http://acheson.wordpress.com/2008/06/20/the-shape-of-bank-earnings-to-come-u-v-or-l/</link>
		<comments>http://acheson.wordpress.com/2008/06/20/the-shape-of-bank-earnings-to-come-u-v-or-l/#comments</comments>
		<pubDate>Fri, 20 Jun 2008 21:18:06 +0000</pubDate>
		<dc:creator>amyacheson</dc:creator>
		
		<category><![CDATA[Das]]></category>

		<category><![CDATA[Satyajit Das]]></category>

		<category><![CDATA[bank assets]]></category>

		<category><![CDATA[bank capitalization]]></category>

		<category><![CDATA[bank earnings]]></category>

		<category><![CDATA[bank failure]]></category>

		<category><![CDATA[bank failures]]></category>

		<category><![CDATA[bank insolvency]]></category>

		<category><![CDATA[bank reserves]]></category>

		<category><![CDATA[banking system]]></category>

		<category><![CDATA[earnings forecast]]></category>

		<category><![CDATA[financial sector]]></category>

		<category><![CDATA[financial sector earnings]]></category>

		<category><![CDATA[healthy banks]]></category>

		<category><![CDATA[safe banks]]></category>

		<category><![CDATA[shape of recovery]]></category>

		<guid isPermaLink="false">http://acheson.wordpress.com/?p=399</guid>
		<description><![CDATA[The latest from Satyajit Das analyzes the question of where bank earnings will likely go from here.  It&#8217;s a thoughtful and well reasoned piece.  His conclusion:
&#8220;Glamorous banks reliant on &#8220;voodoo banking&#8221; may find it difficult to achieve the high performance of the &#8220;go-go&#8221; years.  Banks with sound traditional franchises that have avoided the worst excesses [...]]]></description>
		<wfw:commentRss>http://acheson.wordpress.com/2008/06/20/the-shape-of-bank-earnings-to-come-u-v-or-l/feed/</wfw:commentRss>
	
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			<media:title type="html">Administrator</media:title>
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		<title>Bear Stearns Indictments</title>
		<link>http://acheson.wordpress.com/2008/06/20/bear-stearns-indictments/</link>
		<comments>http://acheson.wordpress.com/2008/06/20/bear-stearns-indictments/#comments</comments>
		<pubDate>Fri, 20 Jun 2008 18:31:10 +0000</pubDate>
		<dc:creator>amyacheson</dc:creator>
		
		<category><![CDATA[Bear Stearns indictment]]></category>

		<category><![CDATA[Bear indictment]]></category>

		<category><![CDATA[indictments]]></category>

		<category><![CDATA[wall street indictment]]></category>

		<guid isPermaLink="false">http://acheson.wordpress.com/?p=396</guid>
		<description><![CDATA[One could read the media&#8217;s &#8220;take&#8221; on the indictments but it&#8217;s better to read it in the original.  Read it here and now → bearindictment
       ]]></description>
		<wfw:commentRss>http://acheson.wordpress.com/2008/06/20/bear-stearns-indictments/feed/</wfw:commentRss>
	
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			<media:title type="html">Administrator</media:title>
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		<item>
		<title>Treasury Secretary says no financial institution is &#8220;too big to fail&#8221;</title>
		<link>http://acheson.wordpress.com/2008/06/19/treasury-secretary-says-no-financial-institution-is-too-big-to-fail/</link>
		<comments>http://acheson.wordpress.com/2008/06/19/treasury-secretary-says-no-financial-institution-is-too-big-to-fail/#comments</comments>
		<pubDate>Thu, 19 Jun 2008 18:17:52 +0000</pubDate>
		<dc:creator>amyacheson</dc:creator>
		
		<category><![CDATA[Economy]]></category>

		<guid isPermaLink="false">http://acheson.wordpress.com/?p=394</guid>
		<description><![CDATA[Today Paulson gave a very interesting speech in which he stated that it was unclear whether the Fed had the statutory authority to rescue Bear Stearns, and urging reexamination of the scope of the Fed&#8217;s authority.  He warned that the markets should not assume that the government will intervene to backstop financial institutions.  He also [...]]]></description>
		<wfw:commentRss>http://acheson.wordpress.com/2008/06/19/treasury-secretary-says-no-financial-institution-is-too-big-to-fail/feed/</wfw:commentRss>
	
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			<media:title type="html">Administrator</media:title>
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		<item>
		<title>Iran legislation now pending in Congress</title>
		<link>http://acheson.wordpress.com/2008/06/18/iran-legislation-now-pending-in-congress/</link>
		<comments>http://acheson.wordpress.com/2008/06/18/iran-legislation-now-pending-in-congress/#comments</comments>
		<pubDate>Wed, 18 Jun 2008 14:12:14 +0000</pubDate>
		<dc:creator>amyacheson</dc:creator>
		
		<category><![CDATA[AIPAC]]></category>

		<category><![CDATA[Congress]]></category>

		<category><![CDATA[Hormuz]]></category>

		<category><![CDATA[House Resolution 362]]></category>

		<category><![CDATA[Iran]]></category>

		<category><![CDATA[Senate Resolution 580]]></category>

		<category><![CDATA[attack Iran]]></category>

		<category><![CDATA[block Iran]]></category>

		<category><![CDATA[block petroleum]]></category>

		<category><![CDATA[blockade]]></category>

		<category><![CDATA[petroleum exports]]></category>

		<category><![CDATA[sanctions]]></category>

		<category><![CDATA[track bill]]></category>

		<category><![CDATA[war authorization]]></category>

		<category><![CDATA[war on Iran]]></category>

		<guid isPermaLink="false">http://acheson.wordpress.com/?p=391</guid>
		<description><![CDATA[Keep track of House Resolution 362 here:  http://www.govtrack.us/congress/billtext.xpd?bill=hc110-362
Keep track of Senate Resolution 580 here:  http://www.govtrack.us/congress/bill.xpd?bill=sr110-580
 Currently, there is AIPAC-endorsed legislation pending in Congress which may authorize a naval blockade of  Iran.  The legislation demands that President Bush lead an international effort to prevent Iran from receiving exports of refined petroleum.  Members of the House and Senate [...]]]></description>
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