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		<title><![CDATA[washingtonpost.com - Sebastian Mallaby Archive]]></title>
		<link>http://www.washingtonpost.com/wp-dyn/content/linkset/2005/03/24/LI2005032401702.html?nav=rss_opinion/columns</link>
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		<ttl>15</ttl>
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			<title><![CDATA[China's Dollar Problem]]></title>
			<link>http://feeds.washingtonpost.com/click.phdo?i=bccc1f1a2361c6030772b1a3f3945e61</link>
			<pheedo:origLink>http://www.washingtonpost.com/wp-dyn/content/article/2009/05/25/AR2009052502110.html?nav=rss_opinion/columns</pheedo:origLink>
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			<pubDate>Tue, 26 May 2009 00:00:00 EDT</pubDate>
			<description><![CDATA[ With extraordinary speed, China has morphed from a diffident player in international finance into an impatient table-banger. Six months ago, one could muse about whether the Chinese were interested in a larger role within the International Monetary Fund or in helping to rebuild the crisis-battered global system. Now, the Chinese are pumping almost $40 billion into a new East Asian version of the IMF, browbeating trading partners into using the yuan, and floating fantastical ideas about a new international reserve currency. Visiting Beijing last week, Brazilian President Luiz Inácio Lula da Silva picked up on his hosts' changed mood. Calling for a "new economic order," he suggested that it was time to stop denominating trade in dollars. <br clear="both" style="clear: both;"/>
<br clear="both" style="clear: both;"/>
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			<dc:creator><![CDATA[Sebastian Mallaby]]></dc:creator>
			<category><![CDATA[China's]]></category>
			<category><![CDATA[Dollar]]></category>
			<category><![CDATA[Problem]]></category>
		</item>
		<item>
			<title><![CDATA[A War Over Exchange Rates Could Undermine Recovery]]></title>
			<link>http://www.washingtonpost.com/wp-dyn/content/article/2009/05/15/AR2009051503120.html?nav=rss_opinion/columns</link>
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			<pubDate>Sun, 17 May 2009 00:00:00 EDT</pubDate>
			<description><![CDATA[ Those who are ignorant of history will be condemned to repeat it, as a teacher no doubt told you long ago. But the urgent question today is actually the opposite one: Can a team that is positively steeped in history -- particularly the history of the 1930s -- avoid the mistakes of that era and engineer a quick recovery from a Depression-size shock? Christina Romer, the chair of the White House Council of Economic Advisers and an authority on the 1930s, recently gave a hopeful answer to this question at the Council on Foreign Relations. But there was one gap in her argument, and therein lies a threat to the "green shoots" of recovery. ]]></description>
			<dc:creator><![CDATA[Sebastian Mallaby]]></dc:creator>
			<category><![CDATA[A]]></category>
			<category><![CDATA[War]]></category>
			<category><![CDATA[Over]]></category>
			<category><![CDATA[Exchange]]></category>
			<category><![CDATA[Rates]]></category>
			<category><![CDATA[Could]]></category>
			<category><![CDATA[Undermine]]></category>
			<category><![CDATA[Recovery]]></category>
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		<item>
			<title><![CDATA[Make the Stress Tests Permanent]]></title>
			<link>http://www.washingtonpost.com/wp-dyn/content/article/2009/05/07/AR2009050703538.html?nav=rss_opinion/columns</link>
			<guid isPermaLink="true">http://www.washingtonpost.com/wp-dyn/content/article/2009/05/07/AR2009050703538.html?nav=rss_opinion/columns</guid>
			<pubDate>Fri, 08 May 2009 00:00:00 EDT</pubDate>
			<description><![CDATA[ Stress-testing top banks has turned out to be a terrific stress reducer. Like a medical patient who takes off on a euphoric binge after the biopsy comes back negative, bank stocks have staged a heady rally, driving a broad recovery in the markets and talk that the end of the recession may be nigh. But the real significance of the stress tests goes deeper. They answer the perplexing long-range question: When the financial system emerges from this crisis, how can it be prevented from blowing up again? ]]></description>
			<dc:creator><![CDATA[Sebastian Mallaby]]></dc:creator>
			<category><![CDATA[Make]]></category>
			<category><![CDATA[the]]></category>
			<category><![CDATA[Stress]]></category>
			<category><![CDATA[Tests]]></category>
			<category><![CDATA[Permanent]]></category>
		</item>
		<item>
			<title><![CDATA[Tim Geithner and the Taming of Wall Street's Risks]]></title>
			<link>http://www.washingtonpost.com/wp-dyn/content/article/2009/03/26/AR2009032603112.html?nav=rss_opinion/columns</link>
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			<pubDate>Fri, 27 Mar 2009 00:00:00 EDT</pubDate>
			<description><![CDATA[ In his stunningly ambitious House testimony yesterday, Treasury Secretary Tim Geithner laid out three ways to fix finance. Large players -- be they banks, insurers or hedge funds -- must take less risk. A rejuvenated regulatory machinery must monitor the risks they do take, reining them in when they go too far. And if the first two measures do not prevent the failure of a major institution, the government must have the power to manage its collapse in an orderly fashion.<br clear="all"/><a href="http://ad.doubleclick.net/jump/wpni.rss/opinion/columns;pos=ad9;tile=9;ad=rss;sz=479x40;ord=262431211070" target="_blank"><img src="http://ad.doubleclick.net/ad/wpni.rss/opinion/columns;pos=ad9;tile=9;ad=rss;sz=479x40;ord=262431211070" border="0" vspace="5"></a> ]]></description>
			<dc:creator><![CDATA[Sebastian Mallaby]]></dc:creator>
			<category><![CDATA[Tim]]></category>
			<category><![CDATA[Geithner]]></category>
			<category><![CDATA[and]]></category>
			<category><![CDATA[the]]></category>
			<category><![CDATA[Taming]]></category>
			<category><![CDATA[of]]></category>
			<category><![CDATA[Wall]]></category>
			<category><![CDATA[Street's]]></category>
			<category><![CDATA[Risks]]></category>
		</item>
		<item>
			<title><![CDATA[A Risky 'Systemic' Watchdog]]></title>
			<link>http://www.washingtonpost.com/wp-dyn/content/article/2009/03/01/AR2009030101574.html?nav=rss_opinion/columns</link>
			<guid isPermaLink="true">http://www.washingtonpost.com/wp-dyn/content/article/2009/03/01/AR2009030101574.html?nav=rss_opinion/columns</guid>
			<pubDate>Mon, 02 Mar 2009 00:00:00 EST</pubDate>
			<description><![CDATA[ Barney Frank, the thoughtful chairman of the House Financial Services Committee, wants to create a new "systemic risk regulator." This general concept has been endorsed by some extremely distinguished economists. Nevertheless, the Frank proposal is dubious. ]]></description>
			<dc:creator><![CDATA[Sebastian Mallaby]]></dc:creator>
			<category><![CDATA[A]]></category>
			<category><![CDATA[Risky]]></category>
			<category><![CDATA['Systemic']]></category>
			<category><![CDATA[Watchdog]]></category>
		</item>
		<item>
			<title><![CDATA[An OPEC Lesson for China]]></title>
			<link>http://www.washingtonpost.com/wp-dyn/content/article/2009/01/23/AR2009012303291.html?nav=rss_opinion/columns</link>
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			<pubDate>Sun, 25 Jan 2009 00:00:00 EST</pubDate>
			<description><![CDATA[ At his confirmation hearings last week, Tim Geithner branded China a currency manipulator. This is a designation that the Bush Treasury Department never formally affixed to the Chinese. It may signal a nerve-racking shift in how the United States manages its most pivotal relationship. ]]></description>
			<dc:creator><![CDATA[Sebastian Mallaby]]></dc:creator>
			<category><![CDATA[An]]></category>
			<category><![CDATA[OPEC]]></category>
			<category><![CDATA[Lesson]]></category>
			<category><![CDATA[for]]></category>
			<category><![CDATA[China]]></category>
		</item>
		<item>
			<title><![CDATA[The Madoff Scandal and the Future of Hedge Funds]]></title>
			<link>http://www.washingtonpost.com/wp-dyn/content/article/2008/12/17/AR2008121703185.html?nav=rss_opinion/columns</link>
			<guid isPermaLink="true">http://www.washingtonpost.com/wp-dyn/content/article/2008/12/17/AR2008121703185.html?nav=rss_opinion/columns</guid>
			<pubDate>Thu, 18 Dec 2008 00:00:00 EST</pubDate>
			<description><![CDATA[ For sheer toe-curling embarrassment, it may be a while before Wall Street does better than the Bernard Madoff scandal. Here was a rogue who practically telegraphed his unreliability by hiring a tiny, no-name audit firm, by reporting monthly investment results that never fluctuated and by claiming a trading strategy that could not possibly have been implemented given the billions of dollars he managed. And yet, despite these warnings, the rich, the famous and the supposedly sophisticated entrusted their money to Madoff, who defrauded them with the most laughably crude of methods -- an old-fashioned Ponzi scam. ]]></description>
			<dc:creator><![CDATA[Sebastian Mallaby]]></dc:creator>
			<category><![CDATA[The]]></category>
			<category><![CDATA[Madoff]]></category>
			<category><![CDATA[Scandal]]></category>
			<category><![CDATA[and]]></category>
			<category><![CDATA[the]]></category>
			<category><![CDATA[Future]]></category>
			<category><![CDATA[of]]></category>
			<category><![CDATA[Hedge]]></category>
			<category><![CDATA[Funds]]></category>
		</item>
		<item>
			<title><![CDATA[Capitalism: The Remix]]></title>
			<link>http://www.washingtonpost.com/wp-dyn/content/article/2008/12/03/AR2008120303167.html?nav=rss_opinion/columns</link>
			<guid isPermaLink="true">http://www.washingtonpost.com/wp-dyn/content/article/2008/12/03/AR2008120303167.html?nav=rss_opinion/columns</guid>
			<pubDate>Thu, 04 Dec 2008 00:00:00 EST</pubDate>
			<description><![CDATA[ The nastier this recession gets, the more people will talk about the discrediting of markets and the failure of deregulation. So the next time the Dow dives off a cliff, splash your face with ice water and remember two things: This end-of-capitalism talk is bunk, and it distracts us from the debate we should be having. The real question is how to manage the necessary shift in the balance of our mixed economy. Outlandish though it may sound now, red-blooded capitalism must be part of the answer.<br clear="all"/><a href="http://ad.doubleclick.net/jump/wpni.rss/opinion/columns;pos=ad9;tile=9;ad=rss;sz=479x40;ord=262431212380" target="_blank"><img src="http://ad.doubleclick.net/ad/wpni.rss/opinion/columns;pos=ad9;tile=9;ad=rss;sz=479x40;ord=262431212380" border="0" vspace="5"></a> ]]></description>
			<dc:creator><![CDATA[Sebastian Mallaby]]></dc:creator>
			<category><![CDATA[Capitalism:]]></category>
			<category><![CDATA[The]]></category>
			<category><![CDATA[Remix]]></category>
		</item>
		<item>
			<title><![CDATA[Sebastian Mallaby on Team Obama and the Economic Crisis]]></title>
			<link>http://www.washingtonpost.com/wp-dyn/content/article/2008/11/23/AR2008112302071.html?nav=rss_opinion/columns</link>
			<guid isPermaLink="true">http://www.washingtonpost.com/wp-dyn/content/article/2008/11/23/AR2008112302071.html?nav=rss_opinion/columns</guid>
			<pubDate>Mon, 24 Nov 2008 00:00:00 EST</pubDate>
			<description><![CDATA[ Not a moment too soon, Barack Obama's economic team is taking shape. After a horrendous week on Wall Street, the leaked news of Tim Geithner's nomination as Treasury secretary sparked a wild rally on Friday; the weekend brought word that Larry Summers would take the top economic job at the White House, while Obama devoted his Saturday radio address to the promise of a large stimulus. But the new team needs to keep forging ahead. The financial hurricane has done the impossible and grown worse. Geithner and Summers cannot wait until January to come up with further remedies: Obama is in danger of seeing his presidency wrecked before he even takes office. ]]></description>
			<dc:creator><![CDATA[Sebastian Mallaby]]></dc:creator>
			<category><![CDATA[Sebastian]]></category>
			<category><![CDATA[Mallaby]]></category>
			<category><![CDATA[on]]></category>
			<category><![CDATA[Team]]></category>
			<category><![CDATA[Obama]]></category>
			<category><![CDATA[and]]></category>
			<category><![CDATA[the]]></category>
			<category><![CDATA[Economic]]></category>
			<category><![CDATA[Crisis]]></category>
		</item>
		<item>
			<title><![CDATA[Supersize the IMF]]></title>
			<link>http://www.washingtonpost.com/wp-dyn/content/article/2008/11/12/AR2008111202545.html?nav=rss_opinion/columns</link>
			<guid isPermaLink="true">http://www.washingtonpost.com/wp-dyn/content/article/2008/11/12/AR2008111202545.html?nav=rss_opinion/columns</guid>
			<pubDate>Thu, 13 Nov 2008 00:00:00 EST</pubDate>
			<description><![CDATA[ Saturday's financial summit in Washington will be a good thing in itself: After years of "G-7" and "G-8" meetings, the new "G-20" format will give most of the key emerging economies seats at the world's top table. The summit could be even better if it spurs governments to pass stimulus packages: Already, China has announced a gargantuan infrastructure spending program that should soften a global recession. But the tricky challenge for the summit is to make global finance safer. To understand how headway could be made on that, it helps to think about finance as you might think about car insurance. ]]></description>
			<dc:creator><![CDATA[Sebastian Mallaby]]></dc:creator>
			<category><![CDATA[Supersize]]></category>
			<category><![CDATA[the]]></category>
			<category><![CDATA[IMF]]></category>
		</item>
		<item>
			<title><![CDATA[Rocky Market Horror Show]]></title>
			<link>http://www.washingtonpost.com/wp-dyn/content/article/2008/10/24/AR2008102403431.html?nav=rss_opinion/columns</link>
			<guid isPermaLink="true">http://www.washingtonpost.com/wp-dyn/content/article/2008/10/24/AR2008102403431.html?nav=rss_opinion/columns</guid>
			<pubDate>Sun, 26 Oct 2008 00:00:00 EDT</pubDate>
			<description><![CDATA[ Like the plot of some blockbuster horror movie, the financial crisis shifts from scene to scene with terrifying speed. It opened with a real estate crunch, which hit homeowners and mortgage lenders but left much of the economy unscathed. It continued to a broader banking crunch, in which car loans, business loans and all manner of lending unconnected to real estate suddenly became impossible to obtain. Now, simultaneously, come three new phases of the turmoil in split-screen Technicolor. The non-financial, or "real," economy is collapsing. Once-solid emerging markets are imploding. And trading strategies predicated on the robustness of those emerging markets are being dumped hastily, driving brutal volatility in markets around the world. ]]></description>
			<dc:creator><![CDATA[Sebastian Mallaby]]></dc:creator>
			<category><![CDATA[Rocky]]></category>
			<category><![CDATA[Market]]></category>
			<category><![CDATA[Horror]]></category>
			<category><![CDATA[Show]]></category>
		</item>
		<item>
			<title><![CDATA[Bretton Woods, The Sequel?]]></title>
			<link>http://www.washingtonpost.com/wp-dyn/content/article/2008/10/19/AR2008101901333.html?nav=rss_opinion/columns</link>
			<guid isPermaLink="true">http://www.washingtonpost.com/wp-dyn/content/article/2008/10/19/AR2008101901333.html?nav=rss_opinion/columns</guid>
			<pubDate>Mon, 20 Oct 2008 00:00:00 EDT</pubDate>
			<description><![CDATA[ The financial crisis is by no means over, but the urge to extract lessons from it already is irresistible. The Europeans have pressed successfully for a new Bretton Woods summit, modeled after the 1944 gathering that inoculated the world against a repeat of the Great Depression. Although the original Bretton Woods took place years after the Depression, Britain and France are bent on staging the new version within weeks. "Europe wants it. Europe demands it. Europe will get it," French President Nicolas Sarkozy said before jetting off to Camp David, where President Bush meekly gave in to him.<br clear="all"/><a href="http://ad.doubleclick.net/jump/wpni.rss/opinion/columns;pos=ad9;tile=9;ad=rss;sz=479x40;ord=262431212820" target="_blank"><img src="http://ad.doubleclick.net/ad/wpni.rss/opinion/columns;pos=ad9;tile=9;ad=rss;sz=479x40;ord=262431212820" border="0" vspace="5"></a> ]]></description>
			<dc:creator><![CDATA[Sebastian Mallaby]]></dc:creator>
			<category><![CDATA[Bretton]]></category>
			<category><![CDATA[Woods,]]></category>
			<category><![CDATA[The]]></category>
			<category><![CDATA[Sequel?]]></category>
		</item>
		<item>
			<title><![CDATA[Main Street's Rescue]]></title>
			<link>http://www.washingtonpost.com/wp-dyn/content/article/2008/10/09/AR2008100902693.html?nav=rss_opinion/columns</link>
			<guid isPermaLink="true">http://www.washingtonpost.com/wp-dyn/content/article/2008/10/09/AR2008100902693.html?nav=rss_opinion/columns</guid>
			<pubDate>Fri, 10 Oct 2008 00:00:00 EDT</pubDate>
			<description><![CDATA[ The most stunning graphic of the past few days shows the stock market's reaction to government attempts to rescue the financial system. Between Monday and Wednesday, the Federal Reserve unveiled five initiatives to unfreeze credit, and stocks slumped after each announcement. Meanwhile, in Europe, the story is the same: The series of deposit guarantees, bank rescues, partial bank nationalizations and interest rate cuts has yet to calm investors. To the contrary, market panic and apparent government panic have fed on each other. In Washington, the Treasury went from ad hoc bailouts to demanding $700 billion without saying how it would be spent. In Europe, rival governments tripped over themselves as they rolled out uncoordinated measures. ]]></description>
			<dc:creator><![CDATA[Sebastian Mallaby]]></dc:creator>
			<category><![CDATA[Main]]></category>
			<category><![CDATA[Street's]]></category>
			<category><![CDATA[Rescue]]></category>
		</item>
		<item>
			<title><![CDATA[Blaming Deregulation]]></title>
			<link>http://www.washingtonpost.com/wp-dyn/content/article/2008/10/05/AR2008100501253.html?nav=rss_opinion/columns</link>
			<guid isPermaLink="true">http://www.washingtonpost.com/wp-dyn/content/article/2008/10/05/AR2008100501253.html?nav=rss_opinion/columns</guid>
			<pubDate>Mon, 06 Oct 2008 00:00:00 EDT</pubDate>
			<description><![CDATA[ The financial turmoil has pushed the Obama campaign into the lead, and this is mostly justified. Barack Obama is more thoughtful on the economy than his opponent, and his bench of advisers is superior. But there's a troubling side to the Democratic advance. The claim that the financial crisis reflects Bush-McCain deregulation is not only nonsense. It is the sort of nonsense that could matter. ]]></description>
			<dc:creator><![CDATA[Sebastian Mallaby]]></dc:creator>
			<category><![CDATA[Blaming]]></category>
			<category><![CDATA[Deregulation]]></category>
		</item>
		<item>
			<title><![CDATA[How to Spend That $700 Billion]]></title>
			<link>http://www.washingtonpost.com/wp-dyn/content/article/2008/09/25/AR2008092503070.html?nav=rss_opinion/columns</link>
			<guid isPermaLink="true">http://www.washingtonpost.com/wp-dyn/content/article/2008/09/25/AR2008092503070.html?nav=rss_opinion/columns</guid>
			<pubDate>Fri, 26 Sep 2008 00:00:00 EDT</pubDate>
			<description><![CDATA[ Even if congressional leaders can close a deal on the bank rescue, the real debate is just beginning. The key questions about the plan are not the ones that Congress debated: how much it would cost and whether it would impose symbolic pay caps for bosses whose wealth has already been hammered. Rather, the key question lies in the execution of the bailout. ]]></description>
			<dc:creator><![CDATA[Sebastian Mallaby]]></dc:creator>
			<category><![CDATA[How]]></category>
			<category><![CDATA[to]]></category>
			<category><![CDATA[Spend]]></category>
			<category><![CDATA[That]]></category>
			<category><![CDATA[$700]]></category>
			<category><![CDATA[Billion]]></category>
		</item>
		<item>
			<title><![CDATA[A Bad Bank Rescue]]></title>
			<link>http://www.washingtonpost.com/wp-dyn/content/article/2008/09/20/AR2008092001059.html?nav=rss_opinion/columns</link>
			<guid isPermaLink="true">http://www.washingtonpost.com/wp-dyn/content/article/2008/09/20/AR2008092001059.html?nav=rss_opinion/columns</guid>
			<pubDate>Sun, 21 Sep 2008 00:00:00 EDT</pubDate>
			<description><![CDATA[ With truly extraordinary speed, opinion has swung behind the radical idea that the government should commit hundreds of billions in taxpayer money to purchasing dud loans from banks that aren't actually insolvent. As recently as a week ago, no public official had even mentioned this option. Now the Treasury, the Fed and congressional leaders are promising its enactment within days. The scheme has gone from invisibility to inevitability in the blink of an eye. This is extremely dangerous.<br clear="all"/><a href="http://ad.doubleclick.net/jump/wpni.rss/opinion/columns;pos=ad9;tile=9;ad=rss;sz=479x40;ord=262431214067" target="_blank"><img src="http://ad.doubleclick.net/ad/wpni.rss/opinion/columns;pos=ad9;tile=9;ad=rss;sz=479x40;ord=262431214067" border="0" vspace="5"></a> ]]></description>
			<dc:creator><![CDATA[Sebastian Mallaby]]></dc:creator>
			<category><![CDATA[A]]></category>
			<category><![CDATA[Bad]]></category>
			<category><![CDATA[Bank]]></category>
			<category><![CDATA[Rescue]]></category>
		</item>
		<item>
			<title><![CDATA[Paulson's Moment Of Truth]]></title>
			<link>http://www.washingtonpost.com/wp-dyn/content/article/2008/09/15/AR2008091502201.html?nav=rss_opinion/columns</link>
			<guid isPermaLink="true">http://www.washingtonpost.com/wp-dyn/content/article/2008/09/15/AR2008091502201.html?nav=rss_opinion/columns</guid>
			<pubDate>Tue, 16 Sep 2008 00:00:00 EDT</pubDate>
			<description><![CDATA[ In taking the top job at Treasury two years ago, Hank Paulson said he wouldn't be content to keep the seat warm. He was running Goldman Sachs, the preeminent investment bank, and he had no need to come to Washington if he wasn't going to make an impact. Until Sunday, it was pretty hard to see where Paulson's impact lay. His environmental interests had not caused a sprouting of green policies. His strong contacts in China had fostered a bilateral talkfest but no tangible breakthroughs. And his efforts to manage the financial crisis had been conventional and tentative -- until his bold gamble on Lehman Brothers. ]]></description>
			<dc:creator><![CDATA[Sebastian Mallaby]]></dc:creator>
			<category><![CDATA[Paulson's]]></category>
			<category><![CDATA[Moment]]></category>
			<category><![CDATA[Of]]></category>
			<category><![CDATA[Truth]]></category>
		</item>
		<item>
			<title><![CDATA[McCain's Convenient Untruth]]></title>
			<link>http://www.washingtonpost.com/wp-dyn/content/article/2008/09/07/AR2008090701950.html?nav=rss_opinion/columns</link>
			<guid isPermaLink="true">http://www.washingtonpost.com/wp-dyn/content/article/2008/09/07/AR2008090701950.html?nav=rss_opinion/columns</guid>
			<pubDate>Mon, 08 Sep 2008 00:00:00 EDT</pubDate>
			<description><![CDATA[ When it comes to fighting wars, John McCain stands up and calls for sacrifice. "We never hide from history; we make history," he declared in his convention speech. But when it comes to taxes, McCain is unwilling to demand even a teensy bit of sacrifice. In a McCain administration, Americans would not have to surrender a dime more of their money to a cause larger than themselves. ]]></description>
			<dc:creator><![CDATA[Sebastian Mallaby]]></dc:creator>
			<category><![CDATA[McCain's]]></category>
			<category><![CDATA[Convenient]]></category>
			<category><![CDATA[Untruth]]></category>
		</item>
		<item>
			<title><![CDATA[A Moment For Fiscal Courage]]></title>
			<link>http://www.washingtonpost.com/wp-dyn/content/article/2008/08/10/AR2008081001868.html?nav=rss_opinion/columns</link>
			<guid isPermaLink="true">http://www.washingtonpost.com/wp-dyn/content/article/2008/08/10/AR2008081001868.html?nav=rss_opinion/columns</guid>
			<pubDate>Mon, 11 Aug 2008 00:00:00 EDT</pubDate>
			<description><![CDATA[ One year ago, it seemed reasonable to hope that the mortgage crisis would be contained. Since then, just about everything that could go wrong has gone wrong. The crisis has spread through the financial system and is metastasizing into a global slowdown. It cries out for a bolder government response than we have seen so far. So here is a test for candidates McCain and Obama: Which of you would provide it? ]]></description>
			<dc:creator><![CDATA[Sebastian Mallaby]]></dc:creator>
			<category><![CDATA[A]]></category>
			<category><![CDATA[Moment]]></category>
			<category><![CDATA[For]]></category>
			<category><![CDATA[Fiscal]]></category>
			<category><![CDATA[Courage]]></category>
		</item>
		<item>
			<title><![CDATA[Throwing Honesty Out the Window]]></title>
			<link>http://www.washingtonpost.com/wp-dyn/content/article/2008/07/20/AR2008072001665.html?nav=rss_opinion/columns</link>
			<guid isPermaLink="true">http://www.washingtonpost.com/wp-dyn/content/article/2008/07/20/AR2008072001665.html?nav=rss_opinion/columns</guid>
			<pubDate>Mon, 21 Jul 2008 00:00:00 EDT</pubDate>
			<description><![CDATA[ Until just recently, policymakers were doing well in the financial crisis. Congress passed a timely and well-crafted stimulus. Bear Stearns was rescued, averting market chaos. The Fed cut interest rates aggressively, reasonably fearing a collapse of the economy more than a collapse of the dollar.<br clear="all"/><a href="http://ad.doubleclick.net/jump/wpni.rss/opinion/columns;pos=ad9;tile=9;ad=rss;sz=479x40;ord=262431214385" target="_blank"><img src="http://ad.doubleclick.net/ad/wpni.rss/opinion/columns;pos=ad9;tile=9;ad=rss;sz=479x40;ord=262431214385" border="0" vspace="5"></a> ]]></description>
			<dc:creator><![CDATA[Sebastian Mallaby]]></dc:creator>
			<category><![CDATA[Throwing]]></category>
			<category><![CDATA[Honesty]]></category>
			<category><![CDATA[Out]]></category>
			<category><![CDATA[the]]></category>
			<category><![CDATA[Window]]></category>
		</item>
		<item>
			<title><![CDATA[Nationalization: A Solution for Housing]]></title>
			<link>http://www.washingtonpost.com/wp-dyn/content/article/2008/07/13/AR2008071301718.html?nav=rss_opinion/columns</link>
			<guid isPermaLink="true">http://www.washingtonpost.com/wp-dyn/content/article/2008/07/13/AR2008071301718.html?nav=rss_opinion/columns</guid>
			<pubDate>Mon, 14 Jul 2008 00:00:00 EDT</pubDate>
			<description><![CDATA[ Capitalism has triumphed everywhere, but it's time to dust off an old socialist slogan. When it comes to housing finance, the commanding heights of the economy must be nationalized. Last night's statement from Treasury Secretary Hank Paulson was designed to look statesmanlike and measured, but it misses an opportunity. ]]></description>
			<dc:creator><![CDATA[Sebastian Mallaby]]></dc:creator>
			<category><![CDATA[Nationalization:]]></category>
			<category><![CDATA[A]]></category>
			<category><![CDATA[Solution]]></category>
			<category><![CDATA[for]]></category>
			<category><![CDATA[Housing]]></category>
		</item>
		<item>
			<title><![CDATA[Nixonian Fallacy]]></title>
			<link>http://www.washingtonpost.com/wp-dyn/content/article/2008/06/29/AR2008062901479.html?nav=rss_opinion/columns</link>
			<guid isPermaLink="true">http://www.washingtonpost.com/wp-dyn/content/article/2008/06/29/AR2008062901479.html?nav=rss_opinion/columns</guid>
			<pubDate>Mon, 30 Jun 2008 00:00:00 EDT</pubDate>
			<description><![CDATA[ A few years back, when "subprime" generally referred to beef, economists used to congratulate themselves on their progress since the 1970s. Central banks had learned to tame inflation. Politicians had learned to appreciate the folly of price controls. Thanks to the economics profession, policymakers had grown wiser. ]]></description>
			<dc:creator><![CDATA[Sebastian Mallaby]]></dc:creator>
			<category><![CDATA[Nixonian]]></category>
			<category><![CDATA[Fallacy]]></category>
		</item>
		<item>
			<title><![CDATA[Our Tarnished Titans]]></title>
			<link>http://www.washingtonpost.com/wp-dyn/content/article/2008/06/15/AR2008061501451.html?nav=rss_opinion/columns</link>
			<guid isPermaLink="true">http://www.washingtonpost.com/wp-dyn/content/article/2008/06/15/AR2008061501451.html?nav=rss_opinion/columns</guid>
			<pubDate>Mon, 16 Jun 2008 00:00:00 EDT</pubDate>
			<description><![CDATA[ Ever since J. Pierpont Morgan was simultaneously reviled and celebrated a century ago, the titans of banking have enjoyed a special place in the popular imagination. Their economic clout, political influence and sheer wealth have inspired justified awe; the alumni of a single firm, Goldman Sachs, include the current Treasury secretary, the White House chief of staff, New Jersey's governor, the World Bank boss, the head of Italy's central bank and the Nature Conservancy's incoming president. Yet there are questions about what modern investment banks do -- and last week's ructions at Lehman Brothers only make these questions trickier. ]]></description>
			<dc:creator><![CDATA[Sebastian Mallaby]]></dc:creator>
			<category><![CDATA[Our]]></category>
			<category><![CDATA[Tarnished]]></category>
			<category><![CDATA[Titans]]></category>
		</item>
		<item>
			<title><![CDATA[The Audacity Of Growth]]></title>
			<link>http://www.washingtonpost.com/wp-dyn/content/article/2008/06/01/AR2008060101917.html?nav=rss_opinion/columns</link>
			<guid isPermaLink="true">http://www.washingtonpost.com/wp-dyn/content/article/2008/06/01/AR2008060101917.html?nav=rss_opinion/columns</guid>
			<pubDate>Mon, 02 Jun 2008 00:00:00 EDT</pubDate>
			<description><![CDATA[ John McCain likes to say he is for economic growth. "End growth in America, and the lights go out all over the world," he has admonished. He offers a version of the narrative that Republicans have pitched for years: Their party stands for lower taxes, less regulation and freer trade; Democrats stand for tax-and-spend, government intrusion and trade protectionism. But this juxtaposition, at times reasonably persuasive, now rings hollow. The real pro-growth candidate in this campaign looks to be Barack Obama.<br clear="all"/><a href="http://ad.doubleclick.net/jump/wpni.rss/opinion/columns;pos=ad9;tile=9;ad=rss;sz=479x40;ord=262431214811" target="_blank"><img src="http://ad.doubleclick.net/ad/wpni.rss/opinion/columns;pos=ad9;tile=9;ad=rss;sz=479x40;ord=262431214811" border="0" vspace="5"></a> ]]></description>
			<dc:creator><![CDATA[Sebastian Mallaby]]></dc:creator>
			<category><![CDATA[The]]></category>
			<category><![CDATA[Audacity]]></category>
			<category><![CDATA[Of]]></category>
			<category><![CDATA[Growth]]></category>
		</item>
		<item>
			<title><![CDATA[Rice and Baloney]]></title>
			<link>http://www.washingtonpost.com/wp-dyn/content/article/2008/05/18/AR2008051801917.html?nav=rss_opinion/columns</link>
			<guid isPermaLink="true">http://www.washingtonpost.com/wp-dyn/content/article/2008/05/18/AR2008051801917.html?nav=rss_opinion/columns</guid>
			<pubDate>Mon, 19 May 2008 00:00:00 EDT</pubDate>
			<description><![CDATA[ We are now several months into the global food crisis, which is a much bigger deal than the subprime meltdown for most people in the world. Food prices have almost doubled in three years, threatening to push 100 million people into absolute poverty, undoing much of the development progress of the past few years. The new hunger has triggered riots from Haiti to Egypt to Ethiopia, threatening political stability; it has conjured up a raft of protectionist policies, threatening globalization. And yet the response to this crisis from governments the world over has been lackadaisical or worse. ]]></description>
			<dc:creator><![CDATA[Sebastian Mallaby]]></dc:creator>
			<category><![CDATA[Rice]]></category>
			<category><![CDATA[and]]></category>
			<category><![CDATA[Baloney]]></category>
		</item>
		<item>
			<title><![CDATA[Wright And Ridiculous]]></title>
			<link>http://www.washingtonpost.com/wp-dyn/content/article/2008/05/04/AR2008050401600.html?nav=rss_opinion/columns</link>
			<guid isPermaLink="true">http://www.washingtonpost.com/wp-dyn/content/article/2008/05/04/AR2008050401600.html?nav=rss_opinion/columns</guid>
			<pubDate>Mon, 05 May 2008 00:00:00 EDT</pubDate>
			<description><![CDATA[ Of all the strange features of this presidential race, the tarnishing of Barack Obama has got to be the most ridiculous. First Obama was accused of anti-religious elitism. Then he was accused of identifying with the underclass anger of his spiritual mentor. Excuse me, but which is it? Am I supposed to believe that Obama is a supercilious elitist or a menacing ghetto radical? Is he contemptuous of religion or too close to a religious leader? Obama's critics don't bother to say. Meanwhile, real character issues go relatively unheeded. ]]></description>
			<dc:creator><![CDATA[Sebastian Mallaby]]></dc:creator>
			<category><![CDATA[Wright]]></category>
			<category><![CDATA[And]]></category>
			<category><![CDATA[Ridiculous]]></category>
		</item>
		<item>
			<title><![CDATA[Housing Sense in Congress?]]></title>
			<link>http://www.washingtonpost.com/wp-dyn/content/article/2008/04/20/AR2008042001751.html?nav=rss_opinion/columns</link>
			<guid isPermaLink="true">http://www.washingtonpost.com/wp-dyn/content/article/2008/04/20/AR2008042001751.html?nav=rss_opinion/columns</guid>
			<pubDate>Mon, 21 Apr 2008 00:00:00 EDT</pubDate>
			<description><![CDATA[ Presidential candidates insist that Washington needs fixing, and we in the commentariat love to expose hypocrisy, pork-barreling and gridlock. So it feels awkward to admit the truth about the subprime meltdown. First Congress produced a timely and well-crafted stimulus. Now it is working on proposals to help homeowners, and with one ugly exception, the recommendations are sound. ]]></description>
			<dc:creator><![CDATA[Sebastian Mallaby]]></dc:creator>
			<category><![CDATA[Housing]]></category>
			<category><![CDATA[Sense]]></category>
			<category><![CDATA[in]]></category>
			<category><![CDATA[Congress?]]></category>
		</item>
		<item>
			<title><![CDATA[Double Bubble Trouble?]]></title>
			<link>http://www.washingtonpost.com/wp-dyn/content/article/2008/04/06/AR2008040601653.html?nav=rss_opinion/columns</link>
			<guid isPermaLink="true">http://www.washingtonpost.com/wp-dyn/content/article/2008/04/06/AR2008040601653.html?nav=rss_opinion/columns</guid>
			<pubDate>Mon, 07 Apr 2008 00:00:00 EDT</pubDate>
			<description><![CDATA[ There are two views of the financial crisis. The first is that we face the bursting of a real estate bubble, a product of loose monetary policy, no-doc loans and alphabet-soup financial securities. The second is that we face the bursting of that bubble plus a terrifying long-term one that has been building since the Reagan era. This second bubble is the product of a quarter-century expansion in borrowing, excessive confidence in the dollar and an overblown faith in markets.<br clear="all"/><a href="http://ad.doubleclick.net/jump/wpni.rss/opinion/columns;pos=ad9;tile=9;ad=rss;sz=479x40;ord=262431215260" target="_blank"><img src="http://ad.doubleclick.net/ad/wpni.rss/opinion/columns;pos=ad9;tile=9;ad=rss;sz=479x40;ord=262431215260" border="0" vspace="5"></a> ]]></description>
			<dc:creator><![CDATA[Sebastian Mallaby]]></dc:creator>
			<category><![CDATA[Double]]></category>
			<category><![CDATA[Bubble]]></category>
			<category><![CDATA[Trouble?]]></category>
		</item>
		<item>
			<title><![CDATA[Demons On Wall Street]]></title>
			<link>http://www.washingtonpost.com/wp-dyn/content/article/2008/03/23/AR2008032301416.html?nav=rss_opinion/columns</link>
			<guid isPermaLink="true">http://www.washingtonpost.com/wp-dyn/content/article/2008/03/23/AR2008032301416.html?nav=rss_opinion/columns</guid>
			<pubDate>Mon, 24 Mar 2008 00:00:00 EDT</pubDate>
			<description><![CDATA[ One year ago, with spectacular timing, a Wall Streeter named Richard Bookstaber published a book on financial engineering. He called it "A Demon of Our Own Design," and his argument was that a new breed of "quants" -- or "quantitative" number-crunchers like him -- had created a system too complex to be manageable. The risks embedded in swaps and options were understood by only a handful of math geeks, and a miscalculation in one corner of the markets could send shock waves globally. Until a week ago, Bookstaber seemed unduly glum. But in the wake of Bear Stearns, modern financial engineering has become harder to defend. ]]></description>
			<dc:creator><![CDATA[Sebastian Mallaby]]></dc:creator>
			<category><![CDATA[Demons]]></category>
			<category><![CDATA[On]]></category>
			<category><![CDATA[Wall]]></category>
			<category><![CDATA[Street]]></category>
		</item>
		<item>
			<title><![CDATA[Another Preemption Fight]]></title>
			<link>http://www.washingtonpost.com/wp-dyn/content/article/2008/03/09/AR2008030901427.html?nav=rss_opinion/columns</link>
			<guid isPermaLink="true">http://www.washingtonpost.com/wp-dyn/content/article/2008/03/09/AR2008030901427.html?nav=rss_opinion/columns</guid>
			<pubDate>Mon, 10 Mar 2008 00:00:00 EDT</pubDate>
			<description><![CDATA[ Watching the global economy right now is a bit like watching the lead-up to the Iraq war. ]]></description>
			<dc:creator><![CDATA[Sebastian Mallaby]]></dc:creator>
			<category><![CDATA[Another]]></category>
			<category><![CDATA[Preemption]]></category>
			<category><![CDATA[Fight]]></category>
		</item>
		<item>
			<title><![CDATA[Democrats, Off Course On Trade]]></title>
			<link>http://www.washingtonpost.com/wp-dyn/content/article/2008/02/29/AR2008022903092.html?nav=rss_opinion/columns</link>
			<guid isPermaLink="true">http://www.washingtonpost.com/wp-dyn/content/article/2008/02/29/AR2008022903092.html?nav=rss_opinion/columns</guid>
			<pubDate>Sun, 02 Mar 2008 00:00:00 EST</pubDate>
			<description><![CDATA[ One short month ago, Democrats seemed better than Republicans on globalization. Sure, the Republicans were keener on liberalizing trade, which promises big economic gains, not least for developing countries. But Democrats were better on immigration reform, and they were more interested in building the safety nets that make globalization politically sustainable. ]]></description>
			<dc:creator><![CDATA[Sebastian Mallaby]]></dc:creator>
			<category><![CDATA[Democrats,]]></category>
			<category><![CDATA[Off]]></category>
			<category><![CDATA[Course]]></category>
			<category><![CDATA[On]]></category>
			<category><![CDATA[Trade]]></category>
		</item>
		<item>
			<title><![CDATA[Obama's Missing Ideas]]></title>
			<link>http://www.washingtonpost.com/wp-dyn/content/article/2008/02/24/AR2008022401670.html?nav=rss_opinion/columns</link>
			<guid isPermaLink="true">http://www.washingtonpost.com/wp-dyn/content/article/2008/02/24/AR2008022401670.html?nav=rss_opinion/columns</guid>
			<pubDate>Mon, 25 Feb 2008 00:00:00 EST</pubDate>
			<description><![CDATA[ "Understand that what's lacking right now is not good ideas," Barack Obama declared in Thursday's debate. "The problem we have is that Washington has become a place where good ideas go to die." The audience applauded heartily, and Obama's lines boomed out of my radio at breakfast the next morning. But the truth is that, on some of the big issues facing the next president, good ideas are actually quite scarce. Just take a look at climate change.<br clear="all"/><a href="http://ad.doubleclick.net/jump/wpni.rss/opinion/columns;pos=ad9;tile=9;ad=rss;sz=479x40;ord=262431216252" target="_blank"><img src="http://ad.doubleclick.net/ad/wpni.rss/opinion/columns;pos=ad9;tile=9;ad=rss;sz=479x40;ord=262431216252" border="0" vspace="5"></a> ]]></description>
			<dc:creator><![CDATA[Sebastian Mallaby]]></dc:creator>
			<category><![CDATA[Obama's]]></category>
			<category><![CDATA[Missing]]></category>
			<category><![CDATA[Ideas]]></category>
		</item>
		<item>
			<title><![CDATA[A Malaise Election]]></title>
			<link>http://www.washingtonpost.com/wp-dyn/content/article/2008/02/10/AR2008021001970.html?nav=rss_opinion/columns</link>
			<guid isPermaLink="true">http://www.washingtonpost.com/wp-dyn/content/article/2008/02/10/AR2008021001970.html?nav=rss_opinion/columns</guid>
			<pubDate>Mon, 11 Feb 2008 00:00:00 EST</pubDate>
			<description><![CDATA[ Now that John McCain has all but clinched the Republican nomination, we can see the outline of this fall's election. McCain will be the national security candidate, more fluent on military readiness than on mortgage troubles or health care; meanwhile, his Democratic opponent will campaign on some version of that line from 1992 -- "It's the economy, stupid." And behind this simple juxtaposition, a larger debate is likely to unfold. For the United States is entering another Kennedy moment. ]]></description>
			<dc:creator><![CDATA[Sebastian Mallaby]]></dc:creator>
			<category><![CDATA[A]]></category>
			<category><![CDATA[Malaise]]></category>
			<category><![CDATA[Election]]></category>
		</item>
		<item>
			<title><![CDATA[Good and Bad Capitalists]]></title>
			<link>http://www.washingtonpost.com/wp-dyn/content/article/2008/01/27/AR2008012701609.html?nav=rss_opinion/columns</link>
			<guid isPermaLink="true">http://www.washingtonpost.com/wp-dyn/content/article/2008/01/27/AR2008012701609.html?nav=rss_opinion/columns</guid>
			<pubDate>Mon, 28 Jan 2008 00:00:00 EST</pubDate>
			<description><![CDATA[ Surveying the world's financial chaos, my colleague Robert J. Samuelson declared last week that "capitalism's most dangerous enemies are capitalists." This is the truth, but not the whole truth: There are constructive capitalists as well as dangerous ones. If election-year pressure for a clampdown on Wall Street starts rising, it will be vital not to lump the whole financial world together. A policy response has to distinguish between stabilizing players and destabilizing ones. ]]></description>
			<dc:creator><![CDATA[Sebastian Mallaby]]></dc:creator>
			<category><![CDATA[Good]]></category>
			<category><![CDATA[and]]></category>
			<category><![CDATA[Bad]]></category>
			<category><![CDATA[Capitalists]]></category>
		</item>
		<item>
			<title><![CDATA[A Nobel Laureate's Primary]]></title>
			<link>http://www.washingtonpost.com/wp-dyn/content/article/2008/01/13/AR2008011302304.html?nav=rss_opinion/columns</link>
			<guid isPermaLink="true">http://www.washingtonpost.com/wp-dyn/content/article/2008/01/13/AR2008011302304.html?nav=rss_opinion/columns</guid>
			<pubDate>Mon, 14 Jan 2008 00:00:00 EST</pubDate>
			<description><![CDATA[ The presidential primaries are terrific fun, but they are also absurd -- far more absurd than even most critics recognize. It is not just that atypical, early states have disproportionate influence, or that outcomes can be swayed by floods of rain or money. The basic problem is one that's common to nearly all electoral contests: Whenever there are three or more contenders, it makes no sense to ask voters to select a single candidate. ]]></description>
			<dc:creator><![CDATA[Sebastian Mallaby]]></dc:creator>
			<category><![CDATA[A]]></category>
			<category><![CDATA[Nobel]]></category>
			<category><![CDATA[Laureate's]]></category>
			<category><![CDATA[Primary]]></category>
		</item>
	</channel>
</rss>