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...years that rivaled the traditional system in size but lacked every one of the stabilizing pillars that had been erected beneath it after the Great Depression: deposit insurance, access to a lender of last resort, a system for orderly failure, and reasonable constraints on risk and leverage. With near bottomless funds from money-market investments and sky-high leveraging limits, the shadow system financed the bubble that is now bursting. (See "Four Steps to Ending the Foreclosure Crisis...

Author: /time Magazine | Title: Obama Picks Geithner, an Insider, for Treasury | 11/22/2008 | See Source »

Almost everyone mentions his generosity, particularly bottomless when it came to The Paris Review, which he ran out of his home for decades. But what radiates is a person of massive charm, entirely at ease with his own unease. Muhammad Ali, sensing someone who got the joke about himself, called Plimpton "Kennedy," while the actual Kennedys welcomed him into their lives as a confidant. It was Plimpton, at Bobby's side, who wrestled the gun away from Sirhan Sirhan, a rare example of sadness that he did not mine for storytelling...

Author: /time Magazine | Title: Charmed Life | 10/31/2008 | See Source »

...Tercentenary Theater’s recent role as a venue for bottomless cider evidences a college constituency obsessed with the environment. Despite the ephemeral fanfare surrounding sustainability at Harvard, the United States will be dependent on carbon-based energy for the foreseeable future. Astronomic gas prices burden the economy, and hostile foreign governments supplying oil hold America hostage. McCain’s agenda would increase domestic drilling capacity, which would increase the oil supply, lowering gas prices and reducing American dependency...

Author: By Andrew J. Crutchfield, Peyton R. Miller, and Rachel L. Wagley | Title: Underdog to the Rescue | 10/31/2008 | See Source »

It’s 1 a.m. on a Wednesday night. You’re curled up in the common room, attempting to plow through a bottomless coursepack for 9 a.m. section tomorrow. But it’s no use—that thumping bass won’t let you concentrate. Clearly, your roommates are starting the weekend early—that is, your invisible roommates on the other side of the fire door...

Author: By Molly M. Strauss | Title: Behind Closed Doors | 10/14/2008 | See Source »

American universities have long been the envy of the world, with seemingly bottomless purses to bankroll cutting-edge research, top-notch faculty and construction projects galore. And fiscally speaking, these schools have it better than most businesses in the U.S.: multiple sources of revenue, including parents willing to pay tuition through the nose amid all kinds of money trouble, have often kept these institutions insulated from economic downturns. But in a financial crisis of this magnitude, even the ivory towers are getting hit - and in more ways than one. Not only have Bank of America, Citigroup and some two dozen...

Author: /time Magazine | Title: Colleges Getting Hit by the Credit Crunch | 10/8/2008 | See Source »

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