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President Barack Obama did warn in his speech to Wall Street on Monday that "normalcy cannot breed complacency." But normalcy is breeding complacency - perhaps because complacency is normal. Consider the financial reforms that the Obama Administration wants to push through Congress before year-end - creating a Consumer Financial Protection Agency, giving the Federal Reserve the job of systemic risk regulator, and establishing a "resolution regime" to wind down troubled nonbank financial institutions (like Lehman) and complex bank holding companies in an orderly fashion. Steps in the right direction? Probably. Truly major reforms? Not so much...

Author: /time Magazine | Title: Three Lessons of the Lehman Brothers Collapse | 9/15/2009 | See Source »

...former pro-Soviet regime. Then he switched sides, grew a beard and joined the Islamic warriors of the mujahedin. When the Americans chased out the Taliban, the ever adaptable Laghmani volunteered his unique set of skills to the new rulers of Kabul. His credentials as a new breed of Afghan democrat may have been questionable, as were a few of his interrogation techniques, but Laghmani's death is a severe blow to U.S.-led efforts to quell the rising Taliban and dismember al-Qaeda. (See pictures of fighting in Afghanistan's Kunar province...

Author: /time Magazine | Title: Afghanistan Assassination: The Taliban's Big Get | 9/4/2009 | See Source »

...days of summer have hit Italy hard this year. During my family's beach holiday on the enchanting island of Sardinia, the surprise star was Totò, a pint-size, black-and-white, eight-month-old mixed-breed from Naples whom our friends brought along to a house we shared near the southern town of Pula. Totò - named for the famed Neapolitan comedian, not Dorothy's pooch - has exactly one trick in his repertoire: misbehaving. He swiped everything from pasta al pesto to a half-pound of butter off the kitchen table, ran around the yard with a neighbor...

Author: /time Magazine | Title: Canine Lifeguards Hit Italy's Beaches | 8/20/2009 | See Source »

There have been reports of this new breed of lifeguards carrying out several rescues already this summer, with local papers proudly chronicling the hairy heroics. Rambo, an 11-month-old Labrador, helped save a drowning 47-year-old bather near the east-coast city of Foggia, while Massi, a Newfoundland, and Labrador Romeo were patrolling the super-chic Amalfi coast aboard a motorized, rubber coast-guard raft when they helped two would-be victims. Other four-legged studs have offered staged demonstrations of water safety for vacationers near Venice...

Author: /time Magazine | Title: Canine Lifeguards Hit Italy's Beaches | 8/20/2009 | See Source »

...another example, consider Michael and Kathryn Judge. The couple - a cardiac nurse and a nurse practitioner - bought a home in Boise's cottage-filled North End neighborhood in 1994. The Judges, members of that rare breed of Americans who stash a decent slug of income in savings, put down $50,000 and mortgaged the rest. A couple of years ago, they paid off the loan. "Friends used to say, you can cash out your equity and do so much stuff. You could travel," says Michael. "Well, instead of getting the four-wheelers and the boat, we paid off our house...

Author: /time Magazine | Title: How the Housing Market Is Fighting Its Way Back | 8/10/2009 | See Source »

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