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...Arab Oil Embargo in the 1970s and no roadmap to follow after the S&L crisis the following decade. Banks can be brought down by fraud and errors in large gambles made on proprietary trading desks. Most of the things that cause systemic failure are unexpected and therefore cannot be prevented...

Author: /time Magazine | Title: Setting Up War Games for the Banking System | 2/26/2009 | See Source »

...cannot continue to ignore Tibet, nor can we continue to balk when human rights are in danger. The UN, NATO, the United States—any organization or nation with significant international sway—need to put pressure on the Chinese government to cease its suppression of the Tibetan people. The world learned the terrible consequences of imperialism long ago, and we must stamp it out entirely wherever it rears its ugly head. Tibet and its people are some of the world’s most beautiful remaining examples of piety, brotherhood, and peacefulness. But, if we wait much...

Author: By Joe O. Masterman | Title: Imperialism in the Holy Land | 2/25/2009 | See Source »

...rolling back tax breaks for the wealthy is a "massive tax increase on the American people," one Congressman shouted out of turn, "You're right!" A large group of Republicans broke into disruptive cheering when Obama vowed to not pass on to the nation's children a "debt they cannot...

Author: /time Magazine | Title: Obama Gives Team America a Pep Talk | 2/25/2009 | See Source »

...Obama did not allow his party to dwell on finger-pointing. He kept talking through their applause, forcing them to return to their seats. A coach, after all, cannot lead a team divided. He told the country's leaders, Democrats and Republicans, supporters and opponents of his presidency, that he knew "every American who is sitting here tonight loves this country and wants it to succeed." He continued, "That must be the starting point for every debate we have in the coming months, and where we return after those debates are done. That is the foundation on which the American...

Author: /time Magazine | Title: Obama Gives Team America a Pep Talk | 2/25/2009 | See Source »

...marshaled in the service of public education: Obama explained why, despite the despicable behavior of the bankers, the system had to be salvaged. If houses and cars were to be bought, if businesses were to make payrolls, loans had to be made. "[I]n a time of crisis, we cannot afford to govern out of anger, or yield to the politics of the moment," he said, aiming a dagger at his detractors...

Author: /time Magazine | Title: Obama's Speech: A Tonal Masterpiece | 2/25/2009 | See Source »

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