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...deep pain of financial crisis was a necessary economic corrective. "Liquidate labor, liquidate stocks, liquidate the farmers, liquidate real estate," Treasury Secretary Andrew Mellon advised President Herbert Hoover. "It will purge the rottenness out of the system." Late last year, you could hear a few people arguing this case on CNBC and even on the floor of the House of Representatives. But after Lehman's failure, no one at Treasury or the Fed talked that way. Instead, the consensus among the policymakers who mattered, in the U.S. and overseas, was that the panic had to be stopped at any cost...

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

Unpacking my boxes from summer storage, I began to suspect that I was suffering from a severe case of mauvaise foi. Perhaps it was a symptom of the anxiety surrounding my recent 20th birthday or my more deep-seated tendency toward hypochondria, brought on by watching too many episodes of “Grey’s Anatomy.” Yet, as I unearthed heart-shaped perfume bottles, caked tubes of mascara, and back issues of Vogue, I felt as though I had violated some ill-defined feminist responsibility. A twinge of guilt, beyond the purely financial, accompanied...

Author: By Courtney A. Fiske | Title: Feminist Bad Faith | 9/15/2009 | See Source »

...True Compass is clearly Teddy's attempt at burnishing his legacy. In that regard, he is less than successful, though - he often seems more concerned with telling the story of the times than he is in telling the story of his accomplishments (for which he makes a surprisingly anemic case). There's a feeling at points that he's ticking off moments in history, rather than grappling with them. But it's clearly the personal anecdotes that readers will flock to - those rambunctious tales of young adulthood, like bronco-riding in Montana in order to win votes for JFK - although...

Author: /time Magazine | Title: True Compass: A First Look at Ted Kennedy's Memoir | 9/14/2009 | See Source »

...crimes in Afghanistan and Iraq? In my point of view, if there were acts of torture, they violated American law because America ratified the U.N Convention Against Torture. If we were part of the ICC, we would be expected to investigate these issues, and if there were a strong case, you would expect prosecution. That's what the U.S. is doing anyway. We respect one of the guiding principles of the ICC that the international court has jurisdiction that is secondary to the national court. Whether we are part of the ICC or not, we will conduct ourselves so that...

Author: /time Magazine | Title: Stephen Rapp: Obama's Point Man on War Crimes | 9/14/2009 | See Source »

...being paid, its contents were so juicy, it set off a whole new round of coverage. When Berlusconi was asked about Tarantini's testimony two days later at a press conference, his 10-minute, over-the-top response left the impression of a world leader suffering from an extreme case of political vertigo...

Author: /time Magazine | Title: How Has Berlusconi Survived His Sex Scandal? | 9/14/2009 | See Source »

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