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...Moore, a former reporter at the Wall Street Journal who used to cover Goldman and other investment banks for the paper, wrote in response to another journalist's question about the piece, "For the record, I don't think any article that contains the line 'vampire squid sucking the face of humanity' [Taibbi's opening description of Goldman] is real journalism." (See the top 10 magazine covers...

Author: /time Magazine | Title: Goldman Sachs vs. Rolling Stone: A Wall Street Smackdown | 7/3/2009 | See Source »

...Banana Republic shirt at a cheaper price - you're just getting something else. That's absolutely right, and for me that raises really interesting philosophical issues: When is a brand really a brand? What does it mean to be a Coach bag? What does it mean to be North Face parka? These companies manufacture things specifically for their outlet stores, and they rely on their brand to carry that signal of value. So you have to think about that: If you like this object, whatever it is, if it seems to suit you or fit your needs and appears...

Author: /time Magazine | Title: What Cheap Stuff Really Costs Us | 7/2/2009 | See Source »

...comparatively high sales taxes and rates for corporate income, but very low property taxes. State income taxes are very progressive, with a large proportion of revenue comes from households earning more than $100,000, as well as from taxes on stock options and capital gains. Low-income households, meanwhile, face lower tax rates that in most other states. This tax system, says Steve Peace, director of finance under Gov. Gray Davis, "worked in a highly leveraged, supercharged economy. Those days are gone...

Author: /time Magazine | Title: California's Budget Crisis: Is There a Way Out? | 7/2/2009 | See Source »

...according to the low rates mandated by Proposition 13, but require commercial property to be assessed at market value. To relieve the logjam in California politics, momentum is growing for an open primary system, in which the two top vote getters in the primary, regardless of party, would face each other in the general election. Proponents believe it would loosen the grip of partisan ideologies and make it easier of moderates to win elections. In addition, a redistricting reform won narrow approval last November and proponents of good government keep trying to lengthen the state's term limits on legislators...

Author: /time Magazine | Title: California's Budget Crisis: Is There a Way Out? | 7/2/2009 | See Source »

...risks having the opposite effect by sending the industry underground, where it will be even harder to control. One casino director, who asked not to be named, says he knows of two places that have continued operating illegally since the ban took effect. "If they know your face, they'll let you in," he says. And a Ukrainian government official who works closely on the issue tells TIME that he expects some sites to begin opening their doors to a "select few" in the coming weeks...

Author: /time Magazine | Title: All Bets Are Off: Russia and Ukraine Ban Gambling | 7/2/2009 | See Source »

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