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...except that right now everyone wants a little piece of it. The mob has been chanting for months, ever since former Treasury Secretary Henry Paulson arrived in late September on Capitol Hill to warn of disaster, pass around his three-page plan and demand $700 billion to fix the problem. Most members of Congress were so spooked they were ready to write a check, until their phone lines started melting with the angry voices of taxpayers demanding details about the likely return on the investment. But even the minimal strings attached did not prevent the first $350 billion from vanishing...

Author: /time Magazine | Title: In Defense of the Recession Blame Game | 2/12/2009 | See Source »

...makes clear, we are in a new frontier now, in financial badlands created by technology and globalization, with no maps and few rules, and the law has not caught up to us. Until it does, we are left with the old sanctions: symbols and shame. That still leaves the problem of knowing whom precisely to scorn. "Capitalism," John Maynard Keynes once argued, "is the astounding belief that the most wickedest of men will do the most wickedest of things for the greatest good of everyone." It is tempting to blame the whole political-industrial complex, starting with whoever first...

Author: /time Magazine | Title: In Defense of the Recession Blame Game | 2/12/2009 | See Source »

...problem with smashing the whole system, however, is that it's a lazy answer to a fierce challenge. Modern capitalism has created unprecedented wealth in our lifetime, shown its power to lift people out of poverty and spread a culture of competitive genius. So we make a case for who got us here, and who might have saved us and didn't. Even faith itself can be faulted when it turns into blind optimism that sees no risk, hears no sirens. There are plenty of prosecutors who will have a chance to make their case against anyone who crossed...

Author: /time Magazine | Title: In Defense of the Recession Blame Game | 2/12/2009 | See Source »

...financial foundation of the sport is at risk. In fact, four weaker-performing teams in the Sprint Cup Series merged to try to cut costs and stay competitive: Gillett Evernham Motorsports absorbed Petty Enterprises, and Dale Earnhardt Inc. joined up with Chip Ganassi Racing with Felix Sabates. "The problem you have with NASCAR is kind of like you have in professional baseball," says Sabates. "You have three or four teams that have all the money and can buy all the talent and have all the sponsors." As sponsor money dries up, weaker teams and drivers can perish...

Author: /time Magazine | Title: Daytona Drag: NASCAR Tries to Outrace the Recession | 2/12/2009 | See Source »

Kristeller, who had participated in earlier work exploring how physicians could help their patients quit smoking, recalled a short - five- to seven-minute - conversation that the leader of a study had devised to help doctors address the problem. The recommended dialogue conformed to what's known as patient-centered care - a clinical way of saying doctors should ask questions then clam up and listen to the answers. In the case of smoking, they were advised merely to make their concern known to patients, then ask them if they'd ever tried to quit before. Depending on how that first question...

Author: /time Magazine | Title: The Biology of Belief | 2/12/2009 | See Source »

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