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...battered but never dies. America isn't going to expire either. But unlike him, we will be chastened and begin behaving more wisely. For years, enthusiasts for unfettered capitalism have insisted that the withering away of enterprises and entire industries is a healthy and necessary part of a vibrant, self-correcting economic system; now, more than at any time since Joseph Schumpeter popularized the idea of creative destruction in 1942, we must endure the shocking and awesome pain of that metamorphosis. After decades of talking the talk, now we're all obliged to walk the walk...

Author: /time Magazine | Title: The End of Excess: Is This Crisis Good for America? | 3/26/2009 | See Source »

...moxie comes in two basic types. We possess the Yankee virtues embodied by the founders: sobriety, hard work, practical ingenuity, common sense, fair play. And then there's our wilder, faster and looser side, that packet of attributes that makes us American instead of Canadian: impatient, hell-bent, self-invented gamblers, with a weakness for blue smoke and mirrors. A certain fired-up imprudence was present from the beginning, but it required a couple of centuries for the most extravagant version of the American Dream to take hold: starting with the California Gold Rush in 1849 - riches for the plucking...

Author: /time Magazine | Title: The End of Excess: Is This Crisis Good for America? | 3/26/2009 | See Source »

...time to ratchet back our wild and crazy grasshopper side and get in touch with our inner ant, to be more artisan-enterpriser and less prospector-speculator, more heroic Greatest Generation and less self-indulgent baby boomer, to return from Oz to Kansas, to become fully reality-based again...

Author: /time Magazine | Title: The End of Excess: Is This Crisis Good for America? | 3/26/2009 | See Source »

...Married with three children. His wife, self-made millionaire Therese Rein, started a large employment agency and is the first Prime Minister's wife to remain in the workforce and keep her maiden name...

Author: /time Magazine | Title: Australian Prime Minister Kevin Rudd | 3/24/2009 | See Source »

...Commentators have already dubbed the IPL the "NRIPL" - Non-Resident Indian Premier League and fans are outraged that the games will be played off shore. "Imagine an 'Indian' Premier League in South Africa," says self-confessed cricket diehard Nikhil Lodaya, a Mumbai-based public relations executive, "It's just too desperate!" Lodaya says he planned to watch the matches on television, so it doesn't matter if the matches are played in Mumbai or London. "But for a sport I love, it's painful to see what has happened." (Read a TIME story on the worst sporting attacks...

Author: /time Magazine | Title: Citing Security, India Moves Cricket Matches | 3/23/2009 | See Source »

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