Word: systemically
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...financial matriarch has carefully tracked recessions, studied boom-and-bust trends and spent her life - all 93 years - mastering the intricacies of the monetary system and banking world. She's worked as an economist with the National Bureau of Economic Research since 1941 and now serves as an adjunct professor at the Graduate Center of the City University of New York. She recently spoke with TIME contributing editor Janet Morrissey. (See pictures of the stock-market crash...
...ugly summer of sausage-grinding in Washington. Obama's two biggest domestic-policy proposals - health-care reform and alternative energy - will be pulverized and reshaped by the Senate. The end products may be unsightly and counterproductive, if passed. A third initiative - a relatively modest regulatory reform of the financial system - is being chewed to dust by the termite lobbyists of the banking industry. A fourth initiative - the effort to buy off the banking system's "toxic" assets - is languishing, near comatose, because of the bankers' intransigence. (See who's who in Obama's White House...
...people that action is necessary on these abstruse issues. He is going to have to demand clear, comprehensible solutions from Congress, and he is going to have to admit what most civilians know in their gut: that a price must be paid for a better, more secure health-care system and action on climate change. This will be easier with the more immediate issue, health-insurance reform. There are compromises that can be made - and Obama should admit that John McCain's plan to tax employer-provided health benefits, at least for wealthier Americans, was a good idea and include...
...carbon tax to discourage people from using fossil fuels. That tax could be immediately refunded in the form of lower payroll taxes. But the House Democrats, still playing by Reagan-era ground rules, were too frightened to go there: they proposed instead a weak, inelegant cap-and-trade system of the sort that has provided precious little carbon reduction in Europe. It is Potemkin legislation, designed to give only the appearance of dealing with a problem...
...have to decide in the coming weeks whether they are willing to go it alone on health reform or whether they will continue to negotiate with Republicans for a bill that would likely be less expensive and contain far less of a role for government in the health-care system. The chief tool Democrats have for ramming through a bill on their own is something known, incongruously enough, as "reconciliation." It is a parliamentary procedure that protects budget-related measures from a filibuster. (There's yet another possibility: Reid might put the pressure on his own caucus by simply calling...