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...understand the recent sell-off in global equities and whether it will turn into a bear market, you first need to analyze the remarkably heady period that preceded it. Fearing deflation after the meltdown of tech and Internet stocks in 2000 and the terrorist attacks of Sept. 11, 2001, the U.S. Federal Reserve Board cut the Fed fund rate from 6.5% to 1%. The easy availability of low-cost loans triggered a dramatic rise in borrowing, which lifted the prices of all assets, including stocks, real estate, commodities, bonds, art and wine. As U.S. consumption boomed, the nation's trade...

Author: /time Magazine | Title: The Pain Isn't Over Yet | 3/8/2007 | See Source »

...stretching it to say there was a silver lining in 9/11 for Middle Eastern Americans. But it did get them America's attention, and not just on cross-country flights. Save for the occasional terrorist or sheik stereotype, the pop-culture profile of this growing group had been almost nil. You might know that F. Murray Abraham or Danny Thomas had Middle Eastern ancestry, but it was trivia, like knowing that Dan Aykroyd was Canadian. There was no figure whose ethnicity deeply informed his or her work--no Arab-American Dick Gregory or Iranian-American Lenny Bruce...

Author: /time Magazine | Title: Culture Complex: Stand-Up Diplomacy | 3/8/2007 | See Source »

...also not forget that in 1982 there was a good reason Congress overwhelmingly passed the Intelligence Identities Protection Act, which was intended to prevent anyone from systematically exposing operatives as part of a campaign to harm national security. In 1975, the Greek terrorist group November 17 assassinated the CIA chief in Athens, not long after he was exposed in the press. In the '70s a former CIA officer, Philip Agee, was systematically exposing CIA personnel overseas, probably at the behest of Cuba. If Agee's campaign had been picked up by the rest of the press, the CIA would have...

Author: /time Magazine | Title: What the CIA Lost in the Libby Case | 3/7/2007 | See Source »

...Niger undermined the defense's case that Libby had too much on his mind to have really bothered to lie - or even to have remembered what exactly to lie about. They argued Libby had other preoccupations; the war, possible al-Qaeda attacks, the 27 national security topics and 13 terrorist threats that were in Libby's briefing book on the day a CIA briefer testified that he told Libby about Joe Wilson's wife...

Author: /time Magazine | Title: How Libby Came Undone | 3/6/2007 | See Source »

...Israelis consider every Palestinian, from a child to an old woman, to be a terrorist, then the Israelis have a problem that's not going to be solved by walls and security checks. Not all Palestinians are hostile to Israel. Most are interested in a peaceful life, in raising their children. A few believe in violence, but Israel can't punish all Palestinians just because of a few. At the same time, Palestinians shouldn't generalize about all Israelis based on a few settlers and extremists. But with these punishments at the checkpoints, it's very difficult. We feel humiliated...

Author: /time Magazine | Title: No Room for Civility at the Checkpoint | 3/5/2007 | See Source »

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