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...misread how bad the economy was.' Vice President JOE BIDEN, reacting to news that the national unemployment rate had reached 9.5%--the highest figure in 26 years--despite the Obama Administration's $787 billion economic-stimulus package...

Author: /time Magazine | Title: Verbatim | 7/20/2009 | See Source »

...July 9 "Open Letter to UC alumni and friends," Richard Blum, the Regents' most recent former chair; Russell Gould, the current chair; Sherry Lansing, the vice chair; and UC president Yudof wrote, "The UC model - providing universal access to a top-notch, low-cost education and research of the highest caliber - continues to be studied around the globe among those who would emulate its success. And yet, this model has been increasingly abandoned at home by a state government responsible for its core funding...

Author: /time Magazine | Title: California's Crisis Hits Its Prized Universities | 7/18/2009 | See Source »

...recent weeks, the Obama Administration has taken heat for having underestimated how bad the economy would get. With the unemployment rate surpassing the Administration's best predictions, ABC's George Stephanopoulos asked Vice President Joe Biden if the stimulus package was too small or if the White House simply didn't have a handle on the seriousness of our economic ills. When an interviewer posed a similar question on National Public Radio, the chair of the President's Council of Economic Advisers, Christina Romer, replied, "It's important to realize that none of us has a crystal ball...

Author: /time Magazine | Title: Why Are Economists So Bad at Forecasting? | 7/17/2009 | See Source »

...June 24, CIA Director Leon Panetta made a confession. For the past eight years, the agency has been running a top-secret unit to assassinate or grab members of al-Qaeda. The program was deliberately kept from Congress - supposedly on former Vice President Dick Cheney's orders - and Panetta stopped it as soon as he heard about...

Author: /time Magazine | Title: The CIA Is Keeping Secrets. Hello? | 7/16/2009 | See Source »

...founder, Jack Ma, began to worry about the souring economy and its impact on Alibaba's 32 million members. "He told his lieutenants to all go out and figure out how to help our customers because there's a bad time coming," says John W. Spelich, Alibaba's vice president for international corporate affairs...

Author: /time Magazine | Title: In China's Lending Boom, Small Businesses Go Begging | 7/15/2009 | See Source »

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