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...Constitutional Convention predicted the nation might need laws that would facilitate going belly-up in an orderly fashion. The first federal bankruptcy law, which drew on English statutes, was signed in 1800 and redounded to the benefit of at least one delegate: Robert Morris of Pennsylvania, who wound up $3 million in the hole after opening his purse to Washington's army and spent three years locked...

Author: /time Magazine | Title: A Brief History Of: Bankruptcy | 6/15/2009 | See Source »

...wound up doing much more. Sesame Street is now the longest street on the planet. It runs from Harlem to Honolulu; on to Obama's childhood home in Indonesia, where Jalan Sesama celebrates unity through diversity; through South Africa, where one Muppet is HIV positive; through Israel and Palestine and Egypt, where girls are told how important it is that they keep reading and learning. It creates citizens of a highly globalized, post-racial world. "The only kids who can identify along racial lines with the Muppets," genius puppeteer Jim Henson observed, "have to be either green or orange...

Author: /time Magazine | Title: Tickle Me Obama: Lessons from Sesame Street | 6/15/2009 | See Source »

...turns out that coming up with jokes for members of a reactionary, religious, libertarian audience is not easy. They aren't likely to follow references to movies, hip-hop, websites or drugs not advertised on television. I wound up sending him several political bits, including one about the silliness of not wanting terrorist prisoners on American soil. "There are already too many things we don't want on our soil: carmakers, soccer, nuclear power, Roman Polanski, ants, Mexicans and French soil." I also gave him a spelling-bee riff. "I assume that in India, nothing is misspelled. And have...

Author: /time Magazine | Title: Heeeere's Glenn! When the Lunatic Fringe Tries Comedy | 6/12/2009 | See Source »

...what happens to that money. "Money is like blood. It needs to keep moving around to keep the economy going," he says, noting that when money is spent elsewhere-at big supermarkets, non-locally owned utilities and other services such as on-line retailers-"it flows out, like a wound." By shopping at the corner store instead of the big box, consumers keep their communities from becoming what the NEF calls "ghost towns" (areas devoid of neighborhood shops and services) or "clone towns", where Main Street now looks like every other Main Street with the same fast-food and retail...

Author: /time Magazine | Title: Buying Local: How It Boosts the Economy | 6/11/2009 | See Source »

...there a link between Italian Prime Minister Silvio Berlusconi's hold on political power inside Italy and his hold over the wider scandal-craved collective imagination of our contemporary culture? Clues to that question may be found in a series of blurry photographs that have wound up on the front page of the respected Spanish daily...

Author: /time Magazine | Title: Photos of Nude Partygoers Add to Berlusconi's Woes | 6/5/2009 | See Source »

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