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...gravity of the situation is much deeper than it was. It was kind of an easy, playful thing to say back then. So what? What do we need all this for anyway? But I was in Seattle recently and I said, "Capitalism is dead, the economy is screwed up. Oh well." Everyone's like, "Yeah, we all lost our jobs yesterday." Boeing, Microsoft and Starbucks laid off a good 30,000 each in one day. I was literally looking at an unemployed audience. You have to be aware of who you're talking to in an audience...

Author: /time Magazine | Title: Comedian Louis C.K. | 3/18/2009 | See Source »

...Kromberg also revealed last week for the first time that the prosecutors who had tried al-Arian in Florida did not want their Virginia colleagues to proceed with the subpoena but kept quiet about it anyway. One possible reason, say defense lawyers: had the defense team known that its client would be compelled to testify in a separate case, the plea deal might have crumbled, denying the Tampa prosecutors even that one conviction. The U.S. Attorney's offices in Florida and Virginia would not comment when contacted by TIME, and the reasons for their actions in the case may never...

Author: /time Magazine | Title: A Florida Terrorism Suspect's Legal Odyssey | 3/18/2009 | See Source »

...took a larger hit from its investment in mortgage-backed securities tied to subprime, adjustable-rate or jumbo mortgages. By law, Freddie isn't allowed to insure against losses on those types of mortgages, in part because they are riskier. But it bought securities tied to those home loans anyway - which it is allowed to do - to capture the higher rates of return that those mortgage bonds offered. Unfortunately, the bets didn't pay off. Freddie lost $16 billion on those investments. (See pictures of Americans in their homes...

Author: /time Magazine | Title: Freddie Mac: Government's New Black Hole? | 3/17/2009 | See Source »

...years old, Bernanke won the South Carolina state spelling bee, despite being initially told that he had misspelled a word. Bernanke, certain he was right, left the stage anyway. "He came back on stage and said he had spelled it correctly," his mother Edna recalled to the Washington Post. "And he was right." Bernanke was later eliminated at the national bee when he misspelled the word edelweiss...

Author: /time Magazine | Title: Federal Reserve Chairman Ben Bernanke | 3/16/2009 | See Source »

...might get Quadded. Along with 25 percent of your class. It's okay though—your river friends weren't that interesting anyway, right? Read after the jump for a detailed look of life just a shuttle ride away from, well, life...

Author: By June Q. Wu | Title: The Housing Crisis: Pforzheimer House | 3/14/2009 | See Source »

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