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Patience requires a bit of distance, so let's stand back for a moment. Barack Obama was elected President because the governing philosophy of the last 30 years, arrant Reaganism, had proved itself bankrupt. Reaganism was distinguished by four characteristics--at least, according to its own mythology: the belief that government was "the problem" and so less of it was better, tax-cutting (for the wealthy), deregulation and an insistence on military strength as the primary projection of American authority overseas. These were, in some cases, fantasy attributes: After lowering taxes in 1981, Reagan raised them...

Author: /time Magazine | Title: Joe Klein: Don't Panic — At Least Not Yet | 3/19/2009 | See Source »

...Country Club, preceded by a public show trial with Jon Stewart as chief magistrate. You probably need an over-the-top catharsis or two like that to get the popular rage under control. As it is, guilt and anger are being splashed about chaotically and inefficiently--and people like Barack Obama, who had nothing at all to do with the creation of this mess, are being blamed. That is very dangerous at a moment when there is a desperate need for patience and rationality...

Author: /time Magazine | Title: Joe Klein: Don't Panic — At Least Not Yet | 3/19/2009 | See Source »

...What Barack Obama pledged to do during the campaign--what he is trying to do now--is to change course on every one of these Reaganite assumptions. He believes that government must be part of the solution in areas like health insurance, education and energy policy. He will, eventually, restore Clinton-era levels of taxation on the wealthy. He will re-regulate the financial markets. Overseas, he has restored the primacy of diplomacy over the use or threat of military force...

Author: /time Magazine | Title: Joe Klein: Don't Panic — At Least Not Yet | 3/19/2009 | See Source »

...good news is that volunteers are stepping forward as never before. For instance, applications through the AmeriCorps online system for volunteer service in February were up 208% compared with the same month last year. Multiple trends help explain the rush to volunteer. President Barack Obama has made community service a central issue. Baby boomers are hitting retirement age in record numbers, with many looking to make good on the idealism of their youth. Yet it's folks who have always given money but no longer feel financially secure enough to do so who may offer the clearest explanation. Some...

Author: /time Magazine | Title: Nonprofit Squeeze: Donations Down, Volunteers Up | 3/19/2009 | See Source »

...million in bonus payments sent out in mid-March to executives and traders at AIG's Financial Products subsidiary (also known as AIG FP, or the people who tried to bankrupt the world) is an "outrage," President Barack Obama has said. His top economic adviser, Larry Summers, called the AIG saga the "most outrageous" of the current financial crisis. "It's an outrageous situation," agreed Senate minority leader Mitch McConnell. His House counterpart, John Boehner, said the Obama Administration's handling of the AIG mess was "outrageous." Senate Banking Committee chairman Chris Dodd claimed to have warned Treasury Secretary...

Author: /time Magazine | Title: The Upside of Anger | 3/19/2009 | See Source »

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