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...asking Congress for $700 billion overnight when lawmakers have been unable for years to find funds for all sorts of other national priorities provoked a bitter and bipartisan backlash. "Paulson confused venture-capital behavior with leading a free society," says former House Speaker Newt Gingrich. "I don't know why Bernanke thinks a problem largely created by the Fed and the Treasury is something that only the Fed and the Treasury are smart enough to fix." Others went further: "It's financial socialism," Senator Jim Bunning of Kentucky told Paulson and Bernanke at a stormy Senate Banking Committee hearing...

Author: /time Magazine | Title: Three Men And a Bailout | 9/25/2008 | See Source »

...accountability before she became the Republican Party's vice-presidential nominee. The Alaska Senate Judiciary Committee had started the inquiry when former public safety commissioner Walt Monegan alleged that he might have been dismissed for not firing the allegedly loutish state trooper Mike Wooten, who was in a bitter custody battle with Palin's sister Molly McCann and was accused of threatening members of the governor's family. The investigation has since been painted by John McCain and Palin backers as a purely partisan exercise, particularly because the committee chair, state senator Hollis French, is an Anchorage Democrat who made...

Author: /time Magazine | Title: Palin's Troopergate Moves Getting Bad Reviews in Alaska | 9/23/2008 | See Source »

...Such bitter language can seem a bit high-minded for the scrappy political arena. In a country with a free press, after all, journalists are able to fact-check campaign advertisements and let voters know when claims are exaggerated or misleading. What does it matter if McCain says Obama would impose a new tax burden on middle-class families or if Obama claims that McCain proposed abolishing the Department of Education? Candidates lie, fact-checkers out them, and voters have all the information they need to make their choices...

Author: /time Magazine | Title: Truth in Advertising? Not for Political Ads | 9/23/2008 | See Source »

...month. Mbeki appeared calm and dignified as he defended his legacy of 14 years as the premier policy architect of a post-apartheid South African state, first as deputy president under Nelson Mandela from 1994 to 1999, then as head of state. But despite his demeanor, it was a bitter moment for a man who, as the son of ANC liberation hero Govan Mbeki, has often said that he was "born into the struggle...

Author: /time Magazine | Title: A Bitter End for South Africa's Mbeki | 9/22/2008 | See Source »

...departure could not have come at a worse time for South Africa's northern neighbor, Zimbabwe, where the South African President painstakingly brokered a power-sharing compromise aimed at ending the country's prolonged political crisis. Signed a week ago by Zimbabwe's autocratic president, Robert Mugabe, and his bitter enemy, opposition leader Morgan Tsvangirai, the deal has been hanging by a thread. If it holds, the Zimbabwe deal could be Mbeki's most enduring legacy, despite the criticism he has drawn for a policy of "silent diplomacy" that was seen by many to appease Mugabe. But it could also...

Author: /time Magazine | Title: A Bitter End for South Africa's Mbeki | 9/22/2008 | See Source »

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