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...standards - housekeepers being approved for million-dollar mortgages - have only hastened their demise. "This crisis needs to be understood as something that has developed over the past decade," says Joseph Mason, a finance professor at Louisiana State University's E.J. Ourso College of Business. "This isn't just one black swan. It's a bunch of black swans that have hung out for a while and created a giant problem." (Read George W. Bush's top 10 economic mistakes...

Author: /time Magazine | Title: Why Your Bank Is Broke | 1/31/2009 | See Source »

...Prince George County, a Maryland suburb of Washington, and for three years studied to be a Catholic priest. Eventually, he graduated from Georgetown University's Law Center and embarked on a career in corporate law. He also became active in Maryland's Republican Party. As one of the few blacks in the GOP, he stood out at a time when party officials were keenly interested in cultivating African-American support. In 2000, he was elected state GOP chairman, and two years later he was elected lieutenant governor. In 2006, he ran unsuccessfully for a U.S. Senate seat but managed...

Author: /time Magazine | Title: Steele Makes History, but Can the New Party Chief Remake the GOP? | 1/31/2009 | See Source »

...murder of Oscar Grant is only one piece of a history of systemic racism by law enforcement. Moreover, it is important to realize that many people in this country still routinely combat crime, illiteracy, poverty, and despair on a daily basis. In an era in which a black president is a sign of hope but not a sign of deliverance, we must not discard the politics of emancipation...

Author: By Raúl A. Carrillo and Jarell L. Lee | Title: And Justice for All? | 1/30/2009 | See Source »

...social studies concentrator in Lowell House. He is president of the Harvard College Latino Men’s Collective. Jarell L. Lee ’10, a joint sociology and African and African-American studies concentrator, lives in Lowell House. He is executive director of the Boston Black Student Network (BBSN...

Author: By Raúl A. Carrillo and Jarell L. Lee | Title: And Justice for All? | 1/30/2009 | See Source »

When Barack Obama was sworn in as the new U.S. President last week, Americans made much of the fact that he was the country's first black Commander in Chief. On Saturday, when Jóhanna Sigurðardóttir takes over as Prime Minister of the small (pop. 320,000) nation of Iceland, she will become the world's first openly gay female head of government - and Icelanders are hardly batting...

Author: /time Magazine | Title: Iceland Picks the World's First Openly Gay PM | 1/30/2009 | See Source »

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