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These railroads were worth more alive than dead, so inventive people figured out ways to reorganize them rather than shut them down. "The investment banks and lawyers and managers would negotiate a deal and get the courts to bless it," says David Skeel, a law professor at the University of Pennsylvania and author of Debt's Dominion: A History of Bankruptcy Law in America. "It was a very flexible reorganization process." It was also a uniquely American answer to business failure. The private sector took the lead. Reinvention--and rebirth--was the goal. (See pictures of the global financial crisis...

Author: /time Magazine | Title: Don't Call It Bankruptcy | 11/20/2008 | See Source »

...Bless-this-mess chefs looking to make something more exotic than green-bean casserole this holiday season are in luck. Fall brings a trio of cookbooks from world-renowned molecular gastronomists whose kitchens look a bit like chemistry labs, with all those centrifuges and tanks of liquid nitrogen used to make carrot foam and whiskey jellies. This hyper-whimsical style of cooking has caught on at many a celebrated restaurant, but are these books--whose recipes call for ingredients like calcium lactate--even remotely useful for home cooks...

Author: /time Magazine | Title: Home Cooks, Meet Molecular Gastronomy | 11/13/2008 | See Source »

...bless America. God damn America!' THE REV. JEREMIAH WRIGHT, Barack Obama's longtime pastor, preaching in 2003 about the nation's racist past. Critics later cited footage of the sermon as evidence of Obama's radical beliefs...

Author: /time Magazine | Title: Verbatim | 11/5/2008 | See Source »

...time and shudder at how we treated those who came from another place? Our incredible ingenuity, our innovation, our ideas, our universities - all these are the product of our ability to attract the brightest minds from all over the world. The Statue of Liberty? A gift from France. "God Bless America"? Written by an immigrant. Why do we continue to submit to an antiforeign ideology? Emily Feder, St. Louis...

Author: /time Magazine | Title: Inbox | 10/30/2008 | See Source »

...time and shudder at how we treated those who came from another place? Our incredible ingenuity, our innovation, our ideas, our universities - all these are the product of our ability to attract the brightest minds from all over the world. The Statue of Liberty? A gift from France. "God Bless America"? Written by an immigrant. Why do we continue to submit to an antiforeign ideology? Emily Feder, ST. LOUIS...

Author: /time Magazine | Title: Financial Contagion | 10/30/2008 | See Source »

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