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...rolled out his long-awaited plan for buying up toxic mortgage loans and securities on March 23, reaction was split. Financial markets cheered, with the Dow Jones industrial average rocketing 497 points, or 6.8%, on the day. The chattering classes mostly grumbled, with Princeton economist and New York Times columnist Paul Krugman gloomily leading the way: "It fills me with a sense of despair," he wrote of the plan before it was released but after many details had leaked...

Author: /time Magazine | Title: Separating Toxic Assets from Legacy Assets | 3/26/2009 | See Source »

Andersen is a novelist of (Heyday, Turn of the Century), the host of the public-radio program Studio 360 and a former columnist for TIME...

Author: /time Magazine | Title: The End of Excess: Is This Crisis Good for America? | 3/26/2009 | See Source »

...When they've exhausted themselves, speak slowly and calmly about the bigger picture It's key to remind folks, as New York Times columnist David Brooks put it, to focus their attention on the ravenous "tiger ... lunging at your neck" - i.e., the tanking world economy - instead of the "dust bunnies under the bed," the AIG bonuses. Geithner employed this tactic Tuesday: "AIG highlights very broad failures of our financial system," Geithner told the House panel Tuesday. "Our regulatory system was not equipped to prevent the buildup of dangerous levels of risks. Compensation practice rewarded short-term profits over long-term...

Author: /time Magazine | Title: Five Lessons from the AIG Bonus Blowup | 3/25/2009 | See Source »

...hard-hitting ex-radio journalist who is now one of Labor's rising stars: "A strong motive was clinging to power and the good life. Some Labor people believe their genetic code cannot survive outside the government." Labor's younger cadres squawked "like slaughtered chickens," according to Haaretz columnist Yossi Sarid. In the end, though, Barak got his mandate to join Netanyahu, with 680 delegate votes to 507. (See pictures of 60 years of Israel...

Author: /time Magazine | Title: Can Labor and Likud Govern Israel Together? | 3/25/2009 | See Source »

...diminutive ex-general and decorated war hero, would likely have been driven out as party leader, his political career at an end. This way Barak stays in power, and Labor will get the ministries of defense, agriculture, industry, trade and welfare. But the cost has been high. One respected columnist, Ben Caspit in Maariv, wrote, "The Labor Party signed its own death certificate...

Author: /time Magazine | Title: Can Labor and Likud Govern Israel Together? | 3/25/2009 | See Source »

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