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...system of securitization and derivatives, which took over many of the responsibilities of banks but was not subjected to the same kind of risk controls or oversight. This process began in the 1970s, as the rigid New Deal approach of segmenting financial institutions into narrowly defined boxes began to crack under the pressure of inflation, globalization and floating exchange rates. The money market mutual fund, invented in 1971 as a way to get around federal limits on savings-account interest rates, was among the first of many innovations that undermined the old ways...

Author: /time Magazine | Title: While the Regulators Fiddled ... | 9/17/2008 | See Source »

Pollsters say voters buy the idea of Cameron as a warm and caring man but aren't so sure about his party. The Conservatives have to persuade voters that they all abjure outdated and moralistic views. That's why Cameron is quick to crack down on signs of prejudice in his own ranks. He removed Patrick Mercer as a shadow minister after the ex-army officer suggested in an interview that "some ethnic minority soldiers ... used racism as a cover for their misdemeanors." A Tory insider says Cameron "rushed to judgment." Mercer, however, is magnanimous: "I completely support the mainstream...

Author: /time Magazine | Title: David Cameron: UK's Next Leader? | 9/11/2008 | See Source »

...longevity have many causes - the poor in America, for instance, are more likely than the rich to suffer diabetes, obesity or death in a gang fight - but with the new report, WHO aims to uncover "the causes of the causes." It sets out not to cure diabetes or crack down on violence, but to pinpoint the social factors that make the more poorly likely to suffer, and this "gradient," or the degree to which different groups are unequal in health, is far steeper in the U.S. than in most other industrialized countries. One reason, according to commissioner David Satcher...

Author: /time Magazine | Title: Narrowing World Health Disparities | 8/28/2008 | See Source »

Until now, that is. In a break with Amsterdam's "anything goes" attitude, Cohen and city officials have vowed to finally crack down on what they say are extensive criminal networks operating in the neighborhood. Their campaign won't bring an end to prostitution, which has been legal in the Netherlands since 2000; nor will they systematically uproot the red-light district's scores of coffeehouses, where the sale of marijuana and hallucinogenic mushrooms has long been allowed. But the easy tolerance of sex and drugs that has so long characterized Amsterdam is fading fast. In its place comes...

Author: /time Magazine | Title: Vice Versa: Amsterdam Cleans Up | 8/27/2008 | See Source »

...from porn: the rolling papers, the penis pills - which I'm on a lot of infomercials for - the skateboards and the T-shirts made me fairly wealthy. Also the reality shows, which came because of porn both here and in Europe. I go to topless clubs and nude clubs, crack jokes and do a burlesque act while the girls are stripping. I make jokes and then we do autographs, meet and greets, like the ambassador of good will. That has added real good money to the bank account. (Read TIME's 1970 article, "The Rich Pornocopia...

Author: /time Magazine | Title: Ron Jeremy: My Life as a Porn Star | 8/26/2008 | See Source »

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