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...asset management firm in New York, and by the end of the next month—once Bear Stearns had wound-down the funds as officially worthless—all of my colleagues, from the most senior money managers to the lowliest analysts, had sat through a number of crash courses in our conference rooms 40 floors over Midtown, covering the inner-workings of “mortgage securitization.” This process governs how a home buyer’s payments make it from Main Street to Wall Street, and what happens when the flow stops

Author: By Max J Kornblith | Title: Back Home and Down to Earth | 8/4/2009 | See Source »

This is Tsvangirai's gamble. He wants the people who tried to kill him to believe he bears no grudge. (Since his wife died in March in a car accident in which he was also hurt, Tsvangirai finds himself repeatedly assuring his supporters that the crash was not another murder attempt.) He wants Zimbabweans and the world to rethink how they deal with Mugabe and other African Big Men. Demonizing them may be principled and cathartic, Tsvangirai believes, but it is ineffective. Criticism has done nothing to dislodge Muammar Gaddafi in Libya (in his 40th year in power...

Author: /time Magazine | Title: Can a Team of (Bitter) Rivals Heal Zimbabwe? | 8/3/2009 | See Source »

...Jupiter Cosmic Crash While peering through his backyard telescope, Anthony Wesley, a 44-year-old amateur astronomer, spied a massive black spot on Jupiter's surface. The Australian quickly e-mailed NASA, and scientists manning an infrared telescope in Mauna Kea, Hawaii, confirmed his hunch: a fast-moving object--possibly a comet--had apparently smashed into the solar system's largest planet, leaving a nearly Earth-size "scar" in its atmosphere. The collision came almost exactly 15 years after a comet last hit Jupiter...

Author: /time Magazine | Title: The World | 8/3/2009 | See Source »

...Twain is supposed to have said, "but it rhymes." What's happening right now is not a repetition of 1932, when the Dow Jones Industrial Average had dropped 90% from its peak three years earlier and the unemployment rate exceeded 23%. But now most definitely rhymes with then: the crash, the severe economic contraction and crisis, the graceful new Democratic President (and First Lady), the possibility of a serious reshaping of not only our economic and financial systems but the ways that Americans think about their country and themselves...

Author: /time Magazine | Title: Is China the New Us? Or Are We? | 8/3/2009 | See Source »

...continued to send dispatches back to various publications and websites in the U.S. using a rotating set of email accounts registered under outrageous pseudonyms. On Facebook I took on an alias worthy of an old-school rapper. Certain that every word was being monitored, I embarked on a crash course in Internet and PC security, schooling myself on the possibilities of deep-package inspection, VPNs and onion-routing. It was not long before I began to wonder at the online company that I was keeping. What was this world that I had entered? Who exactly, other than pedophiles, committed civil...

Author: /time Magazine | Title: A Reporter's Diary: Making a Tricky Exit From Iran | 8/3/2009 | See Source »

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