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...staunch leadership had delivered over the course of the previous decade, treated themselves to a new pair of shoes when electing Rudd back in late 2007. Great marketing in the purest sense. As a result of flash-in-the-pan stimulus packages, we are saddled now with terrifying, record debt. Rudd has also been lecturing other countries on how to wrestle with global challenges - and perhaps is given a fleeting audience in China and the U.S. But trying to be all things to all people in the end makes you nothing to everyone. Please put on the cover of TIME...

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

...World of Debt The U.S. Treasury Secretary reminds us that we're in a recession where debt as a share of the economy has risen to extraordinarily high levels [June 29]. Timothy Geithner says: Remember, this is a crisis born in part of the fact that households around the world took on too much debt. Wrong. Households in the U.S. took on too much debt, and the banks just encouraged them. We've got to face the music, but should not forget who provided the tune. Heinz Lichius, LAGESBÜTTEL, GERMANY

Author: /time Magazine | Title: The Legacy of 1989 | 7/27/2009 | See Source »

...Debt 1991 Governor Pete Wilson, who inherited a $14 billion deficit, raises taxes by $7 billion...

Author: /time Magazine | Title: Spotlight: California's Budget Crisis | 7/27/2009 | See Source »

...July 2, 2009 After a February tax hike and major budget cuts fail to slash its swelling debt, California issues its first round of IOUs. The figure is expected to reach $3 billion by the end of July

Author: /time Magazine | Title: Spotlight: California's Budget Crisis | 7/27/2009 | See Source »

...though, Wiedeking made one bet too many, leveraging his company in a gambit to acquire the much larger carmaker. He failed because he underestimated the political opposition to a takeover of VW and ended up saddling Porsche with $13 billion in debt. As his star was sinking, Wiedeking went from hero in the German public's eye to a victim of his own massive hubris. In his way, Wiedeking is Germany's symbol of the greed generation, just as Bernie Madoff is in the U.S. or the Royal Bank of Scotland's Fred Goodwin is in Britain. Not a criminal...

Author: /time Magazine | Title: Is Porsche's Exiting Boss A Symbol of Capitalist Excess? | 7/25/2009 | See Source »

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