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...forget, too, that a fair number of Wall Streeters got wiped out because their wealth was tied to their firm's stock price. Dick Fuld, the former CEO of Lehman, had shares and options worth about $1 billion at their peak. He got less than $1 million when he sold them after the firm went bankrupt. (He still took home, before taxes, $490 million from his stock-based compensation, so don't cry for him.) James Cayne, CEO of the defunct Bear Stearns, was in a similar situation. If Fuld and Cayne had known their firms were as badly...

Author: /time Magazine | Title: What's Still Wrong with Wall Street | 10/29/2009 | See Source »

...know, Paul, Reagan proved deficits don't matter," Vice President Dick Cheney famously told George W. Bush's first Treasury Secretary, Paul O'Neill. Cheney, who rarely allows facts to get in the way of a good ideology, was retailing a myth. Ronald Reagan is remembered for the massive tax cuts passed during his first year in office. But since deficits do matter - and since Reagan's so-called supply-side cuts blasted an enormous hole in the budget - the President had to come back in 1982 with the largest peacetime tax increase in American history: the Tax Equity...

Author: /time Magazine | Title: Health Care: Do the Right Thing on Taxes | 10/29/2009 | See Source »

...Dick and Mac McDonald opened their eponymous burger stand in 1948 in San Bernardino, Calif. Under the guidance of Ray Kroc, a onetime milkshake-mixer salesman wowed by the restaurant's success, McDonald's franchises grew swiftly: by the end of the 1960s, there were more than 1,000 across the U.S. The first international franchise opened in 1967 in British Columbia, and was followed by another in Costa Rica later that year. From there, the chain spread steadily: over a six-month period in 1971, Golden Arches popped up on three new continents, as stores launched in Japan, Holland...

Author: /time Magazine | Title: McDonald's Abroad | 10/28/2009 | See Source »

...begs to be asked: If Wali Karzai was in fact so valuable an asset over the past eight years that his drug-running was at best treated with a "Don't ask, don't tell" policy, why has Afghanistan's situation steadily deteriorated? The Taliban, dismissed by Vice President Dick Cheney in 2002 as "out of business, permanently," is back in force. Part of that strength comes from a drug trade that has skyrocketed from 185 metric tons of heroin produced in 2001 to more than 6,000 metric tons this year, according to the U.N. Office on Drugs...

Author: /time Magazine | Title: Karzai's Problem Brother: Drugs, Spies and Controversy | 10/28/2009 | See Source »

...will recognized the story's reverberations of familiar mythic characters: Frankenstein, Pinocchio and Jesus. Plus the old Philip K. Dick premise of a man who doesn't know he's a cyborg, that Stanley Kubrick and Steven Spielberg borrowed for A.I.: Artificial Intelligence, and which showed up this year in Moon and Surrogates. Plus the literal underclass and upper-class strata of WALL•E. And not to forget the bereft father, twisted by family tragedy, from last week's Law Abiding Citizen. "If you lose your son like this," a fellow scientist tells Dr. Tenma...

Author: /time Magazine | Title: Astro Boy: Sweet Sci-Fi for Your Inner Child | 10/23/2009 | See Source »

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