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Judging from tales about the rise and fall of empires, there is always a point when things are going so well that the emperors doubt that anything could ever go wrong. "THRIFT," warned Nero's adviser Seneca, "comes too late when you find it at the bottom of your purse." In the Old World, nations grew fat and then lazy, until they collapsed under their own weight. But that was not to be our story. American greatness--the vision of the founders, the courage of the pioneers, the industry of the nation builders--reflected a mighty faith in the power...

Author: /time Magazine | Title: Real Patriots Don't Spend | 10/2/2008 | See Source »

...proof? Roche's first targeted breast-cancer drug, Herceptin. Developed by Genentech, Herceptin was marketed specifically to destroy cancers containing the her-2/neu protein, which doctors can detect using a 21-gene screen diagnostic. Herceptin has helped thousands of women combat breast cancer. But there's no doubt it has also helped Roche's bottom line: at $40,000 a year per patient, Herceptin grew globally in sales nearly 25%, to $4.1 billion, last year. "You need self-confidence to take risks," Schwan says. But, he adds, "if you are successful, you must be even more thoughtful about...

Author: /time Magazine | Title: Roche's Rush | 10/2/2008 | See Source »

...number of Google searches for ‘moral hazard’ tripled in the last few weeks for a reason. Think of the precedent this would set: We’re enabling an entire prospective wave of pillaging, leveraging money-chasers, some of whom will no doubt imperil us again...

Author: By James M. Larkin | Title: On Swashbuckling | 10/2/2008 | See Source »

...Russia's default, the last time when it looked as if the market revolution were in peril - when he lamented that neoliberals had "underestimated the revolutionary nature of global capitalism," with its power to upend the familiar landscape and turn it into a churning place of impermanence. But I doubt that even Gray would have predicted that the U.S. itself would be revealed as being unable to cope, at an economic, political or indeed intellectual level, with the consequences of modern financial capitalism...

Author: /time Magazine | Title: American Leadership, a Casualty of the Meltdown | 10/1/2008 | See Source »

...Likewise: Seven hundred billion to avert the collapse of the world economy and a new Great Depression? Sure. Seven hundred billion to avert a recession? People are reasonably going to doubt that. Economies have recessions; you don't necessarily go into hock and restructure the economy every time that happens...

Author: /time Magazine | Title: Is the Media to Blame for the Bailout Bust? | 9/30/2008 | See Source »

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