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We saw what was happening for years, for decades, but we ignored it or shrugged it off, preferring to imagine that we weren't really headed over the falls. The U.S. auto industry has been in deep trouble for more than a quarter-century. The median household income has been...

Author: /time Magazine | Title: The End of Excess: Is This Crisis Good for America? | 3/26/2009 | See Source »

The '80s spirit endured through the '90s and the 2000s, all the way until the fall of 2008, like an awesome winning streak in Vegas that went on and on and on. American-style capitalism triumphed, and thanks to FedEx and the Web, delayed gratification itself came to seem quaint...

Author: /time Magazine | Title: The End of Excess: Is This Crisis Good for America? | 3/26/2009 | See Source »

But now everything really has changed. More than a year into the Great Recession, we still aren't sure if there's a bottom in sight, and six months after the financial system began imploding, it's still iffy. The party is finally, definitely over. And the present decade, which...

Author: /time Magazine | Title: The End of Excess: Is This Crisis Good for America? | 3/26/2009 | See Source »

The next new America that hatches will not be some bizarro world opposite of everything that came just before. History proceeds dialectically. The New Deal era ended, but its basic social and economic underpinnings have endured. Notwithstanding the backlash against the 1960s, the changes born of that decade's sharp...

Author: /time Magazine | Title: The End of Excess: Is This Crisis Good for America? | 3/26/2009 | See Source »

If Johnathan Mann were Sting, "Hey Paul Krugman" would be his "Roxanne." His "Layla." His "Hey Jude." Sure, Mann writes a new song every day - on everything from the decline of print media to Battlestar Galactica - but those tunes are just fluff. "Paul Krugman" is his Pet Sounds

Author: /time Magazine | Title: An Ode to Paul Krugman | 3/26/2009 | See Source »

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