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...didn't lenders better capitalize on our speculative bent sooner? Our banking system was never national. In fact, it wasn't even retail in the 19th or early 20th century. The banks that were capable of doing the most lending to individuals didn't actually do it. We had to wait until Bank of America, for instance, got into business and a lot of the companies like Household Finance that started making consumer loans for this thing to actually warm...

Author: /time Magazine | Title: How Americans Got into a Credit-Card Mess | 8/8/2009 | See Source »

Although the famous Chinese curse May you live in interesting times is not, in fact, a Chinese curse, given China's enabling role in our present predicament it ought to be. Since the fall of 2007, 35% of the value of publicly traded companies has evaporated, along with $3 trillion worth of home equity - $10,000 per American man, woman and child - and five million jobs. Iconic businesses and whole industries are variously dead and dying...

Author: /time Magazine | Title: The Reset Economy: What Can We Learn From the End of Excess? | 8/8/2009 | See Source »

...some respects the job I have here I love, and the city and I certainly love the people I get to work with. But at the same time, it was a recognition that everything that I had committed to do when I was hired seven years ago had in fact been achieved." Bratton will be moving back to New York City, where he once served as police commissioner, to run Altegrity Security Consulting, where he will consult on security for law enforcement agencies worldwide. (Read a story about why Bratton and Rudy Giuliani don't get along...

Author: /time Magazine | Title: Why is Los Angeles Losing Its Police Commissioner? | 8/8/2009 | See Source »

...fact, there are a growing number of warning signs that the Iraqi government is no longer under the sway of the U.S. forces that brought it into being. Reese notes a "sudden coolness" being displayed by Iraqi commanders toward their American counterparts after June 30, the date when the Status of Forces Agreement, concluded between Baghdad and Washington last December, required that U.S. combat forces withdraw from Iraq's towns and cities. Following that date, suspects detained by U.S. soldiers were freed by Iraqis. And the Iraqi government openly disdained the recent offer by Vice President Joe Biden during...

Author: /time Magazine | Title: The Case for Leaving Iraq — Now | 8/8/2009 | See Source »

Despite the considerable costs to his agency, Samuels is sympathetic to the plight people find themselves in. "They don't do this gleefully. These people are really heartbroken about the fact that they can't [bury their loved ones]. This is not just a distant relative - you have kids who can't bury their parents a lot of times, or siblings who can't bury each other...

Author: /time Magazine | Title: Death in the Recession: More Bodies Left Unburied | 8/7/2009 | See Source »

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