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...pages later came the now famous quote from economist Milton Friedman: "We are all Keynesians now." Friedman later objected that it was taken out of context--all he meant was that everybody used Keynesian language and concepts. But the phrase stuck. It's often attributed these days to Republican President Richard Nixon, but what Nixon actually said, in 1971, was the less expansive "I am now a Keynesian...

Author: /time Magazine | Title: The Comeback Keynes | 10/23/2008 | See Source »

DIED The inspiration for Robert De Niro's character in Martin Scorsese's Casino, Frank (Lefty) Rosenthal ran four Las Vegas casinos in the 1970s and was labeled "the greatest living expert on sports gambling" by SPORTS ILLUSTRATED. Head of the Stardust, Fremont, Hacienda and Marina casinos, he was famous for his alleged ties to the Mob. After surviving an attempt on his life, Rosenthal left the city and ended his gambling career. He never admitted any wrongdoing, once invoking the Fifth Amendment more than 35 times in a 1961 Senate hearing on gambling and organized crime...

Author: /time Magazine | Title: Milestones | 10/23/2008 | See Source »

...earlier in their careers. In The Widows of Eastwick, out Oct. 21, Updike has dreamed up a sequel to his novel of suburban sorcery, The Witches of Eastwick. In Indignation, published in September, Roth retells the story of Portnoy's Complaint, the brilliant, pneumatically obscene book that made him famous. And in A Mercy, due out in November, Morrison--the last American writer to win a Nobel Prize for Literature--tells the story of a mother who loses her daughter to slavery, just as she did in Beloved...

Author: /time Magazine | Title: Older Writers Revisiting Their Younger Selves | 10/23/2008 | See Source »

...manipulative Betty to the self-serious and love-tortured Cagnatto, the people who populate “Sicilian Tragedee” are amusing, if not always endearing. Cappellani’s “Sicilian Tragedee” is a modern adaptation of Shakespeare’s most famous tragedy in which every character is, if not as witty as Mercutio, at least as ridiculous as the traveling acting troupe in “A Midsummer Night’s Dream.” Despite his stylistic missteps, Cappellani’s novel, at once full of literary allusions...

Author: By Rachel A. Burns | Title: All Ends Well in ‘Tragedee’ | 10/23/2008 | See Source »

...speech had the flow of a traffic jam in a snow storm, as he confused syntax and became short of breath. This stuff matters. McCain argued like he was down in the polls. On the other hand, you could almost see Obama thinking the line that made Reagan famous: “There you go again.” Running for the American presidency is unlike any other job and its application process is accordingly unique. On Nov. 4, America will not just elect talking points, ten-part plans, and clever soundbytes, but a leader with the vision...

Author: By George Hayward | Title: Presidentiality | 10/23/2008 | See Source »

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