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...necessary economic corrective. "Liquidate labor, liquidate stocks, liquidate the farmers, liquidate real estate," Treasury Secretary Andrew Mellon advised President Herbert Hoover. "It will purge the rottenness out of the system." Late last year, you could hear a few people arguing this case on CNBC and even on the floor of the House of Representatives. But after Lehman's failure, no one at Treasury or the Fed talked that way. Instead, the consensus among the policymakers who mattered, in the U.S. and overseas, was that the panic had to be stopped at any cost...

Author: /time Magazine | Title: Three Lessons of the Lehman Brothers Collapse | 9/15/2009 | See Source »

...40th-floor studio above the MTV offices in Times Square, the Beatles were together again, playing '60s hits like "A Hard Day's Night" and "Day Tripper." It wasn't exactly that final rooftop 1969 gig at the Apple studios in London, and these weren't the original moptops. They were us - three generations of Beatles fans - sitting in for you and getting to be them...

Author: /time Magazine | Title: Can The Beatles: Rock Band Save the Music Business? | 9/14/2009 | See Source »

...remember was hearing a pop and then I fell to the floor,” Evans said. β€œIt sounded like someone just took my bone and tried to break it in half...

Author: By Martin Kessler, CONTRIBUTING WRITER | Title: Crimson Loses Top Recruit to Injury | 9/14/2009 | See Source »

...House Majority Leader Steny Hoyer echoed this sentiment, proposing that Wilson be censured should he not apologize on the floor of the House of Representatives, as if it were the House that Wilson had wronged rather than the president to whom Wilson had already apologized. β€œI would like to see Mr. Wilson come to the floor and apologize to the House,” Hoyer told reporters...

Author: By Dhruv K. Singhal | Title: Sorry Is Enough | 9/14/2009 | See Source »

...observers see Dodd and the Administration working to craft a bill close enough to Shelby's liking so that even if it gets rammed through the committee with Democratic base-pleasing measures he won't vote for, the bill can be reworked to gain his support on the Senate floor. That would give Dodd the political cover he needs for his 2010 re-election campaign, but would also give the Administration the Republican support they need for a solid legislative win. And it would give Shelby his landmark piece of legislation...

Author: /time Magazine | Title: On Finance Reform, Obama's Unlikely Partner | 9/14/2009 | See Source »

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