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President Obama announced a plan March 31 that would allow oil drilling 50 miles off the coast of Virginia and encourage exploration for future drilling sites along the Eastern seaboard and northern Alaska. (The Pacific Ocean and Bristol Bay are off-limits.) Obama called the drilling leases, the first of...
Two female suicide bombers struck Moscow's subway system during the Monday-morning commute, killing at least 39 people in the worst terrorist attacks to hit the city in six years. Ever since the two bombed stations were reopened later the same day, stunned Russians have wandered the damaged platforms...
The irony is overpowering, says Lowenstein. "Less than a generation after the fall of the Berlin Wall, when prevailing orthodoxy held that the free market could govern itself, and when financial regulation seemed destined for near irrelevancy, the United States was compelled to socialize lending and mortgage risk, and even...
Lowenstein is terrific at walking the reader through complex economic events, and he artfully traces the development of the subprime-mortgage disaster. It sounds like a lofty ideal when Angelo Mozilo, a co-founder of Countrywide, says in a speech in 2003, "Expanding the American dream of homeownership must continue...
Lowenstein has a pitch-perfect sense of the Street's monumental recklessness. The chorus line of overpaid bad actors in this book is endless. Held out for particular scorn is Lehman CEO Richard Fuld, who has "the daring of a gambler who believes, deep down, that he will always be...