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Gramm, who before he got into politics was an economics professor at Texas A&M, took to the task with relish. He was dismissive of the charge that Glass-Steagall repeal has been a big problem. "Europe never had Glass-Steagall," he said. "So why didn't this happen in Europe rather than here?" On derivatives he was a bit more nuanced: All he and the Clinton Administration were trying to do with the 2000 bill, he claimed, was establish that interest-rate and currency swaps - two relatively uncontroversial forms of over-the-counter derivatives - couldn't be regulated...

Author: /time Magazine | Title: Phil Gramm Says the Banking Crisis Is (Mostly) Not His Fault | 1/24/2009 | See Source »

...terrible as it may seem, what management can say about what has just happened to their companies financially and what management says about what is about to happen, is hardly any guideline...

Author: /time Magazine | Title: Why Earnings Don't Matter in the Current Economy | 1/23/2009 | See Source »

...live - where there is no rain to clear it out. It would be blown across the globe and block the sun. The effect would not be a nuclear winter, but it would be colder than the little ice age [in the 17th and 18th centuries] and the change would happen very rapidly - over the course of a few weeks...

Author: /time Magazine | Title: Regional Nuclear War and the Environment | 1/22/2009 | See Source »

...mood songwriter. I don't have to be happy to write a happy song. I write what I'm inspired to write at that time. I'm a life observer and I'm a people watcher, and so I just see things that happen and I write about them...

Author: /time Magazine | Title: 10 Questions for Smokey Robinson | 1/21/2009 | See Source »

...sung some of those songs thousands of times. Every single, solitary night, they are all brand-new to me, every time. I've never gotten to the point where I say, Oh, I gotta hurry up and sing this because I'm bored with this song. It don't happen like that...

Author: /time Magazine | Title: 10 Questions for Smokey Robinson | 1/21/2009 | See Source »

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