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...troubles began, as you've already heard a thousand times, with the boom earlier this decade in subprime mortgages, unconventional home loans sold to people with dodgy credit or with incomes that just weren't big enough to buy the house they wanted. In what you might call a virtuous circle--except that far more greed than virtue was at work--lower lending standards helped fuel an unprecedented rise in house prices, and those rising prices meant borrowers could refinance their way out of any trouble they had making payments...

Author: /time Magazine | Title: The Bear Trap | 3/20/2008 | See Source »

...although demagogues of both races have consistently exploited them). And he was unequivocal in his refusal to disown Wright. Cynics and political opponents quickly noted that Obama used a forest of verbiage to camouflage a correction-the fact that he was aware of Wright's views, that he had heard such sermons from the pulpit, after first denying that he had. And that may have been politics as usual. But the speech wasn...

Author: /time Magazine | Title: Obama's Challenge — and Ours | 3/19/2008 | See Source »

...What, if any, impact will the speech have on the campaign? Probably not as much as it should. It was delivered in the morning, to a minuscule television audience. It deserved a full hearing, but most Americans heard it in sound bites and from headlines-and I imagine that for more than a few, the headline will be 'Obama Refuses to Disown His Anti-American Pastor.' This is where inexperience really hurts-not Obama's inexperience but the public's inexperience with him. For many Americans, the Wright flap is the third thing they've learned about Obama. The first...

Author: /time Magazine | Title: Obama's Challenge — and Ours | 3/19/2008 | See Source »

...Dalai Lama, true to his thinking, points out that the Beijing-Lhasa train is neither good nor bad. "It is a form of progress, of material development," I heard him say four months ago, adding that Tibetans understand that for their material well-being, it is of benefit to be part of the People's Republic. The only important thing, he pointed out, was how its rulers use the train and whether they deploy it for compassionate purposes...

Author: /time Magazine | Title: A Monk's Struggle | 3/19/2008 | See Source »

...Chinese individuals your enemy and Tibetans your friend, the Dalai Lama might suggest, is as crazy as calling your right eye your ally and your left your adversary; you usually need both to function well, and all parts of the world body depend on all other parts. "Before," I heard him say last November, "destruction of your enemy was victory for your side." But in our globalized world, where ecology enforces our sense of mutual dependence, "destruction of your enemy is destruction of yourself...

Author: /time Magazine | Title: A Monk's Struggle | 3/19/2008 | See Source »

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