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...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 the ownership of banks, on a scale that would have made Lenin smile...
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 able to play the last card." Maybe he did, yet as the book impressively shows, Fuld lost...
...student of longtime Los Angeles high school teacher Jaime Escalante's, now a teacher herself, called her former instructor "a master artist." Indeed, it was his refusal to accept commonly held beliefs that made his work so beautiful. Unlike many others, he refused to tolerate the notion that inner-city students were incapable of learning. Escalante, whose inspirational story was the basis for the 1988 film Stand and Deliver, died March 30 at 79 after a years-long battle with bladder cancer. Upon arriving in the U.S. from Bolivia, Escalante studied English at night to earn his California teaching credentials...
...something of a skeptic about the iPad myself until I held one in my hands when Jobs came here to do a presentation at Time Inc. We've chosen to put Jobs on the cover - with a powerful new photograph of him by Marco Grob - and tell the story of the making of the iPad in part because we believe that the device and others like it, from companies such as Hewlett-Packard and Sony, will change people's lives by ushering in a new era of portable computing...
...death of Kaczynski, who with his brother was a dominant force in Polish politics, brings political uncertainty. A presidential election had been due in October but now must be held within two months, according to the constitution. Kaczynski was widely expected to seek another five-year term as president. Opinion polls had suggested he would lose to Tusk's centrist candidate, Bronislaw Komorowski (who, as speaker of the lower house of parliament, will take over the president's duties in the interim, under the terms of Poland's constitution). But Saturday's tragedy may have changed the political picture...