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...free-spirited young woman, Stevens liked working in hip restaurants and bars where musicians would hang out when their tours passed through Kansas City. Bonnie Raitt, the Doobie Brothers. "Those boys from Lynyrd Skynyrd," as she now calls them, arrived after closing time at a joint where she worked and smashed some things when she refused to serve them - then came back the next day to apologize. Fun times. But life goes on, and the free spirit grew into a divorced mom of two daughters. Stevens decided she should find a job with better hours and benefits. There was just...

Author: /time Magazine | Title: House of Cards: The Faces Behind Foreclosures | 2/27/2009 | See Source »

...holding of Citi preferred stock into common shares. The U.S. Treasury could end up owning more than 36% of the ailing bank. But confidence in the financial community remains low. Describing a vicious cycle of risk aversion, former Fed chief and current Obama adviser Paul Volcker told Congress's joint economic committee on Thursday that "an insecure bank faced with what it sees as insecure borrowers is not a very eager lender. It's a problem of lack of good borrowers, confident borrowers, as well as weak banks and worried bankers." Testifying before the House Committee on Financial Services, James...

Author: /time Magazine | Title: FDIC Reports That Bank Failures Are Rising | 2/27/2009 | See Source »

...Tuesday evening, when President Barack Obama declared before a joint session of Congress that "we passed the recovery plan free of earmarks," House Democrats, led by Speaker Nancy Pelosi, popped out of their seats like jackrabbits for a standing ovation. On Wednesday, those same House Democrats, led by Pelosi, passed a budget with, by some counts, nearly 9,000 earmarks, worth an estimated $7.7 billion...

Author: /time Magazine | Title: Does Obama Have a Double Standard on Earmarks? | 2/26/2009 | See Source »

...only $3.8 billion earmarks in the bill, while Ellis' nonpartisan watchdog group includes Army Corps of Engineers projects to reach a total of $7.7 billion - a figure still under Obama's targeted 1994 figure of $7.8 billion.) (See the full text of Obama's first speech before a joint session of Congress...

Author: /time Magazine | Title: Does Obama Have a Double Standard on Earmarks? | 2/26/2009 | See Source »

...progress that has been made. Most were eager to praise the new momentum Obama has breathed into the talks this week, including the breakout session on health in his fiscal-responsibility summit on Monday, the underlining of his commitment to health-care reform in his address to the joint session of Congress on Tuesday and in his budget announcement on Thursday, and his announcement of a health-care summit for next week. "This is a frank and respectful discussion that essentially began in earnest on Monday," says Dr. Nancy Nielsen, president of the AMA. "What we're hearing from...

Author: /time Magazine | Title: Obama Moves Health Care to the Front Burner | 2/26/2009 | See Source »

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