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...governed." As the financial crisis has deepened, Washington has done a downright lousy job of explaining things--of connecting the dots between Wall Street and Main Street. The simple fact is that almost every American--whether it's through his pension or her business or his 401(k)--is deeply affected by failures in the banking system. Time has been telling this story for the past several weeks, and in this issue, the cover story by the acclaimed historian Niall Ferguson puts the current crisis in historical, financial and global perspective. As Ferguson shows, there are similarities to the Depression...
...them to explain this to the guy on his couch, and they never did," says Congressman Steve LaTourette, an Ohio Republican in a swing district who voted against the bailout. "They never explained why they needed all this money in a simple way to the guy with the 401(k), the guy with a small business who already pays a lot in taxes." In an interview with TIME, Paulson agreed that "we just haven't communicated as well as we need...
...Jones industrial average. It plunged 778 points, and suddenly calls and e-mails to LaTourette's office that had been running 200 to 1 against the bailout leveled out. He said half the callers were thrilled with his no vote but "the other half are looking at their 401(k)s drop[ping] $50,000 in a day, and they call and scream at me and say, You rat bastard, I'm never voting for you again!" Representative Elton Gallegly, a 64-year-old California Republican who voted no, said his hostile-call ratio went virtually overnight from...
...elected; he won 64% of the vote in the August primary and is expected to easily win a sixth term representing the First District, which includes well-to-do Seattle suburbs and the high-tech enclave of Redmond, home to Microsoft - an area full of people whose 401(k)s and stock holdings would likely benefit from a bailout. Inslee says that he simply felt the bill was being rushed. He describes the situation as the Bush Administration declaring, "Give me $700 billion in unmarked bills or I'll shoot the economy in the head...
...terms that the public can understand. "I went to the financial services hearing and begged them to explain this to the guy on his couch, and they never did. They never really explained why they needed all this money in a simple way to the guy with the 401(k), the guy with a small business who already pays a lot in taxes, why he should support this thing. We have to make sure the taxpayer is made whole." - By Christopher Maag / Cleveland...