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...late March, after most of his colleagues had split for the Easter holiday, Kaufman lingered on the Senate floor, waiting for his chance to address rows of empty chairs, a few pimple-faced pages and the C-SPAN cameras in his latest well-sourced broadside against the conventional wisdom on Wall Street and in the White House. "Unless Congress breaks up the megabanks that are 'too big to fail,' " he declared to an empty chamber, "the American taxpayer will remain the ultimate guarantor in an almost-certain-to-repeat-itself cycle of boom, bust and bailout...

Author: /time Magazine | Title: The Replacement Senator Causing Democrats Fits | 4/8/2010 | See Source »

...that exempt certain highly profitable derivatives from federal oversight. But most of all, he believes the current Senate plan, which relies on the wisdom of bank regulators, won't prevent another crisis. "The sad reality is that regulators had substantial powers," he announced during another Senate-floor speech in March, "but chose to abdicate their responsibilities." (See the 10 greatest speeches of all time...

Author: /time Magazine | Title: The Replacement Senator Causing Democrats Fits | 4/8/2010 | See Source »

...officials stress the fact - and it is a fact - that both the number of terrorism attacks and the overall death toll have decreased to a level not seen since just after the March 2003 invasion. But statistics are cold comfort when the latest explosion has leveled a nearby building. Surviving yet another attack leaves Iraqis raw and emotional and angry. "We think they are still under the ruins, kids and young boys," says Jasim Talib Khalil, 43, a father of four who lives in the north-central Alawi neighborhood, close to the National Museum, near a bombed apartment building with...

Author: /time Magazine | Title: U.S. Officials Downplay Rash of Baghdad Attacks | 4/8/2010 | See Source »

...Tuesday's explosions; 41 were killed outside the Egyptian and Iranian embassies and German ambassador's residence on April 4; 25 Iraqis were killed execution-style in a southern Baghdad village in the early morning of April 3; 59 were killed in two bombings in Diyala province on March 26, the day when results of the country's March 7 parliamentary elections were announced; and 40 were killed - including in two apartment bombings - on election day itself, which Bloom says had "no significant attacks." In the walk-up to the vote, 40 were killed in car bombs in Karbala...

Author: /time Magazine | Title: U.S. Officials Downplay Rash of Baghdad Attacks | 4/8/2010 | See Source »

Meanwhile, Iraq's political parties are trying to cobble together a coalition government out of the results of the March 7 elections, which produced no clear-cut winner. (Sectarian divisions still define the political scene. A Sunni-supported bloc just barely accumulated the most seats - though nothing close to a majority in the legislature - and is fighting to form a government in the face of a multitude of Shi'ite representatives.) Every organization issued statements or interviews condemning the attacks, using them to take shots at rival groups. "The best solution for Iraq is that the winning political blocs should...

Author: /time Magazine | Title: U.S. Officials Downplay Rash of Baghdad Attacks | 4/8/2010 | See Source »

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