Word: messes
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...Most informed people acknowledge that the financial mess began not with Republican deregulation but with social engineering by Democrats. It was exploited by Wall Street, to be sure, and the results went unchecked by Congress. A Republican House helped pass the Sarbanes-Oxley Act, the most sweeping regulatory bill since the time of Franklin D. Roosevelt. If Democrats rule unconstrained, we won't recognize our country in 30 years. Lori Zimmerman, Red Bank, New Jersey...
Even so, a recession is under way. The goal now, said economist and Obama aide Austan Goolsbee, is to prevent a depression. Obama also sees in the current mess a rare confluence of both crisis and opportunity that gives him the chance to remake the U.S. economy. After months in which members of his own party wondered how Obama could keep all his promises in a single term, he is now setting the stage to attempt far more in his first year in office than seemed likely just a month ago. "We're coming in," noted Goolsbee, "with a bang...
...that with any certainty, of course. Plenty of people believe that we are headed for the worst recession in 70 years and that it will be years before it lifts. But if you start measuring from the beginning of the subprime debacle, we're already 16 months into this mess; we're at least four months into what could be the most serious and worrisome phase of the downturn. So the clock is ticking. Yes, there will be more bankruptcies and bailouts and job cuts. Yet no less an investor than Warren Buffett is making stock investments now, planning...
...relentless questioning. The result is an inside account of the billionaire newsman's hard-fought, obsessive battle to acquire the Wall Street Journal. But as in Murdoch's more lowbrow publications, the real attraction here is the scandal: Wolff delves into the family's succession melodrama ("a bloody mess," says Wolff) and calls Murdoch's decision to leave his wife for Deng "perhaps the most confounding and dramatic moment in the history of News Corp...
...course, not all the executives leading these institutions today were responsible for getting us into the current mess. In fact, most of them were not. But excessive executive compensation was one of the symptoms of the problem, and this is one way of getting it back into line. It also doesn't mean that there can't be bonuses pegged to performance (maybe the President should have that too?)--but it is precisely performance in this new federally supported universe that we need to monitor...