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...watch the Big Three bailout saga unfold in Washington from halfway around the world here in Hong Kong, a phrase comes to mind that used to be commonly heard in Asia: "Too big to fail." There was a time when politicians, bankers and bureaucrats in Asian countries thought that certain large enterprises were simply too important to go bankrupt, no matter how miserable their performance. The resulting unemployment would be unacceptable, the impact on the financial sector and economic growth too great. That, in effect, is the same argument being used today by supporters of a government rescue...

Author: /time Magazine | Title: Why Detroit Is Not Too Big to Fail | 12/19/2008 | See Source »

...Illinois lawmakers debate the likely impeachment of Gov. Rod Blagojevich - who has repeatedly ignored calls for his resignation - the country has another impeachment on its mind: ten years ago Dec. 19, President Clinton was impeached by the U.S. House of Representatives for obstruction of justice in a trial related to his Oval Office dalliances with Monica Lewinsky...

Author: /time Magazine | Title: Impeachment | 12/19/2008 | See Source »

...Blagojevich's brief but defiant appearance that dominated the afternoon in Chicago. In its combativenss, it called to mind - especially to some who know the governor intimately - one of his political heroes, another besieged politician who overstayed his welcome on the national stage: Richard Nixon...

Author: /time Magazine | Title: In Blago's Defiance, Echoes of an Idol, Richard Nixon | 12/19/2008 | See Source »

...willing to hand it to him, is something of a puzzler ... The Interior secretary has almost no national profile and the position is hardly one that an ambitious politician would aspire to. It's the perfect job for a politician who wants to live comfortably - and wouldn't mind being forgotten by the general public." -New York Observer...

Author: /time Magazine | Title: Interior Secretary: Ken Salazar | 12/18/2008 | See Source »

That's because Vilsack - like Obama and his energy-and-environment team - has shown an especially deep interest in climate change. He wouldn't be the first devoted biofuels advocate to change his mind after recognizing they're making climate change worse, not to mention contributing to food insecurity here and food riots in the Third World. In fact, a climate-change task force Vilsack co-chaired for the Council on Foreign Relations recommended that "the United States phase out domestic subsidies for mature biofuels such as conventional corn-based ethanol." That wouldn't go over big in Iowa...

Author: /time Magazine | Title: Vilsack: Some Hard Choices on Ethanol | 12/18/2008 | See Source »

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