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...outpouring of tributes and reminiscences that followed the death of Senator Edward Kennedy last month, there was one aspect of his life that seemed to me to have been little noticed: his was a career that could have happened only in America...
Even when crisis came, in 2008, it wasn't a crisis of government finances, as some pessimists had feared, but one of mortgages and Wall Street. As Washington battled the troubles, the deficit grew to an estimated $1.6 trillion in the fiscal year that ends this month. That's by far the biggest shortfall ever, in dollar terms. The government will have spent $3.7 trillion and taken in $2.1 trillion. Even by the more forgiving yardstick of percentage of gross domestic product, the shortfall is, at 11.2%, the biggest since World War II. It will be smaller next year...
...leader Yukio Hatoyama, who will be voted in as Prime Minister later this month, said the election represented "the first-ever proper change in government in the history of our constitutional politics." He leads a party cobbled together from groups united in not much more than their opposition to the LDP; it has no obvious coherent ideology of its own. Though there are a number of old heads in the party--its éminence grise, former LDP minister Ichiro Ozawa, has been a player in Japanese politics for 30 years--no fewer than 46% of its Diet members will...
...worst thing that will ever happen to him is when he and I meet in the room and I close the door.' ROBERT BENMOSCHE, the new CEO of AIG, referring last month in a closed-door meeting to New York attorney general Andrew Cuomo, who recently pressed Congress to release the names of the AIG employees receiving retention bonuses...
Just in case we needed more evidence of the hardship inflicted by the country's devastating economic crisis, earlier this month we got it: more Americans than ever are receiving food stamps. The Department of Agriculture reported that 35.1 million people relied on government help to buy groceries in June - 713,000 more than in the previous month and a 22% jump from the previous year's figure. The odds are better than ever that when a shopper wheels a grocery cart to the checkout aisle, Uncle Sam is picking up the tab. (Read about the state of homelessness...