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...argument that better consumer protection will prevent the next collapse is no slam dunk. But better consumer protection is still a good idea! And the CFPA is a clear way to send a message that the economy is supposed to work for ordinary families. We should have a CFPA - and also size restrictions, stricter leverage rules and capital requirements, better regulation of complex derivatives, an orderly mechanism to wind down failing firms without bailouts and all the other elements of financial reform...

Author: /time Magazine | Title: The Case for a Consumer Financial Protection Agency | 2/17/2010 | See Source »

...palatable will be a gradual process, one that involves locating an array of co-sponsors - hopefully from both sides of the aisle. "There haven't really been any conversations between our little group and the [Republican] leadership," Nunes says. "The leadership has got to be concerned about winning the next election, whereas Paul and I are concerned with having a win for the country." Their goal, he adds, is to spark serious debate, and "then, in 2012, if the conditions are right, to have a presidential candidate to campaign on this." (See pictures of 60 years of election-night drama...

Author: /time Magazine | Title: Paul Ryan: The GOP's Answer to the 'Party of No' | 2/17/2010 | See Source »

...Spanish acronym FARC. The initial rescue operation fell apart. Instead of finding the contractors, two companies of Colombian soldiers stumbled upon a buried rebel cache of $20 million, then deserted and splurged their newfound fortune on booze, sex and flat-screen televisions. The forgotten hostages spent the next five years in captivity. But with the help of billions of dollars in U.S. aid, the Colombian Army improved to the point that, on July 2, 2008, commandos were able to launch a daring, Mission: Impossible-style sting operation in a bid to save the hostages. That operation is detailed...

Author: /time Magazine | Title: A Hostage Rescue in the Colombian Jungle | 2/17/2010 | See Source »

Shortly after 1 p.m. the next day, the hostages heard the roar of the two Russian helicopters. One stayed in the air. The other landed next to a field of coca bushes. Guerrillas in crisp camouflage uniforms stood at attention while two rebels pointed M60 machine guns at the aircraft...

Author: /time Magazine | Title: A Hostage Rescue in the Colombian Jungle | 2/17/2010 | See Source »

...first off the helicopter was the fake Arab. He smiled at the guerrillas and wandered around as if awestruck by the natural beauty of the landscape. Next came the agents impersonating the Venezuelan news team, then Russi. In the cockpit, the pilots kept the rotor blades turning. The commotion would create a sense of urgency, making it less likely that the guerrillas would closely examine the delegates' credentials. The running engines would also allow for a faster getaway. The pilots could follow the action through a microphone hidden inside the TV camera, and if the rebels discovered the deception, Russi...

Author: /time Magazine | Title: A Hostage Rescue in the Colombian Jungle | 2/17/2010 | See Source »

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