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Bruner has been thinking about this a lot lately because he has co-written, with his Darden colleague Sean D. Carr, a fortuitously timed new book titled The Panic of 1907: Lessons Learned from the Market's Perfect Storm. That year saw a string of bank failures and a stock-market collapse that was halted only when J.P. Morgan browbeat his fellow moguls into ponying up cash to stop the panic. The 1907 crisis in turn led to the creation of the Federal Reserve, which was supposed to do what Morgan did, only more reliably...

Author: /time Magazine | Title: Ben Bernanke Walks the Line | 8/23/2007 | See Source »

...good points. Perfect consistency may be too much to expect, however, from our veneer of civilization. The Vick case isn't about children or farming; it is about suffering and death as entertainment. A modern gladiator, of all people, ought to know what's wrong with that...

Author: /time Magazine | Title: Unsportsmanlike Conduct: Michael Vick and the timelessness of brutality | 8/23/2007 | See Source »

...Giuliani used to speak more carefully about terrorism. "No mayor, no Governor, no President can offer anyone perfect security. You've got to be able to deal with a certain level of risk in anything that you do," he said in 1999. On the eve of the millennium New Year's Eve celebration in Times Square, he appeared on CNN to warn against melodrama: "When people overdo it about terrorism, terrorists actually win. You're sort of like becoming agents and instruments of the terrorists...

Author: /time Magazine | Title: Behind Giuliani's Tough Talk | 8/22/2007 | See Source »

...report isn't perfect. The phrase "Jihadization" is problematic, and has already alienated some of the Muslim-American leaders who should be included in this conversation. Nor is it all new. Some of these points have been made before by respected counterterrorism scholars. But the fact that it came from a government organization, not a think tank, and that it struggles mightily not to dumb down its content, makes it exceptional...

Author: /time Magazine | Title: How to Look at Homegrown Terrorism | 8/16/2007 | See Source »

...takes a year to "shake down" - or test - a new ship to work out all the kinks. "When you go out and shoot a rifle, you have to go out and calibrate it to make sure its tuned and performing how you want it to," says Fellows. "Is it perfect yet? No. That's why we continue to work with it." As far as the MDA is concerned, SBX is an evolving layer in a work in progress, better to have deployed in an emergency than sitting in a Texas shipyard. "We have a system in place for the first...

Author: /time Magazine | Title: A Giant 'Golfball' for Missile Defense | 8/14/2007 | See Source »

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