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Joffe claims that Europe has "no will, no purpose, no power," that it does "less than required" and does it "slowly." I find this point of view pretty mistaken since on the day I received that issue of TIME, European leaders decided to put in place a rescue plan that includes lending $2.25 trillion to the European banks. The $700 billion Paulson plan seems a bit weak compared to that. And after the announcement of the rescue plan, European share prices soared. Who is emerging from the wreckage first now? Stanislas Bertrand, LYONS, FRANCE...

Author: /time Magazine | Title: Financial Contagion | 10/30/2008 | See Source »

...responsibility." Costs have risen to the point that most employers cannot afford to provide insurance, and individuals cannot come up with the $27,000 a family must pay on average for annual coverage. The only long-term solution is to eliminate insurance companies through a national single-payer health plan, or "Medicare for all." Without the profit motive and with Medicare's demonstrated efficiency, enough would be saved to insure everyone. Richard K. Staggenborg, COOS...

Author: /time Magazine | Title: Financial Contagion | 10/30/2008 | See Source »

...while there is a place in Washington for 50-chapter briefing books, the more important text for Obama could fit on a note card: Clear priorities. Everyone in the capital has a plan for a new President. Unless he sets his own agenda, others will eagerly set it for him. Obama has a lot to choose from. Recently, the National Taxpayers Union Foundation, no fan of his, compiled a catalog of promises and programs Obama has made during the campaign. Including documentary quotations, the list ran 85 pages. Obama recently told Time's Joe Klein that...

Author: /time Magazine | Title: How Obama and McCain Would Lead | 10/30/2008 | See Source »

...billions of dollars, money Congress could then disperse in the form of grants for alternative-energy research, tax credits for greening homes and businesses, and loans to retool inefficient industries - starting with Detroit's struggling automakers. Republicans doomed a Clinton-era attempt to do something similar by christening the plan a "carbon tax." For Obama to succeed, he would have to convince the public that this tax is truly an "investment...

Author: /time Magazine | Title: How Obama and McCain Would Lead | 10/30/2008 | See Source »

...plush offices of the Capitol, they might appreciate the idea that being in the same party sometimes means staying on the same page. Then there is the question of taxes. Obama has made overhauling the tax code a centerpiece of his campaign. In the real world of Washington, his plan is a mixture of commonplace steps (tweaking income tax rates) and unprecedented measures (a new approach to payroll taxes). The likelihood that he will get anything like the tax package he has outlined - or even that he'll seek all the changes he has promised - is remote as long...

Author: /time Magazine | Title: How Obama and McCain Would Lead | 10/30/2008 | See Source »

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