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...then go back to business as usual. All that conventional wisdom about 2008 being a "change" year? We had no idea. Recently Rush Limbaugh appeared on Sean Hannity's Fox News show, panicking not so much about the economy but about how the political winds are blowing as a result. If we finally manage to achieve something like universal health care, Limbaugh warned, it would mean "the end of America as we know it." He's right, but that's not necessarily a bad thing. This is the end of the world as we've known...

Author: /time Magazine | Title: The End of Excess: Is This Crisis Good for America? | 3/26/2009 | See Source »

This time around, though, in contrast to the early '80s, it's much clearer from the get-go that one era has ended and a new one is about to begin. A lot of the change will be the result of collective political choices, as we clear away the wreckage, consider the bad habits and ill-advised schemes that got us here and try to refashion our economic and health-care and energy systems accordingly. But at least as much of the new America of the 2010s and beyond will be the result of transformed sensibility, changes in our understanding...

Author: /time Magazine | Title: The End of Excess: Is This Crisis Good for America? | 3/26/2009 | See Source »

Only six months ago, we thought we might be on the verge of a remarkable new era - thanks to the possible election of Obama. It is bizarre how secondary that epochal change now seems. It's as if Jesus had returned - but just afterward extraterrestrials landed, and as a result everybody stopped paying much attention to the holy dude. But it's also a perfectly apt and gratifying turn of events: candidate Obama positioned himself as a smart, steady character who happened to be black, and the economic emergency that helped ensure his election has pushed the fact...

Author: /time Magazine | Title: The End of Excess: Is This Crisis Good for America? | 3/26/2009 | See Source »

...also played domestic tough-guy politics disgracefully: his opponents were inevitably "soft on terrorism." And he played the darker avenues of domestic politics as well, allowing ethnic pressure groups like the Israel and India lobbies too much sway. Finally, his feckless battle plans in Afghanistan and Iraq were the result of his reflexive belief in American omnipotence and an underestimation of our enemies' intransigence...

Author: /time Magazine | Title: Obama on the World Stage: What Power Means | 3/26/2009 | See Source »

...first, dramatic interventions into the financial system by the Treasury Department and the Federal Reserve during the collapse of Bear Stearns a year ago, Timothy Geithner has based his approach on one underlying theory. The crisis, the former New York Fed president and now Treasury Secretary believes, is the result of the collapse of a shadow banking system that grew over the past 30 years to rival the traditional banking system in size but lacked all four of the safeguards that had been imposed after repeated collapses of the traditional system in the early part of the 20th century...

Author: /time Magazine | Title: Geithner Makes His Pitch for More Regulation | 3/26/2009 | See Source »

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