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...early 1990s stemmed from a 1985 deregulation of credit markets, which set the stage for overexpansion and bubbles in the real estate and finance markets. When those bubbles burst in the early 1990s, Sweden's currency crumbled and interest rates spiked to 500% overnight. Of the country's seven biggest banks, five needed either government bailouts or big injections of money from shareholders. The value of the country's real estate market plunged 50-60% in 18 months. "The whole Swedish banking system was off-balance," Lundgren recalls...

Author: /time Magazine | Title: Sweden's Model Approach to Financial Disaster | 9/24/2008 | See Source »

...market in the States, I would be another rapper, one in a million," Jin says. But in fact there is no rapper quite like him. Jin first came to prominence in 2001, after he won seven consecutive freestyle rap battles (live improvisation contests) on Black Entertainment Television. That led to his becoming the first solo Asian-American rapper signed by a major label (Ruff Ryders). His debut album, The Rest is History, featured big names like Kanye West and Wyclef Jean, and included the taunting single Learn Chinese ("When the pumps go off/ y'all gon' speak Chinese") plus serious...

Author: /time Magazine | Title: Home Boy | 9/24/2008 | See Source »

...you’re going to ignore the SAT Reasoning Test, maybe? What? My mother is crying—mostly because I berated her (it was unrelated), but at least partly because she spent seven months of her pregnancy with a tape player strapped to her torso, repeating complete analogies. Tenet is to theologian what hypothesis is to biologist—not that that matters...

Author: By James M. Larkin | Title: From a Future Freshman | 9/24/2008 | See Source »

...build the post-industrial politics,” he said in an interview after the event, adding that the new politics would be “ground-up” and “based on communication.” Castellanos has served as a media consultant for seven presidential candidates. After advising the Bush campaign in 2004, Castellanos was the chief strategist for the presidential campaign of former Mass. Gov. Mitt Romney. He currently serves on the John McCain for President Ad Council. Carrie Sheffield, a first-year public policy student at the Harvard Kennedy School, said that...

Author: By Courtney P Yadoo, CONTRIBUTING WRITER | Title: Republican Strategist Castellanos Calls Obama Win | 9/23/2008 | See Source »

...speed of light (optical physicist Lene Hau, 2001), mapping the human genome (geneticist Eric Lander, 1987), penning acclaimed novels (Cormac McCarthy, 1981; the recently deceased David Foster Wallace, 1997), scheming to save our threatened fisheries (lobsterman Ted Ames, 2005) and solving Fermat's Last Theorem (mathematician Andrew Wiles, 1997). Seven have nabbed the Nobel Prize, including geneticist Barbara McClintock (1981) and former U.S. poet laureate Joseph Brodsky (1981). Others have won Pulitzers, Fields Medals -the math world's top honor - and National Book Awards. The chosen few are informed by an "out-of-the-blue" phone call, which can prompt...

Author: /time Magazine | Title: The 'Genius' Grant | 9/23/2008 | See Source »

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