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Three main lessons present themselves. First, our complex financial system is awfully fragile. Second, government action is capable of keeping a financial panic from snowballing into a complete economic disaster along the lines of the Great Depression. Third, the government has - in large part because of its success in averting disaster - found it difficult to take any actions that would make the financial system less fragile in the future. That would, apparently, be too much government intervention...

Author: /time Magazine | Title: Three Lessons of the Lehman Brothers Collapse | 9/15/2009 | See Source »

...themselves unable to do business because their accounts with Lehman's U.K. subsidiary were frozen. Similar dislocations played out around the world. Before long, financial institutions were paralyzed by fear. They simply didn't trust each other anymore, and didn't want to lend to each other. The financial system proved too fragile to handle the stress. (See 25 people to blame for the financial crisis...

Author: /time Magazine | Title: Three Lessons of the Lehman Brothers Collapse | 9/15/2009 | See Source »

...early 1930s, powerful voices at the Treasury and Federal Reserve argued that the deep pain of financial crisis was a necessary economic corrective. "Liquidate labor, liquidate stocks, liquidate the farmers, liquidate real estate," Treasury Secretary Andrew Mellon advised President Herbert Hoover. "It will purge the rottenness out of the system." Late last year, you could hear a few people arguing this case on CNBC and even on the floor of the House of Representatives. But after Lehman's failure, no one at Treasury or the Fed talked that way. Instead, the consensus among the policymakers who mattered...

Author: /time Magazine | Title: Three Lessons of the Lehman Brothers Collapse | 9/15/2009 | See Source »

...crimes. A mile away in the local prison there were simply no resources. Cases can't go forward, witnesses are lost, and people stay in detention for many years at a stretch. [If I was] to do it over, I would try to develop a court within the national system. That would be my preference. Maybe not a court that costs $30 million a year like the Special Court, but an appropriate court...

Author: /time Magazine | Title: Stephen Rapp: Obama's Point Man on War Crimes | 9/14/2009 | See Source »

...Amad Khan, Pakistan's Deputy Foreign Minister, dismisses suggestions of lingering Pakistani support for Iran's nuclear program. "We have a three-tier system that prevents proliferation," he told TIME. But Islamabad is happy for Tehran to acquire nuclear capability for energy uses. "Since Iran is a signatory to the Non-Proliferation Treaty, if it requires capability for energy, we have no problems with that." The Deputy Foreign Minister added that Pakistan sees Iran as a "responsible" nation and therefore "doesn't expect Iran to pursue nuclear-weapons capability." (Read "Rehabilitating Pakistan's Nuke...

Author: /time Magazine | Title: Iran Sanctions: Why Pakistan Won't Help | 9/14/2009 | See Source »

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