Word: systemic
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...September, V.V. Chari, an economist at the University of Minnesota and an adviser to the Federal Reserve Bank of Minneapolis, got a call from a Congressman. Treasury Secretary Hank Paulson and Federal Reserve Chairman Ben Bernanke were arguing that they needed $700 billion to save the nation's financial system, and the Congressman wanted to know what to make of it all. Chari said he didn't know - he hadn't looked at the data. Policymakers kept talking about how banks weren't lending to businesses or to individuals or even to each other, so Chari pulled numbers...
...thing. "We were trying to understand why these numbers looked the way they did," says Burcu Duygan-Bump. Partly because of conversations the economists had with Fed staffers in the banking supervision division, the group came to believe the aggregate data was obscuring the underlying dynamics of the financial system. "If you say New England has a snowstorm with an average snowfall of two inches, that might not reflect the fact that Boston got ten inches and northern Maine got none," says Ethan Cohen-Cole, another of the economists...
...global Ponzi-on-steroids scheme undercover, and helps explain why it worked so brilliantly for so long. The fact the Securities and Exchange Commission gave Madoff multiple free passes to sidestep closer inspection is even more troubling for any investor looking to put a hard-earned buck into this system. (How I Got Screwed by Bernie Madoff...
Amar, who has taught at all four law schools in the University of California system, says America has always struggled with the seemingly conflicting ideas about the sanctity of basic rights like those in the Bill of Rights and ability of the majority to take them away. "It strikes us as strange the notion that minorities should have to depend on a majority to confer something we think of as a right," Amar says. "But the idea of popular sovereignty, which is another way of saying majority rule, means just that. We can make sure that majorities are reflective, deliberative...
...TIME. "These questions go back to the beginning, back to Justice Marshall and the question of judicial review, to Marbury v. Madison. This is a topic of constant constitutional inquiry: What is the role of the court, and what is the role of the people? We have a unique system, and these questions have always been controversial." Oh yes, Brown also told TIME that he is exploring the possibility of seeking a third term as governor once Arnold Schwarzenegger's ends in 2010. Some habits are hard to break...