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Dates: during 2000-2009
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...some point it does have to start mattering. But one of the great mysteries of modern politics and economics is where exactly that point might be. When the Federal Government runs a deficit, it has to borrow money. It does so by selling Treasury securities, ranging from short-term bills to 30-year bonds, on which it pays interest. This is like you or me borrowing to cover a shortfall or buy a house, with a crucial difference: countries are, in theory at least, immortal. They can keep rolling over their debts indefinitely. The U.S., with its centuries-long record...

Author: /time Magazine | Title: America and Its Deficits: Are We Broke Yet? | 9/14/2009 | See Source »

...bright high noon of rock 'n' roll, and broke up nearly four decades ago. Another anomaly: only in their earliest gestation, playing in Germany and in Liverpool's Cavern Club with Pete Best as their drummer, were the Beatles truly a Rock Band. For 40 years and more, that term has been applicable to the Rolling Stones and their spawn, whose songs are easily reproducible in their indefatigable concert tours and whose appeal is as much theatrical as musical. Truth is, the Beatles, even in their touring days, didn't care much for performing; they couldn't hear themselves play...

Author: /time Magazine | Title: Can The Beatles: Rock Band Save the Music Business? | 9/14/2009 | See Source »

...school districts to do things that we don't actually know are going to make things better," says Ravitch, who is critical of the accountability movement's emphasis on standardized testing. "My biggest problem with Duncan and Obama on education is that they are giving Bush a third term in education." Duncan counters that he is merely breaking down walls--borrowing a little bit from the left, a little bit from the right. "I just want to do what works," says Duncan, who is planning a multicity listening tour with Newt Gingrich and Al Sharpton. "There are great ideas everywhere...

Author: /time Magazine | Title: Can Arne Duncan (And $5 Billion) Fix America's Schools? | 9/14/2009 | See Source »

...first time, a rapprochement that could thaw a dispute dating back to World War I. The heart of the feud has been Istanbul's refusal to acknowledge the massacre of up to 1.5 million Armenians by Ottoman Turks as "genocide"--a near unanimous designation among scholars. Turkey prefers a term that means "mass deportation...

Author: /time Magazine | Title: The World | 9/14/2009 | See Source »

...when I had him on my radio show. He was supposed to chat for an hour but stayed for three. He was your ideal guest: passionate, humorous and extraordinarily honest. Dunne was the first to admit that when he covered high-profile crimes, he was "prosecution-oriented." The careful term alluded to the first and most painful trial he ever witnessed--that concerning his daughter Dominique, a 22-year-old actress who was strangled to death by an ex-boyfriend...

Author: /time Magazine | Title: Dominick Dunne | 9/14/2009 | See Source »

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