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...experience in Asia over the past decade shows that no company is too big to fail, the fallout is often not as painful as the dire predictions and, in the medium to long term, economies may actually benefit by permitting their deadweight...

Author: /time Magazine | Title: Why Detroit Is Not Too Big to Fail | 12/19/2008 | See Source »

...plan will move $13.4 billion in funds from the Troubled Asset Relief Program (TARP) to GM and Chrysler, with GM getting $9.4 billion and Chrysler $4 billion. The money will be in the form of three-year loans, but the terms permit the Obama Administration to demand earlier repayment - presumably triggering bankruptcy - if it believes the restructuring goals are not being met. The near-term target is a March 31 deadline for the automakers to show a plan for achieving long-term viability. Based on White House and Treasury descriptions of the plan, this will be less an acid test...

Author: /time Magazine | Title: Bush's Rescue Plan for Detroit: Passing the Buck | 12/19/2008 | See Source »

...Prevailed against beer brewer Pete Coors to become the only red-state Democrat to win a first term in the Senate...

Author: /time Magazine | Title: Interior Secretary: Ken Salazar | 12/18/2008 | See Source »

...From my point of view, they are the antichrist of the world." -To a Colorado Springs television station in April 2006, about James Dobson's Focus on the Family group. He later said, "I regret having used that term. I meant to say this approach was un-Christian, meaning self-serving and selfish...

Author: /time Magazine | Title: Interior Secretary: Ken Salazar | 12/18/2008 | See Source »

...Asked why he would take Blagojevich's case - given that the two-term governor reportedly owes another law firm upwards of $2 million, was denied by the Illinois Attorney General state funds to pay for the impeachment hearings and is facing the prospect of having his campaign fund frozen by the feds - Genson was his usual mischievous self. "I take the cases that are fun," he said. As best-selling author and famed lawyer Scott Turow put it in an e-mail to TIME, "He is a great lawyer who would have been almost as good as a circus ringmaster...

Author: /time Magazine | Title: Blagojevich's Lawyer: Taking the 'Unwinnable' Cases | 12/18/2008 | See Source »

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