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...think there is a wider issue [of] investing so much power in the hands of people like Alan Greenspan and saying, 'We'll just trust you because you said it's O.K.' - I don't think anyone is going to do that for another 50 years, until we forget about this mistake. All of the people who were running central banks allowed the financial system to become so large and leverage to become so pervasive. That they allowed banks in Iceland to become 850% of GDP is crazy. The Royal Bank of Scotland had the largest balance sheet...

Author: /time Magazine | Title: Q&A: Lessons from the Great Depression | 1/6/2009 | See Source »

...extent, the lack of trust in elections is a consequence of inadequate political education. For frustrated farmers or construction workers or street vendors, it may be easier to imagine political change through a groundswell of antigovernment rallies rather than through checking one of many underwhelming candidates on a ballot. Asia's education systems, largely underfunded and over-reliant on rote learning, do little to instruct citizens on the power of franchise or the importance of accountable leadership. Still, as Thais - even those who initially supported the PAD protesters - realized, months of street demonstrations are not pleasant. The protest movement...

Author: /time Magazine | Title: Asia's Dithering Democracies | 1/1/2009 | See Source »

...important is it to have really great ingredients when you're cooking simple food? This stuff was completely not great ingredients, trust me. The split peas and the barley came from the cupboard and the vegetables are just from this place that's not very good and is a rip-off, but I walk past it on the way home. I'm not too cheap to go to the farmer's market, I'm just too lazy...

Author: /time Magazine | Title: Cookbook Author Mark Bittman | 12/29/2008 | See Source »

...into residential mortgages, including the subprime variety. Result: GMAC has lost $8 billion over the past two years. Cerberus will distribute shares to its investors, thereby reducing its voting stake to 14.9% and its overall equity stake to 33%. GM will transfer some of its shares to a trust, which will sell off the stock over the next three years...

Author: /time Magazine | Title: What Uncle Sam Gave Detroit For Christmas | 12/26/2008 | See Source »

...well, they never had democratic rule - challenges to Conté's civilian government were squashed by ruthless force. Guinea expert Peter Pham, director of the Nelson Institute for International and Public Affairs at James Madison University, told the Associated Press this week that Western leaders should not blindly trust in a constitution which the now-dead president Conté drafted largely to keep himself in power for decades. It was "not the result of any democratic process," he noted. After such a sorry history, even a coup can look good...

Author: /time Magazine | Title: Why Guinea's People Welcomed the Coup | 12/26/2008 | See Source »

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