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That new approach was on display in the Senate as Bernanke answered questions with a level of precision unknown during Greenspan's 18-year tenure. Greenspan had become famous for long, convoluted answers that could stop time but only rarely ("irrational exuberance") ruffled the markets. Asked about the nation's blooming deficit, Bernanke answered crystal clearly, "Deficits matter because they represent additions to debt that our children and grandchildren will either have to pay through higher taxes or reduced services." Bernanke's wit also made a guest appearance. When Maryland Senator Paul Sarbanes asked Bernanke whether rising rents and their...

Author: /time Magazine | Title: Inside the Head of the New Fed Chief | 7/23/2006 | See Source »

...called Road Map to Peace proposed by the U.S. is a road map to an unknown destination, which intensifies the suspicion of those who are supposed to travel on it and makes each side reluctant to fulfill even its basic initial requirements: the Palestinians to dismantle the terrorist networks; the Israelis to stop construction of the settlements altogether. It follows from the foregoing that only an external intervention that is decisive and purposeful in its character can achieve a breakthrough to peace. That intervention can only come from the U.S. It has the power and some residual trust...

Author: /time Magazine | Title: Time for Real Diplomacy | 7/23/2006 | See Source »

...Long Night, with Anthony Quinn as a non-Hammer hero with amnesia, is a drab affair, and My Gun Is Quick buried its chance at B-minus competence with another unknown, inapt Hammer, Robert Bray. You might say that Spillane should always have played him, as he does in the 1963 The Girl Hunters. (Richard Wright, of Native Son fame, is the only other best-selling novelist I know who played his own major character in a movie. Anyone know others?) But that would be to overrate Spillane's hulking amateurism. He has fun in the movie, but maneuvers only...

Author: /time Magazine | Title: The Prince of Pulp | 7/22/2006 | See Source »

...candidate for public office himself, in this year's race for Georgia Lieutenant Governor, Reed's squeaky clean, boy-next-door image came back to haunt him. After he started out a year ago with a huge lead in both the polls and fundraising over his relatively unknown opponent, Reed's connection to the Jack Abramoff congressional lobbying scandal unmasked the candidate who built his career on the issue of values as one who apparently had his own questionable values. And so it was that Tuesday Reed lost both his party and his religious conservative base in a humbling Republican...

Author: /time Magazine | Title: Ralph Reed's Comeuppance | 7/19/2006 | See Source »

Privacy? They posed for Vanity Fair. Their embrace of the limelight could hurt them. But before columnist Robert Novak ran Plame's name, citing White House sources, she was unknown. Said her lawyer Christopher Wolf: "She was dragged into the public square...

Author: /time Magazine | Title: The Spy Who Sued Me | 7/18/2006 | See Source »

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