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President Barack Obama did warn in his speech to Wall Street on Monday that "normalcy cannot breed complacency." But normalcy is breeding complacency - perhaps because complacency is normal. Consider the financial reforms that the Obama Administration wants to push through Congress before year-end - creating a Consumer Financial Protection Agency, giving the Federal Reserve the job of systemic risk regulator, and establishing a "resolution regime" to wind down troubled nonbank financial institutions (like Lehman) and complex bank holding companies in an orderly fashion. Steps in the right direction? Probably. Truly major reforms? Not so much...
...months after Franklin D. Roosevelt took office in 1933, Congress legislated a complete transformation of Wall Street and the banking sector with the creation of the Securities and Exchange Commission and the Federal Deposit Insurance Corp., and the segregation of commercial banks from Wall Street. It's not obvious that we need such a drastic overhaul now, but still, the contrasts with 1930s are stark. Ironic, too. By following their belief that financial markets should work out their own problems, Andrew Mellon and his kindred spirits at the Fed triggered a financial collapse that more or less ensured major, permanent...
Police said yesterday that the death of Annie Le—the Yale graduate student whose body was discovered stuffed into the basement wall of her lab building—was a targeted killing and not an act of random violence, though officials declined to name a suspect as the investigation continued...
...house common spaces, and party suites. They’re not always open to the whole school, however, so remember to have a back-up plan, a heavily skewed girl-guy ratio, or a good story. Final Club: The FlyRather than merely wishing you were a fly on the wall at this illustrious final club, spice things up and stop by the Fly this weekend. Expect popped collars and popped bottles. No matter the occasion—whether a formal affair or laid-back Saturday night—the Fly always delivers. The Fly’s relaxed, classy vibe...
Many of the people who survived the devastating 2004 tsunami that deluged the Indonesian province of Aceh found grim solace in the aftermath of the killer wave. The wall of water and earthquake extinguished 130,000 lives there, but in its wake came a surprising resolution to a simmering separatist movement that had pitted local rebels against the government in Jakarta for three decades. (Read TIME's 2005 cover story on the Asian tsunami...