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Before Prop 13, in the 1950s and '60s, California was a liberal showcase. Governors Earl Warren and Pat Brown responded to the population growth of the postwar boom with a massive program of public infrastructure - the nation's finest public college system, the freeway system and the state aqueduct that carries water from the well-watered north to the parched south. When Ronald Reagan was governor, he actually raised taxes. Then Proposition 13 shot the tires out of Pat Brown's liberal state. Liberal legislative leaders such as Willie Brown and John Burton jerry-rigged repairs and kept the damaged...

Author: /time Magazine | Title: The Legacy of Proposition 13 | 6/27/2009 | See Source »

...Warren's dealings with Geithner hit some bumps early on too. After he took office, the panel requested for months that Geithner testify before it; he ignored the request at first but eventually relented. "The most generous interpretation would be that he was staggeringly busy, and to be well prepared for a hearing takes time," Warren says of Geithner, who testified in April. "The less generous interpretation would be that ... we were not on the best of terms." She insists that things are now going more smoothly...

Author: /time Magazine | Title: Elizabeth Warren: Riding Herd on the Bailout | 6/22/2009 | See Source »

...Smith Goes to Washington Warren was an unlikely choice to head the oversight panel, not least because of her lack of familiarity with Washington parlor games. Her academic specialty is bankruptcy law, especially as it pertains to the American middle class. She emerged on the public stage in 2003, when she published the book The Two-Income Trap: Why Middle-Class Parents Are Going Broke, co-authored with her daughter. The book argues that women and middle-class couples were driving themselves to ruin trying to buy houses in good public-school districts: "Having a child is now the single...

Author: /time Magazine | Title: Elizabeth Warren: Riding Herd on the Bailout | 6/22/2009 | See Source »

...ensuing media frenzy led to Warren's testifying a few times on Capitol Hill, where she caught the eye of Senate majority leader Harry Reid. When asked how she ended up on Reid's short list, Warren says, "I took away from the conversation that my presence was about American families having a stake in the outcome of these powerful decisions that are being made. So I've never apologized for caring about and raising issues that relate directly to them...

Author: /time Magazine | Title: Elizabeth Warren: Riding Herd on the Bailout | 6/22/2009 | See Source »

...Washington debates how to reshape the regulatory system to prevent economic shocks in the future, Warren hopes to see some of her ideas translate into policy changes. And she vows to continue as long as Congress will have her. "I'm not hanging on to this job. I'm here at the pleasure of the Senate that appointed me," she says. "But having said that, I'm not looking over my shoulder. I'm here to do what I think is right...

Author: /time Magazine | Title: Elizabeth Warren: Riding Herd on the Bailout | 6/22/2009 | See Source »

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