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...subprime-mortgage market and won. So did Mike Burry, a social recluse who began investing at night during his medical residency. Jamie Mai and Charlie Ledley, two 30-somethings who started trading in a Berkeley garage, "assumed that there was some grownup in charge of the financial system." There wasn't. In The Big Short, Michael Lewis, who chronicled an earlier era of Wall Street excess in 1989's Liar's Poker, tells the story of investors who asked questions that no one else would (like, What happens if house prices stop rising?) and came to the chilling conclusion that...

Author: /time Magazine | Title: The Skimmer | 3/29/2010 | See Source »

...know this is a tough vote," Obama told the House Democrats, and, for many of them, it was - politically. But in another way, it wasn't: it was ground zero of what being a Democrat has meant for the past 80 years. It rectified an astonishing injustice in American life: most of the nonworking poor are guaranteed health care, through Medicaid, but the working poor are not, unless they're lucky enough to have an employer who provides it. Another injustice: insurance companies determine who receives coverage and can deny it at will. For Democrats, this represented a gaping hole...

Author: /time Magazine | Title: Can Obama Keep Delivering on His Promise | 3/24/2010 | See Source »

...Palestinians, as the prime issue in the U.S.-Israel conversation. So Clinton talked up the Administration's efforts to halt Iran's uranium-enrichment program, citing "a growing international consensus on taking steps to pressure Iran's leaders to change course." Europe was on board, she said, and Russia wasn't far behind. "And although there is still work to be done, China has said it supports the dual-track approach of applying pressure if engagement does not produce results," Clinton added. "We are now working with our partners in the United Nations on new Security Council sanctions that will...

Author: /time Magazine | Title: Washington's Shrinking Options on Iran Sanctions | 3/24/2010 | See Source »

...Albanese's employees went on trial in Shanghai on corruption charges. If he still believed (as many in the foreign business community did when the four were arrested in 2009) that the trial was retribution for a soured deal with Chinalco, China's huge state-owned aluminum producer, he wasn't showing it. He wasn't even in Shanghai but in Beijing, making an extremely conciliatory speech at the China Development Forum - a Davos-like conference for dozens of corporate chieftains. Premier Wen Jiabao attended, and global CEOs lined up obligingly for the handshake. (Read "Searching Questions: Internet Searches...

Author: /time Magazine | Title: Is Google the Omen of a U.S.-China Trade War? | 3/23/2010 | See Source »

Still, homeless earthquake survivor Joanne St. Leger, 30, is happy to see both Clinton and Bush in Haiti and trusts they will help make a difference. "We wouldn't find anything if it wasn't for foreigners," says St. Leger. "We've been here for three months outside this Presidential Palace, and [Haitian President René] Préval has never come to see us." (See a TIME video with former President Clinton speaking on what Haiti needs...

Author: /time Magazine | Title: Haiti: A Visit from Two American Presidents | 3/23/2010 | See Source »

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