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...sops to the industry. One political attraction of the CFPA is its simplicity: you're for it or against it. After sketchy subprime mortgages helped crater financial markets, even laissez-faire ideologues like Alan Greenspan called for stronger regulations to curb abuses and stabilize the system. And given the well-documented outrages pervading the industry these days - exorbitant overdraft fees, late fees, nuisance fees and balloon payments buried in opaque legalese, slimy yield spread premiums that banks give brokers who push high-risk mortgages - it's awkward to argue against...

Author: /time Magazine | Title: The Case for a Consumer Financial Protection Agency | 2/17/2010 | See Source »

...block the CFPA, and Republican congressional leaders have denounced the idea as big-government overreach that would harm consumers by stifling innovation - especially if bank basher (and TARP watchdog) Elizabeth Warren, the intellectual godmother of the agency, gets to run it. Some finance-friendly Democrats have been resistant as well. The new agency was included in the financial reforms the House of Representatives passed along party lines in December, but it has been a stumbling block as the Senate has struggled to put together a bipartisan bill, and even the House version was watered down a bit. Small banks were...

Author: /time Magazine | Title: The Case for a Consumer Financial Protection Agency | 2/17/2010 | See Source »

...irony of Ryan's rise is that he has vaulted to popularity by embracing historically unpopular ideas. For obvious reasons, slashing entitlements doesn't play well with the over-65 crowd - America's most faithful voting bloc - and House Republicans have conspicuously stood apart from the plan. But Ryan is betting that the looming threat of fiscal insolvency will help him marshal a case for the urgency of sweeping changes to entrenched social safety nets. Even raising taxes, he says, wouldn't do enough to address the problem. "Look, I don't see these things as third rails anymore...

Author: /time Magazine | Title: Paul Ryan: The GOP's Answer to the 'Party of No' | 2/17/2010 | See Source »

...central place of individual liberty in American politics and life" or "support[ing] America's national interest in advancing freedom," their interests could have clashed. For a movement whose social conservatives, fiscal warriors and national-security hawks have been roiled by infighting in the past, affirming common bonds may well have been the paramount concern...

Author: /time Magazine | Title: Can a New Manifesto Woo the Tea Party? | 2/17/2010 | See Source »

GOLDEN ROCK INN Coinciding with a dramatic extension of its dining area by Aman Resort designer Ed Turtle, this popular resort, tel: (1-869) 469 3346, now boasts well-known British-born chef Janice Ryan. Her dishes highlight the importance of marinades and seasonings - especially allspice and Scotch bonnet peppers - to the very best Caribbean cooking. Outstanding are conch chowder, coconut-water-and-rum shrimp salad and spice-rubbed snapper with tamarind...

Author: /time Magazine | Title: Spoiled for Choice on Nevis | 2/17/2010 | See Source »

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