From the June 24, 2010 issue
Kevin Lamarque/Reuters
To a substantial extent, it was “nonbanks”—investment houses, hedge and private equity funds—that were at the epicenter of the financial crisis. Contrary to well-established practices, many of those same institutions received extensive government assistance to remain viable. Dealing with this great extension of moral hazard has become the largest challenge for financial reform. What failing institutions need is a dignified burial—not intensive care with hopes for recovery.
More »The Powerhouse of the New
by Martin Filler
It is generally held that Modernism celebrates fragmentation and opposes the continuity implicit in the Classical tradition. But despite their frequent antics—the costume parties, the cabaret evenings, the jazz sessions, the kite festivals—the Bauhaus’s youthful adherents were anything but lords (and ladies) of misrule. During the politically precarious but creatively fertile Weimar years, the Bauhäusler gathered under one roof to learn, practice, and teach arts as ancient as weaving and as novel as photography, with utter seriousness and optimistic conviction.
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