Be they social scientists or political pundits, academics and analysts are forever dividing history into epochs and eras that too often impart a false sense of clarity to the muddy course of human events. So it is with some modesty that we declare the United States and the world are on the verge of a "Third Atomic Age."

Treasury Secretary Paulson has asked Congress for $700 billion without a clear description of how it would be disbursed or a mechanism for effective oversight.