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...action was carefully coordinated for maximum effect. First came an early-morning announcement by the British government that it had crafted a $90 billion rescue package for its banks. Then five central banks from around the world, including the two big ones - the U.S. Federal Reserve and the European Central Bank - announced a cut in interest rates. Jean-Claude Trichet, president of the European Central Bank, described the cuts as an "important mark of confidence" that showed an "intimate cooperation" among monetary authorities around the world. Under normal circumstances, such measures would have bucked up moods and stock prices...

Author: /time Magazine | Title: Behind the Global Markets' Meltdown | 10/8/2008 | See Source »

...Instead, the big concerted action of Oct. 8 passed with barely a shrug from Wall Street. Stock markets worldwide continued to roil, and banks everywhere remained in the firing line. "Confidence has completely crashed, and it will take a while to rebuild it," says Craig Wright, chief economist at the Royal Bank of Canada, who is nonetheless hopeful that these and other measures will eventually start to work. "But it's hard to hear positives in a thunderstorm of gloom...

Author: /time Magazine | Title: Behind the Global Markets' Meltdown | 10/8/2008 | See Source »

...fresh and innovative intervention that gets to the heart of the problem," he said. The big yawn with which global stock markets greeted the move said it all: given the beaten-down state of the financial system and the questions that continue to swirl around it, far more concerted action is needed if confidence is to be restored...

Author: /time Magazine | Title: Behind the Global Markets' Meltdown | 10/8/2008 | See Source »

...many countries, ethnic divisions are institutionalized, with strict laws governing what one race can and cannot do. In largely homogenous Japan, it's extremely difficult for a non-Japanese to become a citizen even if born there. In Malaysia, an affirmative-action program gives preference to Malays over the country's sizable Chinese and Indian populations in everything from university places to government contracts. In Pakistan, Punjabis, the dominant ethnic group, are favored for key positions in the powerful military and civil service. Government leaders argue that these kinds of measures help maintain harmony. Maybe...

Author: /time Magazine | Title: Race to Judgment | 10/8/2008 | See Source »

...Iannuzzi’s season-ending collarbone injury suffered in Harvard’s Ivy opener against Brown, four relatively inexperienced receivers—sophomore Levi Richards, freshman Adam Chrissis, junior Mike Clarke, and senior Alex Breaux—will be called onto the field for even more live action. “They haven’t really been in the game as much, but that doesn’t mean they aren’t ready to play,” said fifth-year senior and All-Ivy quarterback Chris Pizzotti. “To have the depth...

Author: By Kevin T. Chen, CONTRIBUTING WRITER | Title: New Corps Steps Up in Time of Hurt | 10/8/2008 | See Source »

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