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...worried about who could go under next. The initial market reaction to Paulson's speech was something on the order of: "Holy [expletive deleted], we must really be in trouble." The market cratered when it heard on Wednesday, losing nearly 190 points on the Dow after trading in the black for most of the day. It tanked again on Thursday...

Author: /time Magazine | Title: Will Paulson's Bank Plan Finally Unfreeze Credit? | 10/9/2008 | See Source »

...that he and other politicians like to refer to as "light-touch" regulation (although bankers and regulators cringe at that phrase; they prefer to call it "appropriate" regulation). In June 2007, just days before he replaced Tony Blair as Prime Minister, Brown gave a rousing speech at the traditional black-tie dinner in Mansion House, the residence of the Lord Mayor of the City, brashly predicting "an era that history will record as the beginning of a new golden age for the City of London...

Author: /time Magazine | Title: London's Gathering Storm | 10/9/2008 | See Source »

...will break the losing streak. It stars Leonardo DiCaprio as Roger Ferris, a fearless CIA operative roaming the Middle East, and Russell Crowe as his Stateside boss Ed Hoffman. The movie was scripted by William Monahan, Oscar winner for The Departed, and directed by Ridley Scott, who proved in Black Hawk Down that he knows how to detonate suspense in the bazaar of political ideas. More important, Body of Lies is based on David Ignatius' best seller, which casts Ferris as a good-guy hero, firmly in the spy-novel tradition, and makes him the agent of a devious plot...

Author: /time Magazine | Title: Body of Lies: Leonardo of Arabia | 10/9/2008 | See Source »

...seen in historical perspective, the McCain campaign's strategy against Obama is actually kind of shocking. For years, the recipe for injecting race into a political campaign has been clear. First, invoke the specter of black crime, as Lee Atwater did in 1988 when he vowed to turn murderer Willie Horton into Michael Dukakis' "running mate." Second, attack lazy people in the inner city, as Ronald Reagan did in 1976 when he condemned a Chicago "welfare queen." Third, bash affirmative action, as the late North Carolina Senator Jesse Helms did in 1990 when he ran an ad showing white hands...

Author: /time Magazine | Title: Is Barack Obama American Enough? | 10/9/2008 | See Source »

...Despite its lock on an electoral majority, the ANC standing has slipped irrevocably in recent years as a result of a series of scandals over corruption, incompetence and abuse of power. Millions of black South Africans also remain afflicted by much the same poverty and squalor they endured under apartheid; the unemployment rate is 23.1% and rises far higher in many black townships. The ANC has long prided itself on its internal unity and discipline, but the Mbeki-Zuma power struggle has seen both factions cross traditional boundaries of acceptable conduct. Mbeki is accused of using the national prosecutor...

Author: /time Magazine | Title: In South Africa, the Party of Mandela Faces a Divorce | 10/8/2008 | See Source »

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