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...deregulation of credit markets, which set the stage for overexpansion and bubbles in the real estate and finance markets. When those bubbles burst in the early 1990s, Sweden's currency crumbled and interest rates spiked to 500% overnight. Of the country's seven biggest banks, five needed either government bailouts or big injections of money from shareholders. The value of the country's real estate market plunged 50-60% in 18 months. "The whole Swedish banking system was off-balance," Lundgren recalls...

Author: /time Magazine | Title: Sweden's Model Approach to Financial Disaster | 9/24/2008 | See Source »

...enticing but perilous variable-rate loans. The French real estate market is slowing, but the more prudent approach of French banks lessens the prospect of foreclosures, which have haunted millions in the U.S. and are one major origin of the current crisis. That's hardly a reason for smugness, either, though, since there's scant evidence that enlightened domestic practices in France or anywhere else can ward off contagion from a global meltdown...

Author: /time Magazine | Title: No Gloating in France on Finance Crisis | 9/23/2008 | See Source »

...after weekend in San Francisco, watching with her nearly 100 episodes of Frasier. When Susie can eat only a liquid diet, Warren cuts his own intake to 1,000 calories a day. "That can't be a lot of fun," he says, "so I won't have any fun either...

Author: /time Magazine | Title: Warren Buffett Tells All: The Women in His Life | 9/23/2008 | See Source »

...report specifically criticized the use of SAT scores in U.S. News & World Report’s annual college rankings. Harvard bested Princeton for the top spot in this year’s annual college rankings after either placing second or tying for first in recent years...

Author: By Lingbo Li, CRIMSON STAFF WRITER | Title: SAT May Someday Be Optional, Dean Says | 9/23/2008 | See Source »

...occasional is said to. So little is known for sure about him - and so widespread are the myths about him generated by Pyongyang's tireless propaganda machine -that the real story of North Korea's leader can be hard to divine. Thus, Kim's life starts with his birth either in Siberia - where his father, North Korean founder Kim Il Sung, was in exile - or on Mount Paektu, the highest point on the Korean Peninsula. In an early move to quell expected resistance to his son's succession, Kim Il Sung designated the younger Kim as the next leader...

Author: /time Magazine | Title: Kim Jong Il | 9/22/2008 | See Source »

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