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...better times and now couldn't renegotiate. In fact, there was plenty of anecdotal evidence in the business press to suggest that was exactly what was happening, that companies were locking in funding not to invest, but to hoard cash for worse times ahead. It wouldn't be hard to imagine regular people doing the same thing with home equity lines of credit. When it came to lending between banks and the commercial paper market, the economists pointed to a shift toward shorter-term lending. Even if overall volumes were holding steady, a reliance on overnight loans would nonetheless indicate...

Author: /time Magazine | Title: Is There Really a Credit Crunch? | 12/24/2008 | See Source »

...enabled him to create his global Ponzi-on-steroids scheme undercover, and helps explain why it worked so brilliantly for so long. The fact the Securities and Exchange Commission gave Madoff multiple free passes to sidestep closer inspection is even more troubling for any investor looking to put a hard-earned buck into this system. (How I Got Screwed by Bernie Madoff...

Author: /time Magazine | Title: Who Is Bernie Madoff? Many Investors Didn't Ask | 12/23/2008 | See Source »

...Black Bears’ (5-6) home territory unmauled. The win snapped a three-game losing streak for Harvard. “The coaches told us before that this was a big momentum game,” captain guard Andrew Pusar said. “We had two hard losses before this that we should have won. This gets us back in the right direction.” The Crimson got its most balanced offensive performance of the season so far as five players scored in double figures. Junior guard Jeremy Lin led the team with 18 points, with freshman...

Author: By Ted Kirby, CRIMSON STAFF WRITER | Title: M. Hoops Claws its Way Past Maine | 12/23/2008 | See Source »

...what is the role of the people? We have a unique system, and these questions have always been controversial." Oh yes, Brown also told TIME that he is exploring the possibility of seeking a third term as governor once Arnold Schwarzenegger's ends in 2010. Some habits are hard to break...

Author: /time Magazine | Title: Jerry Brown Reverses Course on Gay Marriage | 12/23/2008 | See Source »

...aren't planning any more major projects. "Right now we're thinking more of how to best utilize what we have," says Fukasawaguchi, the local official, who is responsible for issues such as forestry and the preservation of the community's population of wild bears. Additional funding could be hard to come by, since Japan has a huge budget deficit and the economy is in recession. And even though local energy use is currently rising, Kuzumaki's population is falling as the young move away and remaining residents age. Absent an economic and demographic revival, the wind turbines in years...

Author: /time Magazine | Title: A Japanese Town That Kicked the Oil Habit | 12/22/2008 | See Source »

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