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Faced with a combination of falling sales, an increasingly unstable U.S. economy and rising gasoline prices, General Motors Corp. has unleashed another huge wave of budget and financial cuts that the company's top executives described as a "self-help" plan designed to stave off any potential "liquidity crisis." The cutbacks appear to involve every level of GM's operations, including shedding the Hummer and decreasing its support for NASCAR. Said GM's chairman and chief executive officer Richard Wagoner: "Conditions are extremely unsettled. We're trying to protect the enterprise long-term. We're going to have to ride...

Author: /time Magazine | Title: General Motors' Garage Sale | 7/15/2008 | See Source »

...appeals have slowed to about one a week, versus several a week at the height of the primaries. But Obama needs to keep up the pace: essentially, he must repeat his primary feat, add more than 50% and do it in a quarter of the time. "It's a huge task that we've got," said one top Obama donor. "I wouldn't define it as concern, but there's a realization of the enormity of what we are trying to accomplish, and everybody is intensely focused on the task at hand...

Author: /time Magazine | Title: Obama: The Half-Billion-Dollar Man | 7/15/2008 | See Source »

...Voyager. There is no excuse for leaving out these functions. Otherwise, I can live with the unremovable battery and accept the skimpy battery life (about 5 hours with heavy usage in my tests) as the price for the iPhone's big, bright screen. Since I don't have a huge media collection, the unexpandable memory (8 GB comes standard; for 16 GB, you'll pay an extra $100) doesn't faze me either. If you've got lots of songs, photos or other files, however, this is a real drawback...

Author: /time Magazine | Title: The iPhone: Second Time's a Charm | 7/14/2008 | See Source »

...percentage of respondents who have tried tobacco and alcohol). As for the popularity of cocaine, the reason may simply be the close proximity of South America, the world's only coca plant producer. And finally, Anthony notes, it's a matter of culture: the U.S. is home to a huge baby boomer population that came of age when experimenting with drugs was a part of the social fabric. "It became a more mass-population phenomenon during a period when there were a large number of young people who were in the process of creating a culture of their own," Anthony...

Author: /time Magazine | Title: An American Pastime: Smoking Pot | 7/11/2008 | See Source »

...Betancourt's biggest problem ahead could be this: Nelson Mandela emerged from 27 years in jail in 1990 with his huge political movement intact and a nation to run. Mandela's leadership was unquestioned. In stark contrast Betancourt has emerged as a lone woman with no political constituency and no clear home, geographically or politically. (She has apparently also left her husband in Bogota, after giving him a perfunctory hug the day she was freed.) That outsider status is familiar ground for Betancourt, who was raised not among the poor masses, as Mandela was, but as an aristocratic expatriate...

Author: /time Magazine | Title: What's Next for Ingrid Betancourt | 7/11/2008 | See Source »

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