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...Here's how it works: if the price of buying a house divided by the cost of renting an apartment is higher than usual, then houses are more expensive than they should be. A lower-than-normal ratio suggests good value. Changes in these data are of interest not just to potential buyers trying to figure out if it's time to finally jump off the sidelines but also to current homeowners wondering how much more pain they're due for, as well as to policymakers angling to prop up prices. At TIME's request, Moody's Economy.com ran numbers...

Author: /time Magazine | Title: New Data Say House Prices May Be Nearing a Bottom | 1/8/2009 | See Source »

Barack Obama promised during his election campaign that he would pursue a settlement of the Israeli-Palestinian conflict from Day One of his presidency. The Gaza crisis has now turned that interest into an urgent requirement while making progress even more difficult. Nevertheless, in this crisis, as in the many other challenges the new President will face, there may also be an opportunity, which he can turn to his advantage...

Author: /time Magazine | Title: The President's Peacemaking Quest | 1/8/2009 | See Source »

...recession - and Obama is even floating a two-year, $300 billion tax cut (roughly 1% of GDP per year). Even worse, our federal revenues are nearly exhausted by just four areas of spending: Social Security and other retirement programs, health programs such as Medicare and Medicaid, defense, and interest payments on the public debt. Almost all the rest of our expenditures - from education and infrastructure to international diplomacy and much more - have to be funded by borrowing. We are racking up trillions of dollars in debt, to be paid in the future through taxation or inflation, in order to carry...

Author: /time Magazine | Title: The Case for Bigger Government | 1/8/2009 | See Source »

...would be interesting, just for the fun and justice of it, to subject Rumsfeld to four hours in a stress position - standing stock still with his arms extended, naked, in a cold room after maybe two hours' sleep. But that's not going to happen. Indeed, it seems probable that nothing much is going to happen to the Bush Administration officials who perpetrated what many legal scholars consider to be war crimes. "I would say that there's some theoretical exposure here" to a war-crimes indictment in U.S. federal court, says Gene Fidell, who teaches military justice at Yale...

Author: /time Magazine | Title: The Bush Administration's Most Despicable Act | 1/8/2009 | See Source »

...establish a home for the Jews in the birthplace of their ancestors. To a remarkable extent, that dream has been fulfilled, as Israel has grown into the most modern and democratic country in the Middle East and a dependable American ally. A strong, confident Israel is in America's interest, but so is one that can find peace with its neighbors, cooperate with the Arabs to contain common threats and, most important, reach a just and lasting solution with the Palestinians. But accomplishing all that will require Israel and its defenders to confront excruciating dilemmas: How do you make peace...

Author: /time Magazine | Title: Can Israel Survive Its Assault on Gaza? | 1/8/2009 | See Source »

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