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...good news is that most economists believe all the weaponry the government is throwing at the problem will eventually have an effect. Interest rates are low and probably headed lower. More fiscal stimulus is on the way. Many economists are currently forecasting a couple of quarters of outright economic contraction. But many see a resumption of slow growth by the second half of next year. The sky, in other words, is not necessarily falling...

Author: /time Magazine | Title: Living in a World with Less Credit | 10/23/2008 | See Source »

...Laos' most politically tumultuous decade, Cotterill was thus left to fill in the blanks for himself. The latest Dr. Siri mystery, in particular, delves into the tragic history of the Hmong, an ethnic minority buffeted by the Vietnam War and later brutally oppressed in both Vietnam and Laos. "The problem with writing about Laos is information stops about 1978," Cotterill says. "There were a lot of things I wanted to say about the situation of the Hmong, but I'd reached this black hole." Filling that hole should provide Cotterill - and, of course, Dr. Siri - with many more years...

Author: /time Magazine | Title: Bodies of Work | 10/23/2008 | See Source »

...Public Mistrust Re Michael Grunwald's piece on how Washington failed us: I'm neither Republican nor Democrat, and I am disgusted with both [Oct. 13]. Both presidential candidates want to blame Wall Street, and there is surely some merit to that. But the heart of the problem rests with Freddie Mac and Fannie Mae, two quasi-government corporations. Despite several attempts by legislators to call attention to the impending crisis, others preached the soundness of these institutions. This is not a failure of the free-market system; it is the failure of big government and its manipulations. Jim Vance...

Author: /time Magazine | Title: Inbox | 10/23/2008 | See Source »

...anywhere else. The French have so much trouble with the idea of a leader that they often revert to using the English word. The Germans - for understandable reasons - do not boast of their own nation's führerschaft. But American politicians, of all stripes, have no problem in claiming a leadership role for the U.S. - in fact, they regard it as axiomatic that the U.S. should "lead" the world. As David Rieff argued recently in World Affairs, "President Bush has argued that the war in Iraq was a demonstration of America's moral leadership, whereas his liberal opponents claim...

Author: /time Magazine | Title: America: The Lost Leader | 10/23/2008 | See Source »

...What those Africans were seeing, of course, was not just a collection of extraordinary buildings - the world's highest hotel or a funky reworking of the Eiffel Tower - they were seeing a way of being modern. And that goes directly to the problem with claims of American leadership today. In the post-1945 world, the U.S. had a monopoly on modernity. Now it does not. There are, we have learned, many ways of being modern, and they do not all follow the path blazed by the U.S. This isn't just because in China - or in Russia, for that matter...

Author: /time Magazine | Title: America: The Lost Leader | 10/23/2008 | See Source »

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