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...situation policymakers wish to avoid as their economies are just now crawling out of recession. China, one of the world's largest holders of dollars, doesn't appear likely to allow its currency, the renminbi, to significantly appreciate against the dollar any time soon, despite increasing political pressure from Washington to do so. China's Commerce Minister, Chen Deming, said at the recent Canton Trade Fair, a major showcase for China's manufacturers, that the "basic stability" of the yuan exchange rate needed to be maintained so exporters can have a predictable business environment. Another source of stability...
After Wall Street stabilized in the spring, it didn't take long for the economy to become a political afterthought to the major battle of the year in Washington: health-care reform. But Tuesday's off-year election broke D.C.'s political trance like a brick through plate glass. Republicans triumphed in two major gubernatorial races, thanks largely to independents fleeing Democrats over economic worries. Suddenly every politician in town cares about the economy more than anything else. (See TIME's special "Out of Work in America...
Beyond faulty economic theory and policy, the documentary also details how hundreds of billions of dollars clouded the judgments of banks, brokers, and insurance companies, encouraging the predatory processes that led to the economy’s ultimate collapse. While policy was made in Washington and the major financial players operated in New York City, American taxpayers bore the brunt of the downturn, losing their homes to foreclosure and repossession and being asked to bail out the institutions that devastated them in the first place...
...result, Washington for weeks now has been looking for a way to bless the November balloting with or without Zelaya's restoration. Zelaya had hoped that Shannon would also persuade the leading candidate in the presidential race, Porfirio Lobo, to instruct legislators from his opposition National Party to endorse Zelaya's reinstatement under the new accord. But in an interview with TIME, Lobo made it clear that this would not happen. "Micheletti and Zelaya made a pact, and as long as that pact is carried out the world has to recognize the elections as valid," he says. "So at this...
...bail was revoked and Kerik was sent to jail on Oct. 20 by an angry federal judge who accused him of leaking legal information to an outside attorney, who later provided that information to the Washington Times, seeking favorable coverage (the newspaper did not print the material). Kerik became Inmate No. 210717 at the Westchester County jail in Valhalla...