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...hammer was supposed to be the famous $700 billion bailout bill that Congress signed last week, in which Paulson and Co. were given wide berth to do what they needed to ease the financial panic that all but froze credit markets. Much of the discussion, and the planning, has revolved around how the government would buy up the toxic securities such as CDOs (collateralized debt obligations) that are now poisoning bank balance sheets. The thinking has been that once financial institutions can unload this trash on the government, the gears of commerce will move again. But that takes time...
This institutional problem pales beside the political one: when crisis strikes, Europe almost never acts like a true union. After French President Nicolas Sarkozy summoned the leaders of Britain, Germany and Italy to Paris on Oct. 4, German Chancellor Angela Merkel coolly torpedoed his proposed $409 billion Europe-wide financial rescue plan. No money for the greedy fools of other lands, she seemed to say, only to then guarantee German private bank accounts and save Hypo Real Estate. That followed similar moves by Ireland and Greece. And Britain's Gordon Brown will always be loath to see Brussels...
Boris Johnson, London's charismatic, mop-haired mayor, takes issue with the notion of overdependence, saying that the city's economy has "a very, very wide base." But he tells TIME: "The strength of the financial sector is obviously pretty important in acting as a flywheel to spin those other wheels. And I'm going to be fighting very hard to make sure that we don't in any way gum up that machine...
...comes to delivering the service they pay for. The National Football League has long been sparring in and out of court with the company for not carrying the NFL Network as a basic channel. Also, subscribers have been furious about weak customer service despite robust cable bills, which, industry-wide, have risen at twice the rate of inflation since...
...This lack of faith in government initiatives runs wide and deep, which partially explains the huge response Teach India has evoked from young professionals like Iyer. Run by the Times of India, one of India's leading English-language dailies, in collaboration with UN Volunteers, the program has already received over 100,000 applications from would-be volunteers and is struggling to accommodate them all. "Such a visionary and large-scale program has only been possible because we've been able to get the media, civil society and corporate sector together," says Adeline Aubry, a former UNV program officer under...