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...nobody ask the simple question, "What will happen if a large number of these subprime loans default? What will happen to banks and other financial institutions? Or was it only greed that made everybody ignore that what is happening now could ever happen. Did no one take into account that thousand of families would have their lives turned upside down - virtually overnight - if this scheme went wrong?" Frederik Steenbuch, OSLO

Author: /time Magazine | Title: Heroes of the Planet | 10/15/2008 | See Source »

...thinly-disguised nationalism in the form of songs, rhymes, and plays. I remember it was 1492 that Columbus sailed the ocean blue, that he was a humble Italian sailor, and that he discovered America. All in all, it seems as though we have moved away from this glorified account of Columbus’s exploits. But if we are so far removed from the towering cultural invention of Columbus the hero, why does Columbus Day still exist...

Author: By Marina S. Magloire | Title: America Discovers Columbus | 10/14/2008 | See Source »

Similarly, Mundy's account of the strain Barack's political ambitions have placed on his family may seem revelatory, unless one has read his book, The Audacity of Hope, in which he writes about this topic extensively. Mundy offers some insight about Michelle simply by putting her life into context - describing the black experience in Chicago in the 1960s and 1970s, for example, and the cliqueishness of Harvard Law School. For those wanting to understand the basic life experiences that influenced Michelle Obama, Mundy's portrait is a reliable field guide...

Author: /time Magazine | Title: Michelle Obama, A Life | 10/13/2008 | See Source »

Vowell read from her new book, “The Wordy Shipmates,” a humorous historical account of the Massachusetts Bay Colonists, and answered questions from a lighthearted audience at the event organized by the Harvard Book Store...

Author: By Marc F. Aidinoff, CONTRIBUTING WRITER | Title: NPR Contributor Sarah Vowell Reads from Her New Book About Puritan History | 10/13/2008 | See Source »

There is a growing sense of urgency in Russia about all of this. Oil companies are posting declines in production as onshore oil and gas fields are getting depleted. Oil revenues account for 60% of Russia's budget, which has been calculated for 2009 on the basis of $70 per bbl. But if the price goes below that, the country's petroleum windfall may be drastically reduced, and the budget could go into deficit...

Author: /time Magazine | Title: Why Russia Is Bailing Out Iceland | 10/13/2008 | See Source »

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