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...there is little evidence of belt-tightening in Washington. While the rest of the country switches into austerity mode, there's almost a boomtown feel in the capital, where a federal spending spree is rapidly driving the federal deficit to record heights. For the fiscal year ending Sept. 30, the gap between revenue collected by the government vs. what it spent was already lofty at $455 billion - an amount equal to nearly 7% of GDP, making it the largest deficit since the end of World...

Author: /time Magazine | Title: Spend, Baby, Spend: US Budget Deficit to Soar Again | 10/20/2008 | See Source »

...director of sovereign ratings at Standard & Poor's in Singapore, says that it was almost inevitable that Asian governments would have to intervene more directly to stabilize financial markets. That's because massive rescue packages engineered in the U.S. and Europe to support their financial institutions threatened to put Asian lenders at a disadvantage in global markets. "It becomes peer pressure," Tan says. "The more people do it, the more you have to do it. Otherwise, you feel confidence may be lost...

Author: /time Magazine | Title: Asian Nations Step Up Support as Crisis Rolls On | 10/20/2008 | See Source »

...taking place between speculators and investors that no one bothered to find out what the end user, the family who would eventually live in the house, would be willing and able to pay," Shukla says. And those prospective homeowners are the biggest target of India's real estate industry: almost 80% of real estate developed in the country is residential space...

Author: /time Magazine | Title: Mirroring the US, India's Real Estate Sector Melts Down | 10/20/2008 | See Source »

...students submit PDFs of code and we can write comments on it,” said Peter H. Lifland ’10, one of the almost 30 TFs for the course. “It makes the grading process a lot faster...

Author: By Melody Y. Hu, CONTRIBUTING WRITER | Title: CS 50 TFs Given Free Tablet PCs | 10/20/2008 | See Source »

...Almost 60 years ago, a Czech author may have reported a Western spy to the local authorities. The man, whose reputation is in shambles after a report released last week, is Milan Kundera who, according to a 1985 New York Times article, did for Eastern Europe “what Gabriel Garcia Marquez did for Latin America in the 1960’s and Alexander Solzhenitsyn did for Russia in the 1970?...

Author: By Jan Zilinsky | Title: The Fall of Kaavya and Kundera | 10/20/2008 | See Source »

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