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...from friends or relatives and curtail household expenses." Srinivas says a lot of people are in similar straits. Out of India's middle class of about 90 million people, some 20-30 million have taken on more debt than they can handle, he estimates. Rising rates of loan defaults appear to back up the claim. For example, nonperforming assets at ICICI Bank, India's largest private lender, rose to 1.8% of total assets in the quarter ending in June, compared with 1.35% a year earlier...

Author: /time Magazine | Title: The Wages of Consumerism | 10/2/2008 | See Source »

...policing of fashion has long been the province of sharp-clawed style mavens, but local politicians in a Florida town decided to give the job to law enforcement. City authorities in Riviera Beach, Fla., passed an ordinance earlier this year declaring it "unlawful for any person to appear in public or in view of the public wearing pants below the waist which expose the skin or undergarments." The offending style, of course, was the hip-hop-influenced saggy-pants fashion, popular primarily among young black men who let their pants drop and expose a few inches of their boxer shorts...

Author: /time Magazine | Title: A Saggy-Pants Furor in Riviera Beach | 10/1/2008 | See Source »

...prove he’s your typical all-American Joe: he’s proud of the fact that he is comfortable asking for Dijon mustard while campaign advisors suggest he take the regular yellow kind. But he also realizes, as much as anyone, that he needs to appear a certain way to win votes—that is, not as the former president of the Harvard Law Review.The irony is that the true American story is not just about facing obstacles, but triumphing over them. It’s not just about growing up in a single-parent family...

Author: By Rachel A. Stark | Title: Superman or Common Man? | 9/30/2008 | See Source »

...series of closed-door discussions mediated by Turkey. Israel's advanced reconnaissance capabilities have almost eliminated the need for watch posts in the mountains and a peace treaty would remove the threat of a possible Syrian blockade of the water supply. As Livni, Olmert and Syria now appear willing to talk, the Golan Heights could be ready to change hands once more...

Author: /time Magazine | Title: The Golan Heights | 9/30/2008 | See Source »

...dilemma confronting opponents of Austria's far right is that the parties appear to thrive in opposition. The last time that the Freedom Party was included in a governing coalition, its support crumbled. Over the past two years in pure opposition, by contrast, they have ridden from success to success. Strache has said he would like to be Chancellor some day. Unless Austria's mainstream parties can find a way to share power and work together in a more effective and responsive way, he may eventually get his wish...

Author: /time Magazine | Title: Far Right Surges in Austrian Vote | 9/29/2008 | See Source »

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