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Consumers have lost access to credit. The fact that mortgage rates have dropped does not even begin to offset that. Qualifying for a mortgage is harder than ever. Banks have reason to be cautious. One of the large credit bureaus just released a report that says 4.7% of payments for...

Author: /time Magazine | Title: Despite Signs to the Contrary, Real Estate Will Get Worse | 5/5/2009 | See Source »

Politicians, too, need to play a crucial role in restoring confidence, not least by letting us know when and why banks deserve it. There's a snag with that, though: our leaders' own levels of trustworthiness are depressed amid the global downturn. In that ICM poll, the rate of trust...

Author: /time Magazine | Title: What Banks Are Still Missing: Trust | 5/4/2009 | See Source »

Much has been made of the fact that, as things are currently being planned by the Administration, the government will become the largest shareholder in GM and the UAW will be the largest shareholder in Chrysler. Why would taxpayers want to have a controlling interest in a large auto company...

Author: /time Magazine | Title: Chrysler Makes a GM Bankruptcy Harder | 5/4/2009 | See Source »

Industry officials now want governments to start looking at the sector not just as a symbol of the frothy good times - but as a way to get economies back on track. "What are governments trying to do in a recession? They're trying to create jobs," Lipman says. "They say...

Author: /time Magazine | Title: Vacation Blues as Tourists Stay at Home | 5/4/2009 | See Source »

Once prohibitively expensive, places such as South Korea and Iceland have been transformed into bargain getaways. The weakening of South Korea's won helped the country attract 7% more tourists last year - a faster rise than any other Asian destination - and so far this year 50% more Japanese tourists have...

Author: /time Magazine | Title: Vacation Blues as Tourists Stay at Home | 5/4/2009 | See Source »

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