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The San Fernando Valley headquarters for Barack Obama was already buzzing with celebratory activity this evening, even though the votes were still being counted and California's polls hadn't closed. Volunteers streamed in to man phone banks on the ground floor of the building in Van Nuys. Organizers gathered...

Author: /time Magazine | Title: Election Day Dispatches: It's Morning for the Kenyan Obamas | 11/4/2008 | See Source »

And it's not just investors who are shying away from betting on corporate America. Banks, too, despite all of the government's best efforts, continue to be reluctant to extend credit to companies. Yardeni notes that in the past six weeks the amount of cash banks are holding has...

Author: /time Magazine | Title: Stock Market Bears Are Still in Control | 11/3/2008 | See Source »

The hydrocarbon windfall that fueled the Russian state's recent revival appears unable to offer a solution to the crisis. Russian foreign-currency reserves that stood at almost $600 billion last August have shrunk to $485 billion as the state has been forced to spend to bail out state-run...

Author: /time Magazine | Title: Economic Darkness Descends on Putin's Russia | 11/3/2008 | See Source »

Although public talk of a "crisis" is taboo unless applied to "the collapsing West," one sure sign of the state of things is the fare on offer at local antique stores - usually unimpressive when things are going well. Moscow's major annual antique fair had stunning pieces on offer last...

Author: /time Magazine | Title: Economic Darkness Descends on Putin's Russia | 11/3/2008 | See Source »

Putin's instinct is to desperately seek to reassert control. Last week he unveiled a plan to stanch the capital flow out of Russia, blocking banks from turning bailout funds from the government into foreign currency. But it's not clear that such moves will stop the political cronies long...

Author: /time Magazine | Title: Economic Darkness Descends on Putin's Russia | 11/3/2008 | See Source »

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