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...seed corn of their business, and now must be again. Retail banks like Wachovia and investment banks like Morgan Stanley have been so burned by their own reckless use of debt that only recently - and after unprecedented government intervention - have they been willing to once again make the most basic short-term loans to one another. The gradual thawing of the overnight-lending market, which seemed to begin on Monday, Oct. 20, was the first sign that Wall Street's credit markets were, however haltingly, regaining some sense of equilibrium after the previous, harrowing month...

Author: /time Magazine | Title: Living in a World with Less Credit | 10/23/2008 | See Source »

...This self-confidence of modern China, and other Asian societies, too, has had profound implications. At the most basic level, it has encouraged a wide-eyed admiration. In 2004, the World Bank held a global conference on poverty reduction in Shanghai, and I remember press reports describing the scene each evening. African delegates would gather on the Bund and look over the brown waters of the Whampoa to Pudong, gazing in wonder on an unearthly tableau of neon and skyscrapers built on marshes and paddyfields in not much more than 10 years...

Author: /time Magazine | Title: America: The Lost Leader | 10/23/2008 | See Source »

...less attention onstage; with antiwar protests more urgent and impassioned (thanks largely to the draft), artistic comment took a backseat to political action. David Rabe, author of a memorable trilogy based on his combat experiences in Vietnam, recalls getting "turned down everywhere" before his first play, The Basic Training of Pavlo Hummel, was finally produced in 1971 by New York City's Public Theater. (The third, and best, play of his trilogy, Streamers, is being revived this fall by New York City's Roundabout Theatre...

Author: /time Magazine | Title: Stage Fight | 10/23/2008 | See Source »

...weight of the nouns that are loaded upon it. Komunyakaa excels at unemotionally describing scenes and letting the reader draw his own associations from the poetry. However, in poems like “The Clay Army,” he doesn’t add anything beyond the basic historical facts one could find in a textbook: “Some warriors are sculpted; in unbroken taijiquan stances. In the third pit, / royal commanders huddle with scrimmages / in broken heads...

Author: By Rebecca J. Levitan, CONTRIBUTING WRITER | Title: New Trick From Old ‘Warhorses’ | 10/23/2008 | See Source »

...economy - not a bad strategy against any Republican, given the President's woeful job approval numbers. But Franken and his team spent the summer in a defensive crouch, explaining how, in contemporary comedy, a rape joke is really just a joke, and how swear words are part of the basic vocabulary. As if that weren't enough, the Democrat became embroiled in a "scandal" over having not paid all of his state taxes from his days as an itinerant entertainer. By Labor Day, Coleman looked likely to prevail...

Author: /time Magazine | Title: Races to Watch '08: Franken May Get Last Laugh in Minnesota | 10/22/2008 | See Source »

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