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...good news that Treasury Secretary Paulson seems to finally realize that his original proposal of buying what he euphemistically called distressed assets was flawed. That Secretary Paulson took so long to figure this out is worrying. He was so bound by the idea of a free-market solution that he was unable to accept what economists of all stripes were telling him: that he needed to recapitalize the banks and provide new money to make up for the losses they incurred on their bad loans...

Author: /time Magazine | Title: Nobel Laureate: How to Get Out of the Financial Crisis | 10/17/2008 | See Source »

...Still, a geopolitical Cold War is not at hand. The fate of Pakistan's government remains tightly bound to the White House, and China's booming trade with India is exponentially more lucrative than its transactions with Pakistan. Zardari's trip this week, though, is a sign of the many poles springing up in the multi-polar 21st century. Su of China Foreign Affairs University insists shoring up Pakistan's economic and industrial prospects can only be good for its historic foe. "Pakistan is such an important anti-terrorism frontier," he says. "Instability there will jeopardize the safety...

Author: /time Magazine | Title: Why Pakistan's Zardari Is Cozying Up to China | 10/17/2008 | See Source »

...that the funds came from Mahoney's business. "I have no reason to believe for there to be an inkling of any impropriety" as far as campaign or taxpayer money being used, Isaacs said. The attorney did not elaborate on what the settlement payment was for. "Both sides are bound by confidentiality," he said. "There's an agreement between the parties that limit what I can say with regards to the resolution...

Author: /time Magazine | Title: Mahoney's Florida District Has Sex-Scandal Déjà Vu | 10/16/2008 | See Source »

...both giddy with delight and keenly aware of the enormous expectations that will face him at every turn. He chuckled when I told him that a renowned novelist had jokingly berated one of the judges, complaining that a triumph this early in a novelist's career was bound to destroy him. He already feels the pressure. For now, though, there is a barrage of interviews to endure before he returns to Bombay later this week. And then, it's back to the joyous solitude of writing his next book...

Author: /time Magazine | Title: Celebrating with Booker Prize Winner Aravind Adiga | 10/15/2008 | See Source »

...There is no need to look at a map to realize how far away Russia and Venezuela are from one another. Yet in these globalized times, they are bound together by their opposition to and fear of the United States. That may be the reason why there were so many photographers and journalists at Russian President Dimitry Medvedev’s recent meeting with Venezuelan President Hugo Chavez in Moscow, which was the second such negotiation in the last two months. After the meeting and in a world of frozen credit lines, it was announced that Russia would lend Venezuela...

Author: By Pierpaolo Barbieri | Title: The Axis of Guns and Oil | 10/15/2008 | See Source »

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