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Current Fed chairman Ben Bernanke has had to explain himself on Capitol Hill a lot more often than that. As Bernanke waited to give his semiannual Humphrey-Hawkins testimony before the House Financial Services Committee on the morning of July 21, Alabama Republican Spencer Bachus thanked him for his "willingness to make yourself available on countless numbers of occasions." Since February, the Fed chairman has been called to testify about Bank of America's takeover of Merrill Lynch, the government's bailout of AIG, the federal budget deficit, the Fed's various new lending programs and the economic outlook...

Author: /time Magazine | Title: Bernanke Defends Fed's Actions Before Congress | 7/21/2009 | See Source »

...Despite periodic campaigns to stamp out corruption, bribery is widespread in Chinese industry. Just this week, a Beijing court sentenced Chen Tonghai, former chairman of the state-owned oil giant Sinopec, to death with a two-year reprieve for taking $29 million in bribes...

Author: /time Magazine | Title: China's Rio Tinto Case Gets Uglier | 7/16/2009 | See Source »

...While human-rights activists in Russia have been pointing the finger at Kadyrov - "I know, I am sure of it, who is guilty for the murder of Natalya ... His name is Ramzan Kadyrov," said Orlov, Memorial's chairman, in a statement on the organization's website - the Interfax news agency reports that hours after the murder, Kadyrov released a statement calling those who carried out the killing "monstrous" and saying that they "deserve no support and must be punished as the cruelest of criminals...

Author: /time Magazine | Title: Killings of Russia's Human-Rights Activists Continue | 7/16/2009 | See Source »

...Senate is expected to vote soon on an amendment offered by Carl Levin of Michigan, chairman of the Armed Services Committee, and John McCain of Arizona, its ranking Republican, to eliminate $1.75 billion that the committee added, over their objections, for seven more F-22s (the price includes only the hardware, not the R&D, to design the planes). Those calling for an end to the plane's production note that the F-22 was designed to fight Soviet warplanes - aircraft never built by a country that no longer exists. (See pictures of Russia celebrating Victory...

Author: /time Magazine | Title: Dogfight Over the F-22: Protecting Jobs or the Nation? | 7/15/2009 | See Source »

...then, as now, on the State Department's terror list - allowing it to remain in its base in Iraq, but deployed American soldiers to protect the base. The group claimed that it helped the U.S. government gather intelligence from inside Iran. Washington hawks such as House Veterans Affairs Committee chairman Representative Bob Filner (D.-Calif.) continue to call for the U.S. to support the MEK and other "resistance" groups fighting the Tehran regime. And former House Speaker and GOP heavyweight Newt Gingrich on July 12 called for the U.S. to "sabotage" Iran's oil and gas industry "to create...

Author: /time Magazine | Title: Iran's Campaign Against Foreign Plots | 7/15/2009 | See Source »

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