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...recent years has moved to companies for which there is no such shutdown plan. When Wall Street firm and major mortgage player Bear Stearns experienced something akin to a bank run in March, the solution that Paulson and Bernanke came up with was a hastily arranged sale to JPMorgan Chase & Co., backed by a $29 billion guarantee from the Fed. The Fed is responsible for keeping prices stable and credit flowing. Bailing out troubled lenders to prevent a financial meltdown is a entirely different kind of job, one that most economists say belongs in the hands of Treasury and Congress...

Author: /time Magazine | Title: Can Paulson Save the Economy? | 7/31/2008 | See Source »

...much higher batting average (.274 to .227), their pitchers a much lower earned-run average (3.15 to 4.75). The Phils were out- everythinged, but they didn't care, because the Braves were out-won. Or worn out. They had endured playoff-style pressure in their season-long chase of the Giants -- a vexing road tour that may have left them emotionally exhausted by the time their show opened in Philly. Karma certainly hung over the Braves like crepe in the pivotal fifth game, when they rallied from a three-run deficit in the bottom of the ninth...

Author: /time Magazine | Title: WINNING UGLY, IN SIX | 7/21/2008 | See Source »

...Administration dropped all funding for the one defensive system now known to be an effective terminal defense: nuclear-tipped interceptor missiles? Though he personally does not favor an active missile defense, Drell questioned the logic of diverting money from available off-the-shelf technology and using it to chase Reagan's dream of a multilayered shield against all Soviet missiles. Protecting specific targets, be they cities or silos, is not a new idea. Every President from Eisenhower to Nixon considered some kind of terminal defense, said M.I.T. Engineering Professor Jack Ruina, who began advising on nuclear strategy during the Eisenhower...

Author: /time Magazine | Title: STRATEGIC QUESTIONS | 7/21/2008 | See Source »

...military strategy, meanwhile, should focus on counterterrorism - not counterinsurgency. Our presence has so far prevented al-Qaeda from establishing training camps in Afghanistan. We must continue to prevent it from doing so. But our troops should not try to hold territory or chase the Taliban around rural areas. We should also use our presence to steer Afghanistan away from civil war and provide some opportunity for the Afghans themselves to create a more humane, well-governed and prosperous country. This policy would require far fewer troops over the next 20 years, and they would probably be predominantly special forces...

Author: /time Magazine | Title: How to Save Afghanistan | 7/17/2008 | See Source »

...That was a message to Germany: Be prepared to play our game. Be prepared to chase the ball all over the pitch while the spectacular Spanish midfield led by Xavi and Andrés Iniesta played one-touch, or took a rest while the fullbacks Sergio Ramos and Joan Capdevila pressed the attack. The Germans were very well prepared - when aren't they? - but the men in the white shirts were not up to the task of stopping Torres, who torched Philipp Lahm for the Spanish goal, and had Germany's back four dreading the thought of defending...

Author: /time Magazine | Title: Soccer's Reign of Spain | 6/30/2008 | See Source »

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