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...moment, a reworked bailout deal seems likely to pass. But the world may still be heading for a severe downturn. Interbank lending remains stubbornly frozen, despite the Fed's liquidity fire hose. With WaMu and Wachovia wiped out, the stampede out of bank stocks and bonds will surely claim new victims. As the recession bites, Main Street firms will start going bust too. And the impact on the $62 trillion market for credit-default swaps could be explosive...

Author: /time Magazine | Title: The End of Prosperity? | 10/2/2008 | See Source »

...eroding, the central McCain message. By comparing Obama to a vacuous Hollywood starlet, McCain found a coherent critique of Obama but relinquished his own ability to rise above the political maw. By choosing Sarah Palin, he lit a grass fire of GOP enthusiasm but risked undermining his ticket's claim of having greater experience and putting "country first." By attacking Obama's "lipstick on a pig" comment, the campaign clearly established itself as willing to engage in frivolous, small-ball distractions, a disposition that served McCain poorly when he pivoted and tried to portray himself as a sober statesman willing...

Author: /time Magazine | Title: What's Behind McCain's Nosedive | 10/1/2008 | See Source »

...repeated admission on the shared stage that McCain was "absolutely right." On its face, the spot seemed like damaging proof that Obama is a wishy-washy follower, not a clear leader. But both Democratic and Republican strategists were puzzled. Why was the campaign cutting a spot that undermined the claim that McCain invites bipartisan agreement? Do they now suddenly scorn consensus? "They got the tactic right, but the message was off," observes one Republican campaign consultant. An Obama spokesman, Tommy Vietor, described the YouTube spot more succinctly. "It helped us," he said...

Author: /time Magazine | Title: What's Behind McCain's Nosedive | 10/1/2008 | See Source »

...equally? We certainly give them equal scrutiny. We're looking at everything that comes out of those campaigns in terms of TV advertising, debates, major interviews, major speeches. We do not ever try to balance a criticism of one candidate with a criticism of another. We take each individual claim or statement on its merits and let the chips fall where they may. Sometimes they pile up more on one side and sometimes on another, but that's not our fault...

Author: /time Magazine | Title: Keeping the Campaigns Honest | 9/29/2008 | See Source »

...Obama side, the claim that McCain somehow supports cutting Social Security benefits. They don't specify that they're talking about a cut in relation to the growth of future benefits for people who haven't been born yet. When people hear that they think Grandma's check is going to be cut. And that's just a complete falsehood and they know that...

Author: /time Magazine | Title: Keeping the Campaigns Honest | 9/29/2008 | See Source »

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