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...House on Wednesday went down to predictable defeat on the Senate floor by a vote of 52 to 35 (failing to meet the 60-vote threshold to cut off a filibuster). The last time Congress failed to pass a bailout plan that most had assumed was a done deal, the Dow Jones industrial average dropped 777 points in one afternoon. The stock market on Friday morning was down only modestly, however, most likely reflecting Wall Street's expectation that Bush will step in. (See the 50 worst cars of all time...

Author: /time Magazine | Title: After Auto-Bailout Blowup, Will Bush Take the Wheel? | 12/12/2008 | See Source »

Hayward emphasized that the deal could still fall through. A budget proposal will be presented to FAS in the next few weeks, and the administration will then determine how to proceed, according to Mitchell...

Author: By William N. White, CONTRIBUTING WRITER | Title: Quad To Receive Cell Transmitters | 12/11/2008 | See Source »

...someone to replace Obama in exchange for a bribe. "Sunlight is the best disinfectant, as Justice Brandeis said," explained Robert Litt, who served in the Justice Department under Bill Clinton. "By bringing this all out into the open, Fitzgerald is making the assumption that nobody would dare cut a deal with Blagojevich now, and he himself will be deterred from making one. And if he is stripped of his power to make the appointment, all the better...

Author: /time Magazine | Title: Governor Gone Wild: The Blagojevich Scandal | 12/11/2008 | See Source »

Before the Obama campaign and the Blagojevich scandal, the biggest controversy Jackson had to deal with involved his sudden weight loss; after persistent press reports and questions, he admitted that he had undergone stomach stapling to lose more than 50 lb. His most serious challenge, however, has been to establish a political identity for himself separate from his famous father. Earlier this year, he publicly criticized his father after the elder Jackson made a crude comment about Obama that was caught by a TV camera. Even during Wednesday's press conference, the younger Jackson tried to distinguish himself from...

Author: /time Magazine | Title: Jesse Jackson Jr.: The Trouble with Being Candidate 5 | 12/11/2008 | See Source »

...champions afloat through the downturn. This week Chery, one of the country's most successful domestic automakers, received a $1.5 billion loan from China's Export Import Bank. Jin Yibo, Chery's spokesman, says that the loan isn't government aid or any sort of bailout, but a "business deal" between Chery and the bank. However the money is characterized, it will be a boost to Chery's operations. Jin says the funds will be used for export-related projects, such as developing new car models for overseas markets...

Author: /time Magazine | Title: China's Booming Car Market Shifts into Reverse | 12/11/2008 | See Source »

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