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State and municipalities across the country are running deficits. Some cities and towns are already in receivership. Huge states such as Michigan and California are in terrible trouble. This could cause both the loss of jobs and pension benefits for retired municipal workers. The U.S. economy has never been faced...

Author: /time Magazine | Title: The Economy: A Portrait Of The 2012 Inauguration | 1/20/2009 | See Source »

Faced with a $42 billion loss at RBS and credit markets which appear to become more frozen as each day passes, the U.K. will move its economic rescue package beyond the banks into the system of private debt.

Author: /time Magazine | Title: The UK Moves to Bail Out Everything | 1/19/2009 | See Source »

"The FDIC stepped up to the challenges it faced in 2008," says Robert Hartheimer, former director of the Division of Resolutions at the FDIC and a banking consultant in Washington. "I am encouraged going into 2009 that they will effectively perform their mission in what is likely to be a...

Author: /time Magazine | Title: Can the FDIC Handle Its Growing Job? | 1/19/2009 | See Source »

Sami Khoreibi couldn't stop beaming at his company's work. The baby-faced CEO of Enviromena Power Systems, Khoreibi started his business just a little over a year ago. Now he was standing over a 10-megawatt solar farm in the desert outside Abu Dhabi, with row after row...

Author: /time Magazine | Title: An Enviro Utopia — in the Abu Dhabi Desert | 1/19/2009 | See Source »

With a floundering economy forcing cities nationwide to slash budgets, some municipalities are having to carve out their very souls. A Californian case in point: Santa Cruz. The city is iconic in the history of American surfing. But the city council, faced with a $7 million deficit, voted in December...

Author: /time Magazine | Title: Recession Threatens the Original Surf City | 1/19/2009 | See Source »

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