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...cratered and some private Russian banks wobbled, the official Kremlin line was "This is primarily an American issue." Finally, on Nov. 20, Putin admitted that Russia too was in trouble. Announcing a $20 billion economic-stimulus package and an increase in unemployment benefits, he said Russians were asking a "fair question" when they wondered about what was happening. His answer: "We will do everything, everything in our power ... so that the collapses of the past years should never be repeated in our country." Says Alexander Kliment, a Russia analyst at the Eurasia Group in New York City: "The Russian leadership...

Author: /time Magazine | Title: Russia: The Trouble with Putinomics | 2/5/2009 | See Source »

Whether he can deliver, though, is another matter. "None of the things [the U.S.] cares about are in his control," says Christine Fair, a South Asia expert at the Rand Corp. Pakistan's security forces and intelligence agencies are hardly answerable to the civilian government. Still, the Obama Administration could at least try to strengthen Zardari's hand. A bill proposed last year by then Senator Joe Biden and Senator Richard Lugar calls for trebling U.S. economic assistance to Pakistan, to $1.5 billion annually for five years, with a possible extension for another five years. The bill enjoys bipartisan support...

Author: /time Magazine | Title: Pakistan's Prospects | 2/5/2009 | See Source »

...challenge for Holbrooke, says Fair, "is to thread two needles at the same time ... He has to get the Pakistani army to step up the fight against extremists, even as he's telling the generals, 'Sorry, guys, we're making the civilians your bosses.'" In the past, the military has actively undermined every effort to put it under civilian control; expect more of the same. There are not many carrots the U.S. can dangle before Kayani to get him to change old habits. But the Biden-Lugar bill does provide some leverage: it requires $1 billion in military...

Author: /time Magazine | Title: Pakistan's Prospects | 2/5/2009 | See Source »

...which increases the power of our enemies. It's hard to imagine when he'll have a better opportunity. Nothing in the historical record suggests that when Congress has more time to deliberate--and more time to confer with special-interest lobbyists and local-interest political advisers--it enacts fair tax policies, sustainable energy policies, wise infrastructure policies, responsible fiscal policies or any other policies tainted by long-term thinking or national-interest considerations. If Obama wants to push 21st century change through Capitol Hill, he needs to use this emergency...

Author: /time Magazine | Title: How to Spend the Stimulus | 2/5/2009 | See Source »

...Ledbetter bill, while well intentioned on its surface, is really a boon for trial lawyers, which dramatically broadens their ability to file lawsuits, regardless of how frivolous or whether their clients even personally experienced discrimination." -Explaining his vote against the Fair Pay Act designed to ensure equal compensation for both sexes. Nashua Telegraph...

Author: /time Magazine | Title: Commerce Secretary Judd Gregg | 2/4/2009 | See Source »

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