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There's a furious argument over whether shorts hastened the demise of Lehman and AIG, cutting the off their oxygen when it was desperately needed. And some have laid the blame at the feet of SEC commissioner Cox. "Chris Cox is responsible for the largest destruction of wealth in U.S. history," hissed Mad Money maestro Jim Cramer on his CNBC show on Tuesday. "Because of Cox, the shorts won." (Republican nominee John McCain called Thursday for Cox to be fired - the same Cox some conservatives touted as a possible running mate earlier this year. President Bush said he fully supports...

Author: /time Magazine | Title: Are Short Sellers to Blame for the Financial Crisis? | 9/18/2008 | See Source »

Georgia is the logical consequence of the naive foreign policy of both the U.S. and the E.U. toward Russia. The next trouble spot: Greece? Croatia? Montenegro? And Serbia, of course. Kosovo cannot stand on its own feet. It has no significant mineral resources, no significant agriculture and no significant industry that could attract foreign investors. Put alongside this the stationing of rockets in Poland, radar posts in the Czech Republic, and America's flirt-and-more with the states of the once "soft underbelly" of the (Soviet) Russian bear, among them Georgia. Russia had to react! We thought...

Author: /time Magazine | Title: McCain: Temper of the Times | 9/17/2008 | See Source »

Peralta, 30, works at a double-seater station and charges just under $8 a shine. Clients had warned him months ago that this year would be tough, he says, "but after that, no problem." A few weeks ago, though, Peralta noticed a change in the way his clients' feet moved. Customers began to say, "they can't talk right now, they have their mind on something else, or they just work on their BlackBerry," Peralta says. "It can be a pain for me, because when people are stressed or moody they tend to fidget and I have to grab their...

Author: /time Magazine | Title: Wall Street Meltdown: Global Fallout | 9/17/2008 | See Source »

...just discovered those pretty plate glass windows in my parents' apartment leaked like sieves. The rugs are sodden, the curtains are damp up to about four feet, and there's about an inch of water in some places. My cousin owns a rollaway storm shutter company in Florida. He warned us yesterday to be prepared for water infiltration. Dad spent the better part of Friday afternoon taping the window seams and hanging tarps. It didn't work. Plus, there's a leak in the living room ceiling. We're wondering if the apartment upstairs lost windows...

Author: /time Magazine | Title: Riding Out Ike: What it Really Felt Like | 9/13/2008 | See Source »

...light outside and soon we'll be able to see the full extent of the damage. Eventually, my parents will be able to go check on their beach house in Galveston County. From what we saw last night, it's probably under water. Their bulkhead was just six feet high, far too low to stop the storm surge. But it's hard not to feel relieved anyway. We're all safe, and it looks like my brother will get married after all, no tugboat required...

Author: /time Magazine | Title: Riding Out Ike: What it Really Felt Like | 9/13/2008 | See Source »

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