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...There's also the approach favored by the late MIT economist Charles Kindleberger, who thought it was the job of governments and central banks to step in and halt panics, but felt they should "always leave it uncertain whether the rescue will arrive in time or at all, so as to instil caution." That seems to be official U.S. government policy at the moment, actually...

Author: /time Magazine | Title: 18 Tough Questions (and Answers) About the Bailout | 9/30/2008 | See Source »

While Congress bickers over how to fix the financial meltdown, there's a decent chance you haven't even felt it. Why, you may be asking yourself, does everyone think there's such a big a problem when you're still being offered credit cards in the mail and 0% financing at the car dealership? Maybe you used to bank with Washington Mutual or Wachovia and overnight you've become a Chase or Wells Fargo customer, but if your money's still there, why does the rest matter...

Author: /time Magazine | Title: The Credit Crunch: Where Is It Happening? | 9/30/2008 | See Source »

...their daughter’s premature pregnancy or struggled along with the help of food stamps—than by extraordinary powers of leadership or experiences. The campaigns have been more than happy to indulge this demand. Take Hillary Clinton, who, even as she insisted on her own experience, felt compelled to invent a little Bosnian sniper fire and take an uncharacteristic shot of Crown Royal, rather than use the language of the political elite she inhabits.This tension seems most interesting in the case of Sen. Obama; after all, he has criticized politicians who play the “patriotic...

Author: By Rachel A. Stark | Title: Superman or Common Man? | 9/30/2008 | See Source »

...realize he took down a machine without raising his voice. And you look at McCain and he's been the victim of dirty playing in the past. But I also think that in a brute contest in a 50-50 nation with so much power at stake, I have felt a lot of concern that things would devolve into the low, and of course they have...

Author: /time Magazine | Title: Peggy Noonan | 9/30/2008 | See Source »

...majority of those politicians anointed by the Constitution to reflect the will of the people voted no. This is a remarkable event, the culmination of a historic sense of betrayal that Americans have long felt for their representatives in Washington. The nation's credit crisis on Monday exposed a much deeper and more fundamental problem: a crisis of political credibility that now threatens to harm our nation further, should the markets freeze up and more companies begin to fail, as many experts predict...

Author: /time Magazine | Title: The Bailout Defeat: A Political Credibility Crisis | 9/30/2008 | See Source »

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