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...Japan was hit hardest: Tokyo's Nikkei index fell nearly 10%, capping a week that saw Japanese shares plummet 25%, the worst weekly performance in the index's history. Investors fled after the credit squeeze claimed its first Japanese victim: Yamato Life Insurance Co., which filed for bankruptcy Friday after suffering huge losses in its securities holdings. Yamato's collapse, the first by a Japanese insurance company since 2001, sparked fresh worries about the health of the country's financial institutions. "My concern is whether the banks and insurance companies can keep standing," says Yukiko Kanoh, 53, an administrative assistant...

Author: /time Magazine | Title: Fear and Despair as Asia Markets Plunge Again | 10/10/2008 | See Source »

...ALCS, with the Yankees and Royals tied 6-6 in the bottom of the ninth, Yankee first baseman Chris Chambliss belted a game-winning home run, sparking bedlam in the Bronx. Thousands of delirious fans rushed the field, mobbing Chambliss as he ran the bases. Chambliss fled to safety before stepping on home plate, and, after police had finally cleared the diamond, emerged from the dugout to touch home only to find a fan had stolen it. "Where home plate had been imbedded, there was an empty bottle of Hiram Walker peach-flavored brandy," wrote The New York Times. "There...

Author: /time Magazine | Title: The League Championship Series | 10/9/2008 | See Source »

...world sees in Obama, and then there is what we see. Words like hope, change and progress might seem like naive campaign sloganeering in a dark age. But think of the way those words ring for a people whose forebears marched into billy clubs and dogs, whose ancestors fled north by starlight, feeling the moss on the backs of trees. The sight of the Obama family onstage that first night in Denver was similarly mind-blowing, an image of black families that television so rarely provides. With its quiet class and agility--the beaming beautiful wife, the waving kids--this...

Author: /time Magazine | Title: For Blacks, a Quiet Question: What if Obama Loses? | 10/9/2008 | See Source »

...Francis fled the island and the home where she had lived for "40 odd years" with her husband, a sea captain for Texaco, taking only a few photographs and the bank books for the Galveston Grandmothers Club. It was the first time she had left during a storm. In 1983, Hurricane Alicia, a category three storm, had blown hard but with no surge. This time, Hollywood Heights, her West End island neighborhood just two blocks off the beach was quickly put under water by Ike. A moldy black water line high on the yellow siding shows where the water...

Author: /time Magazine | Title: In Storm-Ravaged Galveston, Echoes of New Orleans | 10/6/2008 | See Source »

...Pakistan TAKING FLIGHT Afghan workers are preparing shelters for the estimated 20,000 Pakistanis who have fled into eastern Afghanistan amid a military crackdown in the Bajaur region, where government troops are clashing with Taliban and al-Qaeda forces. Pakistani officials say coalition troops battling the Taliban on the Afghan side of the border must do more to stop the flow of rebels into Bajaur...

Author: /time Magazine | Title: The World | 10/2/2008 | See Source »

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