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...afraid of it." Hefner didn't seem skittish; he indulged in it at every chance he got. Life at the mansion was lavish and lascivious-a Puritan's ninth circle of hell. Strolling grounds populated with imported squirrel monkeys, flamingos and llamas, dotted with waterfalls and full of celebrities, Peter O'Toole said: "This is the way God would have done it if he had the money." Adds a guest: "It was like going to some infant's paradise, where you could eat all the candy you wanted and you wouldn...

Author: /time Magazine | Title: Mr. Playboy | 10/9/2008 | See Source »

Fifty years ago, America's racial challenges came largely from within, as black Americans demanded full equality in the country they had inhabited for hundreds of years. Today many of America's racial challenges come from without, as Third World immigration transforms the nation and U.S. workers and leaders struggle to come to terms with China and India, the emerging, nonwhite superpowers. If Martin Luther King Jr. symbolized that earlier transition, Barack Obama may have inadvertently come to symbolize this one. How he fares on Nov. 4 will be a sign of America's willingness to embrace the realities...

Author: /time Magazine | Title: Is Barack Obama American Enough? | 10/9/2008 | See Source »

...make elite private colleges even cheaper than state schools. Ditto for Hamilton College in Clinton, N.Y., where a $700 million endowment and a budget designed ahead of time to accommodate a growing number of college students (this year marks the demographic peak) will allow the university to maintain its full financial aid program...

Author: /time Magazine | Title: Colleges Getting Hit by the Credit Crunch | 10/8/2008 | See Source »

...Bingley, and earlier this year it took over another debt-ridden bank, Northern Rock, guaranteeing the deposits of retail customers. Britain's protection scheme for private-sector banks guarantees deposits only up to $87,500, causing some jittery savers to look on enviously as some European Union countries announced full protection for all retail accounts...

Author: /time Magazine | Title: British Bank Bailout: Is It Enough? | 10/8/2008 | See Source »

...People's Bank of China cut interest rates for the second time in three weeks, while reducing the reserve requirement ratio for most banks. The Hong Kong Monetary Authority, Hong Kong's de facto central bank, also reduced the interest rate at which it lends to banks by a full percentage point in an attempt to ease credit markets. In India, policymakers promised to continue to act to keep the financial sector functioning. "If need be, we will take further measures to infuse liquidity in the market," India's Finance Minister, Palaniappan Chidambaram, told reporters...

Author: /time Magazine | Title: US-Europe Rate Cut Comes Too Late for Asia | 10/8/2008 | See Source »

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