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...Sept. 29 alone, governments from Germany to Iceland rushed to prop up five ailing financial institutions with huge cash infusions or full-blown nationalization, making it one of the grimmest days in the history of European finance. Among the high-profile casualties were Fortis, Belgium's largest bank; the venerable British mortgage lender Bradford & Bingley; and Germany's Hypo Real Estate, which has a massive $560 billion balance sheet and is a big player in the domestic securities market. As the governments stepped in, the message they sent to the public was supposed to be reassuring: Don't panic - your...

Author: /time Magazine | Title: Europe's Bank Scare | 10/2/2008 | See Source »

...more this year, are signaling harder times ahead. Falling export growth and tighter credit are already beginning to pinch. Merrill Lynch expects GDP growth in Asia (excluding Japan) of 7.7% this year, the slowest pace since 2003. Next year could be worse if the U.S. enters a full-blown recession. "There are few signs as yet of the damaging effect but it will show up soon enough," says Ramon Navaratnam, a former senior official in the Malaysian Finance Ministry. "We cannot escape the contagion...

Author: /time Magazine | Title: Asia's Good Times at Risk | 10/2/2008 | See Source »

...ever lived. Bradman could be rightly advanced against him, but whereas Bradman ... operated upon bowlers like a butcher at the abattoirs ... Trumper was like a surgeon, dissecting everything that was offered against him." This analysis seems wilfully obtuse. Ultimately, batting is about numbers. And in Tests, Bradman averaged a full 60 runs more per innings than Fingleton...

Author: /time Magazine | Title: Knocking Down The Don | 10/2/2008 | See Source »

...overtaken by nature. It's topped with a 2.5-acre (1 hectare) field of native California plants, a "green roof" that aids in heating and cooling efficiency. The roof comes with its own topography of seven grassy humps, including two perforated by circular skylights. It's a surreal terrain, full of dreamlike, fertile swells. If Antoni Gaudí had been a hobbit, he might have designed something just like...

Author: /time Magazine | Title: King of the Hill | 10/2/2008 | See Source »

...Inslee was worried about getting re-elected; he won 64% of the vote in the August primary and is expected to easily win a sixth term representing the First District, which includes well-to-do Seattle suburbs and the high-tech enclave of Redmond, home to Microsoft - an area full of people whose 401(k)s and stock holdings would likely benefit from a bailout. Inslee says that he simply felt the bill was being rushed. He describes the situation as the Bush Administration declaring, "Give me $700 billion in unmarked bills or I'll shoot the economy...

Author: /time Magazine | Title: Why Main Street Is Mad: Scenes from a Financial Crisis | 10/1/2008 | See Source »

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