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...simple explanation for this divide is that the Geithner plan - which calls for Treasury, the Federal Reserve and the Federal Deposit Insurance Corporation to finance the bulk of up to $1 trillion in toxic-asset purchases by private investors - is a great deal for the investors and a big risk for the taxpayers. The math calls for the government to take on most of the downside risk while evenly sharing the rewards with hedge funds, money managers and other buyers. In the loan-buying program, private investors would put up 7% of the capital for a shot at close...

Author: /time Magazine | Title: Separating Toxic Assets from Legacy Assets | 3/26/2009 | See Source »

...first great flowering of his career, in the 1950s and '60s, John Cheever was, to all appearances, the crown prince of normality. The wife and three children, the faithful retrievers, the rambling old house in Ossining, N.Y. - in all its outward signs, his life was commensurate with his role as the man who was, with John Updike, the esteemed chronicler of the postwar suburbs. But if you came to his fiction expecting sunlit scenes of American life, you were mistaken. Though his work was shot through with the beauty and abundance of the world, of suburban "nights where kings...

Author: /time Magazine | Title: Darkness Visible | 3/26/2009 | See Source »

Narayan applies a mask of diatomaceous earth, microdermabrasion crystals, lavender, clove and sweet orange essential oils, which feels tingly and smells awfully Christmassy. She massages that in and then applies a serum of aloe vera and jojoba oil. I'm feeling pretty great and really sleepy when Narayan tells me she is going to tap out my tension. This tapping, it turns out, isn't tapping as much as really hard, fast banging on the bones around my eyes, jaw and nose with a stone pestle, for about half an hour. I don't know if tension is leaving...

Author: /time Magazine | Title: Spas Are So Yesterday | 3/26/2009 | See Source »

...lesson in how to put a great voice to good use, look to PJ Harvey's A Woman a Man Walked By. In 1992, Harvey debuted much as Maria did, as a young woman from a small town in rural England preceded by reports of otherworldly pipes. Now 39, Harvey's got a catalog of near genius records, largely because she developed a musical and emotional repertoire to go along with her talent. She can throw every punch there...

Author: /time Magazine | Title: Banshees | 3/26/2009 | See Source »

...deluded cheerfulness that positive psychologists wouldn't recommend. "Healthy optimism means being in touch with reality," says Tal Ben-Shahar, a Harvard professor who taught the university's most popular course, Positive Psychology, from 2002 to 2008. "It certainly doesn't mean being Pollyannaish and thinking everything is great and wonderful...

Author: /time Magazine | Title: A Primer for Pessimists | 3/26/2009 | See Source »

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