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...haven't been through anything this bad in a while. The last time the economy shrank faster than 3% was in the first quarter of 1982, when GDP dropped at a 6.4% annual rate. It hasn't exceeded Goldman's worst-case forecast of -7.8% since the first quarter of 1958, when...

Author: /time Magazine | Title: Looking Ahead: A Bad Recession or Something Worse? | 11/21/2008 | See Source »

...compiles a weekly leading index from a secret sauce of indicators. Its latest was released Friday and showed the sharpest decline in the history of the data series, which goes back to 1949. "We have plenty of gloom," says ECRI managing director Lakshman Achuthan. "But having said that, we haven't gone into doom...

Author: /time Magazine | Title: Looking Ahead: A Bad Recession or Something Worse? | 11/21/2008 | See Source »

...Attempts at cloning haven't stopped at the nonhuman animal kingdom: scientists have long speculated about cloning humans as well, but for the most part, ethical considerations have prevented any such notions from being put into practice. President George W. Bush urged Congress to enact legislation banning human cloning in 2002 after being "deeply troubled" by rumors that a Canada-based UFO cult had announced the birth of a successfully cloned baby girl. Though the claims were never substantiated, Congress passed the Human Cloning Prohibition Act in 2003. Congresswoman Sue Myrick, who supported the act, claimed that "anything other than...

Author: /time Magazine | Title: Cloning | 11/21/2008 | See Source »

...going to try next year? Well now it's expected, isn't it? Everyone's saying, "Good luck for your tenth!" Everyone's expecting me to go for it. We'll see, I don't know. I haven't made a decision...

Author: /time Magazine | Title: Surfer Kelly Slater | 11/20/2008 | See Source »

...output at Chinese factories - although China's exports grew at an annual rate of 19% in October, some economists believe that could fall below 10% by the end of the year because of lower Christmas-season orders for products like electronics. And China's notoriously thrifty consumers haven't made up for the drop in foreign demand. Amid the global turmoil, their expectations for rising incomes are at the lowest level recorded in years. All of that threatens to turn Dongxiaokou from the epicenter of a bustling recycling economy into a massive junkyard...

Author: /time Magazine | Title: In China, Hard Times at the Scrap Heap | 11/20/2008 | See Source »

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