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...credit crunch had surfaced several months before the stock-market crash, when commercial banks with combined deposits of more than $80 million suspended payments. It reached critical mass in late 1930, when 608 banks failed - among them the Bank of the United States, which accounted for about a third of the total deposits lost. (The failure of merger talks that might have saved the bank was another critical moment in the history of the Depression...

Author: /time Magazine | Title: The End of Prosperity? | 10/2/2008 | See Source »

...Only in April 1932, amid heavy political pressure, did the Fed attempt large-scale open-market purchases - its first serious effort to counter the liquidity crisis. Even this did not suffice to avert a final wave of bank failures in late 1932, which precipitated the first state "bank holidays" (temporary statewide closures of all banks...

Author: /time Magazine | Title: The End of Prosperity? | 10/2/2008 | See Source »

...their game and helped push the energy in our favor.” The first frame was a hard fought battle between the Crimson (6-7, 1-0 Ivy) and the Wildcats (3-13). Harvard edged out New Hampshire, 26-24, in a match filled with momentum shifts. Late in the set, the Crimson fell behind, 21-19, but was able to fight back and regain the lead, 23-21. The two teams then exchanged points until Harvard came up with the win. “We have been working a lot on keeping the momentum up in practice...

Author: By Stephanie Krysiak, CONTRIBUTING WRITER | Title: Crimson Narrowly Edges Wildcats | 10/1/2008 | See Source »

...Rebrand the Bill The word bailout is a deal killer. "People feel the breaks are being given to financial institutions and not to the consumer," says Slovic. He recommends calling it a Consumer Protection Act. It may be too late for this change to have much impact, but any change in language that acknowledges real people would be an improvement...

Author: /time Magazine | Title: Why Aren't Americans Buying the Bailout? | 10/1/2008 | See Source »

...Riviera Beach does not keep official numbers on warnings or arrests made for saggy-pants violations (most often, Brown says, police simply tell violators to pull up their pants). It's believed, though, that since strict enforcement began in late August, about a dozen people have been arrested, ranging from juveniles to a 36-year-old man, all of them African Americans. Under the local law, a first conviction garners a $150 fine or community service, a second one a $300 fine, and anyone who fails to pay up or perform their service could spend up to 60 days...

Author: /time Magazine | Title: A Saggy-Pants Furor in Riviera Beach | 10/1/2008 | See Source »

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