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...earned $3.6 billion in the third quarter. Most of the institutions in danger are small. But those failures are straining the FDIC, which underwrites the nation's saving and lending by insuring deposits. When a bank fails, the FDIC makes up the difference between what's left and what's owed depositors, up to $250,000 per person per bank. Two years ago, the FDIC had about $52 billion in its deposit-insurance fund. Today that fund is technically broke. The agency has money reserved to cover anticipated failures but no cash remaining for unforeseen blowups. It has asked banks...

Author: /time Magazine | Title: Spotlight: Bank Failures | 10/26/2009 | See Source »

Such developments left the New York Times - which that year ran a story headlined IN SMALL TOWN, U.S.A., WOMEN'S LIBERATION IS EITHER A JOKE OR A BORE - in the awkward position of identifying Gloria Steinem as "Miss Steinem, editor of Ms. magazine." At that point, even the late language guru William Safire called for surrender. The Times refused on the grounds that the title had not passed into common usage. "We reconsider it from time to time," the editors mused, but "to our ear, it still sounds too contrived for news writing." Only in 1986 did the Times relent...

Author: /time Magazine | Title: Mrs., Ms. or Miss: Addressing Modern Women | 10/26/2009 | See Source »

...will deploy to Afghanistan in January under the command of U.S. Marines, and it will return, as veterans did from a deployment in Iraq, with more experience and confidence for the next engagement. Though the E.U. report found that Saakashvili was unjustified in firing first, he says the Russians left him without options. "I've been running it over and over again, what happened," he said. "But we had no choice." (See pictures of the war in Georgia...

Author: /time Magazine | Title: The World According to Misha: Georgia's Saakashvili | 10/26/2009 | See Source »

...least 100 people have been killed in a series of attacks by suspected Taliban militants, including a blast in Peshawar (above) that left 50 dead and the suicide-bombing of a military convoy near the Swat Valley in which 41 perished. But it was the Oct. 10 assault on the heavily guarded army headquarters in Rawalpindi that left Pakistanis shaken. Militants occupied the building--the equivalent of the U.S. Pentagon--for 22 hours before commandos freed 39 hostages, capturing one perpetrator and killing nine others. Analysts called the attack "unprecedented...

Author: /time Magazine | Title: The World | 10/26/2009 | See Source »

...Followill brothers--Caleb (vocals, rhythm guitar), Nathan (drums) and Jared (bass)--were raised in a purple Oldsmobile driven by their father Leon, a traveling Pentecostal minister. Apparently they were good and pure Southern boys who abstained from all the fun stuff until 1997, when their parents divorced, Leon left the church, and the mostly homeschooled, God-fearing sons went tumbling into the temptations of sex, drugs and rock 'n' roll. The group's first release, the EP Holy Roller Novocaine, came out in 2003, shortly after the brothers grabbed cousin Matthew (guitar) from Mississippi and everyone learned how to play...

Author: /time Magazine | Title: Innocent Horndogs | 10/26/2009 | See Source »

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