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...floor under housing prices is that this assumes that people who cannot afford a $500 a month mortgage payment can afford a payment of only $350. But in most cases this does not matter. As people turn away from debt and toward savings, a house is no longer a good mattress in which to store cash. Perhaps more to the point, with joblessness on the rise and many middle class household budgets built around two people working full-time, it does not take much bad luck to undermine a perfectly compassionate program which also pretends to have the power...

Author: /time Magazine | Title: When Mortgage Assistance Does Not Work | 2/25/2009 | See Source »

...take that opportunity. They default to a world where they have one less financial obligation and where their burdens of responsibility are less. People are willing to walk away from a home they could possibly afford with the new government assistance, because the economic depression is no longer just a financial reality. It has become a state of mind...

Author: /time Magazine | Title: When Mortgage Assistance Does Not Work | 2/25/2009 | See Source »

...struck by what was truly a miracle. Had this happened a few hours later, it would have been pitch dark and much harder to land. Ferries would no longer have been running after rush hour and it would not have been the same uplifting story. Surely there would have been fatalities, hypothermia, an absolute disaster...

Author: /time Magazine | Title: From Park Avenue to the Hudson: A Flight 1549 Diary | 2/24/2009 | See Source »

...effectively imposed their own version of Shari'a on the area. Until a few months ago, the Cheena market in Mingora thronged with women buying dresses and jewelery; now it is closed. Stores selling music and films have been attacked, and though barbers still offer haircuts, they will no longer shave a customer, after the Taliban forbade...

Author: /time Magazine | Title: Can Pakistan Regain Control of Swat from the Taliban? | 2/24/2009 | See Source »

Since the filing of the complaint by Yukos managers in 2004, the Russian government has tried everything to stop it from becoming admissible. One of its arguments against the litigation was that Yukos failed to exhaust its appeals in Russian courts; another was that Yukos as a company no longer exists. Both were overruled by the ECHR...

Author: /time Magazine | Title: Where Russians Go for Justice: France | 2/24/2009 | See Source »

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