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...unemployment rate of 5.6%, well below the 6.7% national rate, the Lone Star State continues to add jobs - 230,000 for the past 12 months as of the end of October. And while sales-tax receipts, a major source of revenue for state and local government, are no longer growing at double-digit rates, they were still up almost 5% in November over the same time last year. Perhaps the best holiday news for Texans, who see long-distance drives as a way of life, is that gas is down to $1.35 a gallon in many parts of the state...

Author: /time Magazine | Title: Texas Braces for an Oil Bust | 12/19/2008 | See Source »

Automakers waited all week for news of the expected bridge loan, which finally came on Friday. "The longer we wait, the worse the situation becomes," said one auto executive close to the situation. The Wall Street Journal reported that GM and Chrysler restarted merger talks, but both companies have flatly denied it. "We certainly are not in any merger talks with Chrysler," says Tom Wilkinson, a GM spokesman. "The report was simply wrong...

Author: /time Magazine | Title: In the Nick of Time: Bush Announces Auto Bailout | 12/19/2008 | See Source »

...were too big to fail led many bankers and bond investors to toss billions at them no matter how loony their business plans or unprofitable their projects. Money was wasted in unproductive ways. Once the too-big-to-fail perception was finally dispelled and the large conglomerates were no longer considered the safest investments, bankers and investors, looking for new opportunities, more readily financed small firms, entrepreneurs and consumers, who had been starved of capital...

Author: /time Magazine | Title: Why Detroit Is Not Too Big to Fail | 12/19/2008 | See Source »

...Whatever the merits of the shoe thrower's anger, the unfortunate truth is that the longer we stay in Iraq, the more we will be blamed for everything that goes wrong in that country. These problems will not be fixed before we are due to depart in 2011. Or maybe ever by any outsider. The military commander in Iraq, General Ray Odierno, recently said that U.S. forces may have to stay in Iraqi cities beyond the June 2009 agreed pull-out date. I can see Odierno's point: he doesn't want to be the one who leaves behind...

Author: /time Magazine | Title: The Lesson of the Iraqi Shoe Thrower | 12/18/2008 | See Source »

...Zeidi story may last a little longer - Bush critics will want to savor the President's discomfiture for as long as they possibly can. But with most of the late-night hosts going into their holiday break, the jokes will dry up pretty soon...

Author: /time Magazine | Title: Shoe Thrower Only a Temporary Distraction | 12/18/2008 | See Source »

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