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...that really matter: How did we get here? How do we get out of it? And what does all this mean for the average joe? So take a deep breath and bear with us as we try to explain how financial madness overtook not only Wall Street but also Main Street. And why, in the end, almost all of us, collectively, are going to pay for the consequences...

Author: /time Magazine | Title: How Financial Madness Overtook Wall Street | 9/18/2008 | See Source »

...just follow Wall Street's lead, they anticipate it: stocks in parts of Asia dropped even before New York awoke last Monday, previewing the bloodbath that was to come in the U.S. Here's the buzz (and gloom) from five global financial centers - along with the drop in their main stock index between the moment before opening on Monday and the close of trading three days later...

Author: /time Magazine | Title: Wall Street Meltdown: Global Fallout | 9/17/2008 | See Source »

...starting to surface. Mumbai is India's financial capital, but it's also the center of the country's booming fashion industry and contemporary-arts community. Those three worlds feed each other here, just as they do in London, Tokyo and New York. As the markets plunge - the main Mumbai index, the Sensex, is down 36% since January - many of Mumbai's wealthy financiers are beginning to spend less in the city's galleries and luxury boutiques. "I'm extremely worried," says Jai Bhandarkar, owner of an art gallery in Colaba, one of Mumbai's toniest neighborhoods. "The spending power...

Author: /time Magazine | Title: Wall Street Meltdown: Global Fallout | 9/17/2008 | See Source »

...told of selling his holdings before the 1929 market crash because a shoeshine boy had offered him stock tips. The story may well be apocryphal, but in the decades since, shoeshine boys have become a kind of insider's measure of how a market's doing. In the main shopping center in London's Canary Wharf financial district David Peralta is one such oracle, though not because he hands out investment tips...

Author: /time Magazine | Title: Wall Street Meltdown: Global Fallout | 9/17/2008 | See Source »

...issues, specifically the idea of a Palestinian state, talks for which she has been involved in for almost a year. She has, however, taken a hard line on denying right of return claims by Palestinians who wish to return to previously owned lands in Israel. Livni, who defeated her main opponent, Transportation Minister Shaul Mofaz, will have several weeks to either form a coalition or put together a new alliance from scratch...

Author: /time Magazine | Title: Tzipi Livni | 9/17/2008 | See Source »

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