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Ironically, what helped start the rally in mid March were upbeat words from Citigroup CEO Vikram Pandit about Citigroup's profitable performance during the first two months of 2009. Friday's stock market swoon, traders say, was partly triggered by cautious comments from Bank of America CEO Ken Lewis and JP Morgan Chase CEO Jamie Dimon, who both noted that March was proving to be a more difficult month than either January or February. As Dimon told Bloomberg TV while standing outside the White House after a group of bankers met with President Obama, "This downturn - it's pretty powerful...

Author: /time Magazine | Title: Has the Stock Market's Rally Run Its Course? | 3/27/2009 | See Source »

Cheever grew up in the Greater Boston shore town of Quincy. His father was a traveling shoe salesman successful enough for a while to keep his family in middling Yankee splendor - a big house, good schools for John and his older brother Fred. But by the mid-1920s, as Cheever reached his teens, the shoe business was tanking, and his father was increasingly drunk and adrift. To make ends meet, his mother opened a gift shop that Cheever would describe as "an abysmal humiliation," at least for him. The big house would be lost anyway; his mother would shed...

Author: /time Magazine | Title: Darkness Visible | 3/26/2009 | See Source »

...formal education. He promptly fictionalized the experience into a story that was purchased by the New Republic. One year a dropout, the next a published writer - and within a decade, a fixture in the pages of the New Yorker. By the mid-'60s the prizes and (sometimes) money were also rolling in from his first two novels. But by that time, on most mornings he was scuttling to the liquor cabinet right after breakfast to "scoop" the day's first...

Author: /time Magazine | Title: Darkness Visible | 3/26/2009 | See Source »

...doing make a new connection to their community"--Thoreau as uniter, not divider. And despite Sullivan's insistence that he has not written a biography of the man, there's nothing that his book resembles more than a minilife, full of historical context (a section on mid--19th century economics), personal anecdotes (Thoreau and his brother were at one point in love with the same woman) and analyses of his work. While never fully convincing in his reappraisal, Sullivan makes an elegant case...

Author: /time Magazine | Title: The Skimmer | 3/26/2009 | See Source »

...come - ignore the stock traders and go talk to some venture capitalists. They aren't quite giddy (after the '80s and '90s and '00s, beware all giddiness), but they are optimistic about an imminent tide of innovations in technology, energy and transportation. Recall, please, the national mood in the mid-'70s: after the 1960s party, we found ourselves in a slough of despondency, with an oil crisis, a terrible recession, a kind of Weimarish embrace of decadence, national malaise - and at that very dispirited moment, Microsoft and Apple were founded. The next transformative, moneymaking technologies and businesses are no doubt...

Author: /time Magazine | Title: The End of Excess: Is This Crisis Good for America? | 3/26/2009 | See Source »

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