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...MIX-UP An ophthalmologist and his sister sprinkled flour in a Connecticut Ikea parking lot. An ensuing bioterrorism scare forced hundreds to evacuate. The two now face felony charges...

Author: /time Magazine | Title: Dashboard: Sep. 10, 2007 | 8/30/2007 | See Source »

...Theroux, as for his model in these stories, Paul Bowles, travel can often be about dissolution, a slow and irresistible unraveling. In The Elephanta Suite, a set of brilliantly evocative and propulsive novellas, he shows us how India, with its furious intensities, its gift for confrontation and its quirky mix of dusty British terms ("jocundity") and the latest American ambitions, might be made for him and his ironic pen. He also reminds us that few travelers can pick up a place with such casual vividness, see Indian script "like washing hanging on a clothesline", or hear both the innocence...

Author: /time Magazine | Title: Paul Theroux: The Elephanta Suite | 8/29/2007 | See Source »

...mix of hot winds, drought and soaring temperatures has been blamed for more than 3,000 forest fires this year. But this week alone, a rash of deadly and uncontrollable wildfires raced through the nation, swallowing thousands of acres of scrubland in the Peloponnese - even the sacred grounds of the ancient site of the birthplace of the Olympic Games, Olympia. Prime Minister Kostas Karamanlis declared a nationwide state of emergency. More controversially, the Prime Minister suggested that sabotage was behind the blazes. "So many fires, breaking out simultaneously in so many places can not be a coincidence," he said...

Author: /time Magazine | Title: A Political Fire Also Burns in Greece | 8/28/2007 | See Source »

...those jobs that no one wants. He heads a brigade that is clearing debris from last week's earthquake that devastated this city and several others on Peru's central coast. He directs bulldozers along narrow streets, scooping up the remains of homes built years ago out of a mix of mud bricks and bamboo-like reeds. The clean-up sends clouds of dust into the air, recalling for residents the immediate aftermath of the 8.0-magnitude earthquake that struck early in the evening...

Author: /time Magazine | Title: Recovering from the Peru Earthquake | 8/20/2007 | See Source »

...Street's recent innovations, the collateralized debt obligation, or CDO. The recipe: buy home loans, blend them, then slice up the result into different securities (reflecting different levels of risk) to sell to investors. Many such securities carry AAA or "investment grade" ratings despite subprime mortgages being in the mix. From there, things get really complex--CDOs created from other CDOs, synthetic CDOs crafted from credit-default swaps, none of which had experienced a down market. "The problem is that CDOs were untested. There was not much history to suggest CDOs would behave the same way as AAA corporate bonds...

Author: /time Magazine | Title: Ground Zero of the Real Estate Bust | 8/16/2007 | See Source »

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