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...been downhill ever since. First came the run on Northern Rock, the stricken bank that the government ended up nationalizing and whose near failure raised serious questions about the effectiveness of U.K. banking regulation. Then came a damaging political storm over the taxing of "non-doms" - wealthy foreigners who move to Britain and are taxed only on their U.K. income. Following last month's rescues of HBOS and Bradford & Bingley, the big question now is what sort of new regulatory measures will be put in place as a result of the current market meltdown. Fraser, the City's policy head...

Author: /time Magazine | Title: London's Gathering Storm | 10/9/2008 | See Source »

...isn’t just where Dems gather to yell at the screen during debates, it also brings in six fellows every semester to lead study groups. While these fellows are nowhere near as funny as former IOP guest Stephen Colbert, they have managed to do some stuff of interest. See if you can match the fellows with their achievements...

Author: By Meaghan E Lyons, CONTRIBUTING WRITER | Title: The Fellowship of the IOP | 10/8/2008 | See Source »

...getting hit - and in more ways than one. Not only have Bank of America, Citigroup and some two dozen other lenders cut back on or stopped issuing student loans, but the market meltdown has left many colleges scrambling to come up enough cash to cover payroll and other near-term necessities...

Author: /time Magazine | Title: Colleges Getting Hit by the Credit Crunch | 10/8/2008 | See Source »

...backing of the Democratic Congressional Campaign Committee, and a millionaire who'd previously run against the district's retiring Congressman, Republican Tom Reynolds. After Kryzan's opponents fired off a series of nasty television attacks ads, she produced a brilliantly effective one showing two men engaged in a brawl near a park bench. In the ad, Kryzan appears in the foreground and says, "Boys, take it somewhere else." The high-road message was widely credited with turning the primary in Kryzan's favor, and she ended up with 41% of the vote...

Author: /time Magazine | Title: Races to Watch: A GOP Seat at Risk in Upstate New York | 10/8/2008 | See Source »

...Reserve said it would lower interest rates by 50 basis points along with five other central banks: the European Central Bank, the Bank of England and the Swiss, Canadian and Swedish banks. But the announcement arrived after Asian markets had closed, too late to put the brakes on a near free fall in Asian stocks that began on Monday. In Japan, the world's second-largest economy, the benchmark Nikkei index plummeted 9.4%, its biggest one-day drop since the global stock market crash of October 1987. Hong Kong's benchmark Hang Seng index fell 8.2%, while Seoul's Kospi...

Author: /time Magazine | Title: US-Europe Rate Cut Comes Too Late for Asia | 10/8/2008 | See Source »

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