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...times of tumult, it is only human to look for answers, and on Thursday there were plenty of story lines to account for the pain. Financial companies, the bêtes noires of the global economy, were at it again, led by Morgan Stanley, off 22% after speculation about the status of planned investment. Or perhaps the trigger was General Motors, down 31% in the wake of being put on watch for a possible credit-rating downgrade, signaling that the broader economy is on much shakier ground than everyone thought. Or could it even have been the much vilified short...

Author: /time Magazine | Title: A Market Meltdown That Won't Stop: Is This Rational? | 10/9/2008 | See Source »

...diaper balm made from sweet almond oil and shea butter. A short walk away is the Greenwich Park Bar & Grill, where a burger made from "Kobe" beef raised at a farm in north Wales will set you back $33. Some of these upmarket places have already been feeling the pain. At the Nevada Street Deli, which serves up smoky cheese from County Cork and freshly made poached-salmon sandwiches, owner Laura Heap says she's already noticed a downturn in business: "I get a lot of local mums, and they're spending less. Whereas they used to buy their eggs...

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

...roguish rhetoric and short fuses - leavened for variety with the odd upmarket observation. "Beauty is a cruel mistress," Uri says of his painting, with a mixture of connoisseurship and threat. Some of the lines could almost be put to music, like "The streets are alive with the sound of pain...

Author: /time Magazine | Title: Thug Chic: Guy Ritchie's RockNRolla | 10/8/2008 | See Source »

...pain will soon come to Main Street - in Beijing and Brussels as much as in Boise. Economists are already outlining the downward spiral that they predict will follow. Banks will cut back on their lending to households and businesses. Mortgages and car loans will become harder to get. That in turn will stifle consumer spending and crimp investment in companies, leading to production cuts and job losses. Judging by previous crises, it can take about 18 months to two years for a financial squeeze to spread to the rest of the economy, which means that 2009 is shaping...

Author: /time Magazine | Title: Behind the Global Markets' Meltdown | 10/8/2008 | See Source »

Style: Clearly more confident talking to voters in his cherished town-hall format than standing behind a podium. Authentically displayed feel-your-pain concern over the economy, in a smoother manner than usual. But while he held the audience's attention with his answers and theatrics, he distractingly and conspicuously scribbled notes when Obama had the floor. His errant reference to Obama as "that one" probably jarred some viewers. Bottom line: with his rival in the lead, the Republican nominee was forced into aggression and antagonism but often flirted with the desperate and negative...

Author: /time Magazine | Title: Debate Report Card: John McCain | 10/8/2008 | See Source »

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