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...debt binge was fueled by easy money and the belief that prices of assets - those of houses in particular - never went down; only interest rates did. That era is over. It will be replaced by what will be one of the more painful, and consequential, economic chapters in our history: the great deleveraging of America. On Wall Street, the largest financial institutions on the planet are reducing their debt and trying to build up capital, which once upon a time was the seed corn of their business, and now must be again. Retail banks like Wachovia and investment banks like...

Author: /time Magazine | Title: Living in a World with Less Credit | 10/23/2008 | See Source »

...Originally a Londoner, Cotterill was working as an English teacher in Australia when he first became interested in Laos - meeting refugees who had fled the communist takeover. One man in particular, a former Cabinet minister in the royalist government, later suggested a model for Dr. Siri. "They were more than cynical," Cotterill says of the émigrés. "They were really angry to be forced to leave what was then a good life. They'd saved money, had careers and sent their children to good schools. Then the communists moved in and suddenly this lifestyle was taken from them...

Author: /time Magazine | Title: Bodies of Work | 10/23/2008 | See Source »

...Historical accounts from the mid-1970s proved sketchy at best (and, as it happened, Laos had no actual chief coroner to consult). In writing about Laos' most politically tumultuous decade, Cotterill was thus left to fill in the blanks for himself. The latest Dr. Siri mystery, in particular, delves into the tragic history of the Hmong, an ethnic minority buffeted by the Vietnam War and later brutally oppressed in both Vietnam and Laos. "The problem with writing about Laos is information stops about 1978," Cotterill says. "There were a lot of things I wanted to say about the situation...

Author: /time Magazine | Title: Bodies of Work | 10/23/2008 | See Source »

...have to, either; Komunyakaa is aiming for something much bigger. “Warhorses” doesn’t rehash the same stories or military clichés that generations of war movies have instilled in us. Instead, Komunyakaa turns to a smaller lens: the perspective of a particular character, or the different objects that constitute war. By boiling war down to its essence, Komunyakaa asks the reader, “Why do we go to war?”—and he does a pretty good job of answering his own question...

Author: By Rebecca J. Levitan, CONTRIBUTING WRITER | Title: New Trick From Old ‘Warhorses’ | 10/23/2008 | See Source »

...highest priority, as he told me, why hasn't he given a major speech about it during the fall campaign? Why hasn't he begun to mobilize the nation for this next big mission? In part, I suppose, because campaigns are about firefighting - and this campaign in particular has been about "the fierce urgency of now," to use one of Obama's favorite phrases by Martin Luther King Jr., because of the fears raised by the financial crisis and because of the desperate, ferocious attacks launched by his opponent...

Author: /time Magazine | Title: Why Barack Obama Is Winning | 10/22/2008 | See Source »

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