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...these comments cast the Treasury as a collection of desperate people, cornered by the faltering financial system, who are willing to pull any rabbit that they can find out of their hats. This makes the new Geithner plan for public /private partnerships to buy toxic bank assets look like a carnival show. It was not heartening to see that the Treasury admitted that it did not have many takers for this new program, so it extended the deadline for applications by two weeks until April 24. Unfortunately, world class financiers keep track of things like dates. Those who have passed...

Author: /time Magazine | Title: Banks are Worth What Their Stock Prices Say They're Worth | 4/7/2009 | See Source »

...Percentage that buyers at Moscow's luxury department store TSUM plan to cut orders...

Author: /time Magazine | Title: Stats | 4/6/2009 | See Source »

...Percentage of Americans who plan to cut back on luxury spending...

Author: /time Magazine | Title: Stats | 4/6/2009 | See Source »

...vehicles and aircraft that is ideal for waging war against a powerfully armed nation-state but is of far less use for the kinds of counterinsurgency wars currently being waged. And the Navy's shipbuilding program, which has been shoddily run for years, will see some cuts. Gates also plans to cut spending on missile defense by $1.4 billion next year, while new satellite communications programs are trimmed. And the Marines' plan to spend more than $13 billion on a new fleet of helicopters to transport the President, which Obama himself had deemed unnecessary, was cut from Gates' budget...

Author: /time Magazine | Title: Gates Proposes Big Shift in Pentagon Spending | 4/6/2009 | See Source »

...include the cost of the wars in Afghanistan and Iraq. Now he's going public with the 2010 budget proposal he drafted in secret before formally sending it to the White House and the Office of Management and Budget. It's a ploy designed to build momentum for Gates' plan before it can be sabotaged by defense contractors and lawmakers (often from districts that benefit from building particular big-ticket items), with behind-the-scenes help from the military...

Author: /time Magazine | Title: Gates Proposes Big Shift in Pentagon Spending | 4/6/2009 | See Source »

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