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...will get done in Washington, no one believes that will put an end to the current bad news. A bailout would be just the beginning of what looks to be a long and painful unwinding for Asia, for example. Even if the U.S. government can pass a plan to pump money into the financial system by buying bad mortgages - thus freeing up banks to lend money elsewhere - it won't "address the decimation of the wealth effect of the U.S. consumer," which many export-led Asian economies rely on, says Kirby Daley, senior strategist at Newedge Group, a financial services...

Author: /time Magazine | Title: World Markets React with Caution to US Crisis | 9/30/2008 | See Source »

...perspective: Paulson would rule over a pile of assets that exceeds the annual Pentagon budget of $507 billion by nearly 50%. For at least the next year, and perhaps for years after, Treasury's spending authority will make it harder for the next President to fulfill campaign promises and pump money into new priorities. Depending on how Paulson's power is structured, it could even postpone new federal spending on health-care reform or infrastructure improvements, or hasten the need for increased taxes and deep spending cuts. A similar challenge faced incoming President George H.W. Bush in 1989 when...

Author: /time Magazine | Title: After the Financial Crisis, a Cleanup That Changes Everything | 9/22/2008 | See Source »

...lack of blood flow, the cells go into a kind of a frenzy to keep themselves alive. And within about 5 min. or so they start to damage or change. After an hour or so the damage is so great that even if we restart the heart again and pump blood, the person can no longer be viable, because the cells have just been changed too much. And then the cells continue to change so that within a couple of days the body actually decomposes. So it's not a moment; it's a process that actually begins when...

Author: /time Magazine | Title: What Happens When We Die? | 9/18/2008 | See Source »

...issues before us require both a hunger for truth and a humility about recognizing it, because progress can sprint right past our ability to process it. Blood transfusions were considered creepy before World War II. Transplant a heart? That's not just a pump, critics said; it's the seat of your soul. You hardly ever hear the chilly term test-tube baby anymore, because what was once odd and unnatural is now a routine salvation to millions of childless couples...

Author: /time Magazine | Title: Life and Death | 9/18/2008 | See Source »

...recognized the shift early and focused its energy on blocking Democratic attempts to placate gas-pump shock through legislation that did not include expanded drilling. The more the Democrats tried, the harder the Republicans hit back. The GOP liked the issue so much that Republicans even stayed on Capitol Hill for part of the August recess demanding a vote on drilling...

Author: /time Magazine | Title: Democrats Join the 'Drill, Baby, Drill!' Chorus | 9/17/2008 | See Source »

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