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...former chairman of the Federal Reserve Board famously described his job as "taking the punch bowl away just when the party is getting good." Current Fed chief Ben Bernanke wishes it were so. With stock markets around the world reeling, and with a deep housing slump in the United States crippling growth in the world's largest economy, Bernanke's Fed is now frantically ladling the punch out - even though almost everyone already has a brutal hangover. The Fed's surprise January 22nd rate cut - it slashed its key interest rate three quarters of a percentage point, and signaled that...

Author: /time Magazine | Title: World Markets Catch a US Cold | 1/23/2008 | See Source »

...former chairman of the U.S. Federal Reserve Board famously described his job as "taking the punch bowl away just when the party is getting good." Current Fed chief Ben Bernanke wishes that description still applied. With stock markets reeling worldwide and recession looming in the U.S., the world's largest economy, Bernanke's Fed is frantically ladling out punch in the form of interest-rate cuts - even though almost everyone already has a brutal hangover...

Author: /time Magazine | Title: Decoupling Debunked | 1/23/2008 | See Source »

...could rough it and wasn?t given much to talking. But his masculinity framed an urgent sensitivity: He had his mom's, sister's and two half-sisters' first initials tattooed in Gothic letters on his wrist. He gave off the air of being willing to punch someone, but only if it would mask his own pain. Because of this combination of machismo and sensitivity, like a more handsome Russell Crowe, he was in demand. He just wasn?t sure that he wanted to be. "Heath," a studio boss once told me, "needs to decide who he really wants...

Author: /time Magazine | Title: Heath Ledger: Star in Distress | 1/22/2008 | See Source »

...Eastwood on The Changeling? He's so very approachable and conversational and deeply kind. He hires people around him. He knows what he wants. He knows what he likes. My favorite moment of that movie was a fight scene, where Clint Eastwood showed me how to throw a movie punch. It was a golden moment...

Author: /time Magazine | Title: Q&A: Amy Ryan | 1/12/2008 | See Source »

...will to prognosticate is the dark addiction of the pundit class. No matter how wrong they got Iowa and New Hampshire, Republicans were soon buzzing over phone lines and trading emails about the road ahead. McCain and Huckabee are chasing Romney into Michigan, hoping to land a knockout punch in the state where Romney's father was once governor. Four days past that comes South Carolina, where McCain's 2000 bid was rudely demolished. But there, as everywhere, the political landscape is changed in unpredictable ways. The state's solid G.O.P. machine has fragmented into factions only occasionally willing...

Author: /time Magazine | Title: The Voters' Revenge | 1/10/2008 | See Source »

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