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...This record of unilateral action and standoffishness has borne bitter fruit in terms of America's reputation overseas. The polls don't lie; even among its staunch allies, the U.S is seen as untrustworthy and dangerous. In his speech in Chicago last year, Obama said "I still believe that America is the last, best hope on earth. We just have to show the world why this is so." But in March, in an interview with the International Herald Tribune, Bernard Kouchner, France's Foreign Minister - and a true lover of America - took a different view. When the rest of world...

Author: /time Magazine | Title: America: The Lost Leader | 10/23/2008 | See Source »

...refer to as "light-touch" regulation. In June 2007, just days before he replaced Tony Blair as Prime Minister, Brown gave a rousing speech at the traditional black-tie dinner in Mansion House, the residence of the lord mayor of the City, brashly predicting an "era that history will record as the beginning of a new golden age for the City of London...

Author: /time Magazine | Title: London Falling | 10/23/2008 | See Source »

...every reason to be scared, because financial services have a record of retrenching fast in a crisis. And the business in some sectors has evaporated. The volume of mergers and acquisitions, for example, is down about two-thirds from its peak in 2006, while the public stock offerings that made the London Stock Exchange an international shooting star have fizzled. Given the role played by arcane financial engineering in triggering the current crisis--the troubles at AIG, for example, stem largely from its freewheeling London financial-products division--the future looks especially bleak for people working in structured finance...

Author: /time Magazine | Title: London Falling | 10/23/2008 | See Source »

...testimony on Obama's readiness to be Commander in Chief that gave this endorsement its unusual megawattage and influence. If, as the saying goes, money is the mother's milk of American politics, Obama should open a national chain of dairies. The announcement that he had raised a record-smashing $150 million in September made it clear that not only will he greatly outspend the Republicans in all battleground states, but he'll also have enough left over to make a last-minute play for some deep red states as well. Republicans finally found a message to sink their teeth...

Author: /time Magazine | Title: The Page | 10/23/2008 | See Source »

...depressed and divided nation? Two legendarily awful clubs from economically hurting swing states, battling it out for the championship of a past-its-prime sport while the rest of us watch football highlights. Philadelphia--my city--hasn't won a championship of any kind for 25 years, a record for a four-sport town. Tampa Bay has a shorter history of woe, but this is a city (well, technically, a body of water) whose football team, the Buccaneers, lost the first 26 games of its existence. If history is any indicator, neither team will win: the Rays and the Phillies...

Author: /time Magazine | Title: The Moment | 10/23/2008 | See Source »

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