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...Thirty companies laid off almost 200,00 people in January. Tens of thousand of smaller firms which the credit crisis is likely to hurt badly probably let workers go at a much more rapid pace. No one would be terribly surprised if total unemployment rose by nearly one million people in the first month of the year...

Author: /time Magazine | Title: GDP Drop: Not As Bad As Feared, But Worse Is Ahead | 1/30/2009 | See Source »

...Boston Selling Art to Save a School In order to combat a crippling budget crisis, Brandeis University said it will close its Rose Art Museum and sell all 6,000 pieces in its $400 million collection. The decision, which the state attorney general plans to review, sparked an outcry. "It is not only unprincipled, but bad economics," said art historian Robert Storr...

Author: /time Magazine | Title: The World | 1/29/2009 | See Source »

...recession is when your neighbor loses his job, the saying goes; a depression is when you lose yours. That line is shifting under the feet of countless Americans. In December, for the first time on record, unemployment rose in all 50 states and the District of Columbia. On Jan. 26, U.S. firms announced more than 70,000 layoffs, then came back the next day with thousands more. Michigan's jobless rate is in the double digits, and it may soon have company...

Author: /time Magazine | Title: The Moment | 1/29/2009 | See Source »

...walls are still bare in Larry Summers' West Wing office, a cramped and cluttered perch overlooking the Rose Garden. The Bloomberg terminals have yet to be delivered, and the steam-powered White House e-mail system recently crashed. Add to all that the fact that much of Barack Obama's economic team is still finding its way around the White House, and it's somewhat remarkable that this economic wunderkind turned Obama adviser is moving at flank speed on the biggest restructuring of the U.S. economy since the New Deal...

Author: /time Magazine | Title: Can Larry Summers Save the Economy? | 1/29/2009 | See Source »

...sugar scattered with onion sprouts and red pepper, and accompanied by a cube of toasted squid-ink rice. The bar offers a 10-course haute cuisine feast in miniature for a minuscule price of $35, but don't miss the pigeon baztela cooked slowly with sweet spices, raisins and rose petals, then wrapped in a crisp filo pastry. Another standout is the milhojas, a luscious caramelized tower of coin-sized potato disks sandwiched between slices of apple, cèpe mushroom and foie gras. The only problem? One bite is never enough...

Author: /time Magazine | Title: Tapas: Bite-Size Beauties | 1/28/2009 | See Source »

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