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...throw these companies a lifeline, even though they probably should do it for the good of the economy. An out-of-business GM (or even a bankrupt, reorganized one) is more than just a dead factory here and there. "There are real risks of cascading bankruptcy and then supply-side seizures," Columbia economist Jeffrey Sachs warned Congress, meaning that the ability of all car companies simply to make cars would be in jeopardy. The negative feedback in the supply chain would hurt partsmakers and dealers and even extend to retailers, restaurants and banks. But others argue that bankruptcy is exactly...

Author: /time Magazine | Title: Is This Detroit's Last Winter? | 12/4/2008 | See Source »

...Failing to cure themselves of the Not Invented Here disease, Detroit's bosses resorted to Hail Mary attempts to fix what were long-term issues. "They were constantly looking at buy, sell, hire, fire, looking to be rescued from their predicament," says Spear. On the buy side, GM CEO Roger Smith acquired Hughes Aircraft, EDS and a 50% stake in Saab. His successors bought the Hummer, 20% of Korea-owned Suzuki and 20% of Fiat with the obligation to buy it or pay to get rid of it. (The latter course was chosen, at a cost of $2 billion...

Author: /time Magazine | Title: Is This Detroit's Last Winter? | 12/4/2008 | See Source »

...after Sally sent Julia to Sharon in 1993. Fifteen years later, the two are about to open their first joint salon. A vast departure from Hershberger's Los Angeles and downtown New York City salons, the new space, located in a limestone townhouse on N.Y.C.'s Upper East Side, blends with the neighborhood's refined atmosphere. "We wanted to create a real jewel box," says Dorram. The pair worked with interior designer Daniel Romualdez, a society favorite, to create a Parisian-atelier-like environment, inspired by the colors of an Hermčs handbag...

Author: /time Magazine | Title: When Sharon Met Sally | 12/2/2008 | See Source »

...upon next year.”Part of his disappointment is down to a slow start, in which Akpan failed to score in Harvard’s opening four matches.But Akpan says that while he struggled to find the net, he took the opportunity to improve on the defensive side of the ball. And his teammates took notice. “I was very impressed at how much he worked on that,” Fucito says, also noting that Akpan’s pressure created chances for teammates.“You have to take pride in everything...

Author: By Jay M. Cohen, CRIMSON STAFF WRITER | Title: Record-Breaking Junior Rising to the Top | 12/2/2008 | See Source »

...Venezuela expert at the Washington Office on Latin America, an independent think tank. "In order to gin up his base, he decided he better do this now rather than later, while he can still muster a majority of the vote. He knows that time may not be on his side...

Author: /time Magazine | Title: Hugo Chávez for President ... Now and Forever? | 12/2/2008 | See Source »

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