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...Similar scenes were repeated all over the East Coast. Listeners poured into the streets. Some headed to church. Others headed to spend their last hours on Earth with family. Wet towels served as makeshift gas masks to protect against the poison gas the radio said was headed outward from New Jersey. Many were convinced it was the end of the world...

Author: /time Magazine | Title: Orson Welles' War of the Worlds | 10/30/2008 | See Source »

...Analysts in Japan say the U.S. faces a similar situation today. The Fed's recent rate cut "is better than doing nothing, but it will unlikely work so much as it did in the past," says Masaaki Kanno, chief economist at JPMorgan Securities in Tokyo. Hiromichi Shirakawa, chief economist at Credit Suisse in Tokyo, believes that the Fed may bring its rates down to zero by the middle of 2009, as the U.S. economy slows in coming quarters. "Will it be effective or stimulative? My answer is not necessarily so," he says...

Author: /time Magazine | Title: Will the Fed's Rate Cut Help? The Japan Lesson | 10/30/2008 | See Source »

...Those principles are similar to the ones the FDIC worked out for the 60,000-odd bad home loans it took on when it closed IndyMac, a failed California bank, last summer. Bair outlined her proposal in testimony on Oct. 23 before the Senate Banking Committee. "The government could establish standards for loan modifications and provide guarantees for loans meeting those standards," she said. "By doing so, unaffordable loans could be converted into loans that are sustainable over the long term." At the same hearing, Neel Kashkari, the acting assistant Treasury Secretary in charge of the $700 billion bailout package...

Author: /time Magazine | Title: The Next Bailout: Helping Homeowners in Distress | 10/30/2008 | See Source »

...Books targeting young women pose similar questions: Will the characters get married and have children, or will they defer having a family and live on their own? Sassy singletons making their way in the big city are the usual heroines, wrestling with what it means to be an independent woman in a country where premarital sex is still considered shocking and the vast majority of women live with their parents until they get married. A boxed set of recent popular novels by Indian women could be called "Every Girl's Career Guide," says Rupa Gulab, who wrote Girl Alone based...

Author: /time Magazine | Title: Techie Lit: India's New Breed of Fiction | 10/30/2008 | See Source »

...mischief in mind," says Costa. He believes that the Taliban is saving the opium for lean times. He says the hundreds of Afghans working for the U.N. drug office in southern Afghanistan have recently found notices posted by the Taliban advising farmers not to grow opium this year. A similar edict by the Taliban during its last year in power, in 2001, resulted in tight supplies and soaring prices on the world market. "This is classic market manipulation," Costa says...

Author: /time Magazine | Title: Is the Taliban Stockpiling Opium? And If So, Why? | 10/29/2008 | See Source »

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