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...pins the tail on "The Feds," - one of the eight economic culprits scrawled on an oversized poster board alongside the boss caricature. A former hedge fund manager pins his thumbtack somewhere between "The Economy" and "Consumer Spending" while a few yards away, a laid off videographer for media gossip site Gawker tosses a telephone wrapped in electrical tape just shy of the 100-point mark, as designated by circle drawn with sidewalk chalk. Prizes are awarded, mostly in the form of gift certificates to local restaurants and bars - Goddard had advertised a month of free medical insurance, but found...

Author: /time Magazine | Title: New York's Unemployed Olympians | 4/1/2009 | See Source »

...were looking for monuments to global trade, you could do worse than the site in east London playing host to the G-20 summit this week. To the south of the ExCel conference center, where the meeting will take place, lie the vast Royal Victoria docks, built on marshland in 1855 to accommodate the biggest ships of the day and boost the city's capacity for maritime trade. Look to the west, and you can't miss the towers of Canary Wharf, totems to London's more recent role as a global financial capital...

Author: /time Magazine | Title: G-20 Site: 'A Cesspool, Bubbling with the Foul Products of Decomposition' | 4/1/2009 | See Source »

...Walk a few blocks from the summit site, though, and the symbols of globalization quickly make way for gloom. Canning Town and Custom House, as the neighborhoods around the ExCel center are known, may have played spectator to the city's trade-driven growth, but they have seen little of its benefits. Dogged by poverty, poor health, and low education, both neighborhoods rank among the most deprived areas in Britain. Almost a fifth of the local working-age population receives welfare benefits. Half have no formal qualifications. For leaders of the world's most advanced economies, the area offers...

Author: /time Magazine | Title: G-20 Site: 'A Cesspool, Bubbling with the Foul Products of Decomposition' | 4/1/2009 | See Source »

...Past governments have had their chances. Lured by good rail and river links, new industries poured into Canning Town in the mid-19th century. The Thames Ironworks Ship Building and Engineering Co. opened a 30-acre site at Bow Creek in 1846, bashing out ships for much of Europe. Eager for jobs, workers from all over the country poured in. The seasonal or casual work on offer meant few could afford comfortable places to live, though; landlords, well aware of the fact, threw up cheap housing without toilets, bathrooms and oftentimes drinking water. The over-crowding and disease appalled visitors...

Author: /time Magazine | Title: G-20 Site: 'A Cesspool, Bubbling with the Foul Products of Decomposition' | 4/1/2009 | See Source »

...short walk from the site of the one-time cesspool, Lewis Calado's well-kept home, with its bushy pot plants and white flowering tree out front, stands out on a grotty housing estate littered with boarded-up properties. Life on the estate has improved in recent years, he says - still sporting the luminous vest from one of the two truck driving jobs he holds down to meet his mortgage payments - although petty crime remains a blight. The windows of his neighbor's new car were smashed recently. "You can't leave anything inside," Calado says. "Even...

Author: /time Magazine | Title: G-20 Site: 'A Cesspool, Bubbling with the Foul Products of Decomposition' | 4/1/2009 | See Source »

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