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Lending remains absolutely frozen right now, as banks are too frightened to lend to each other - let alone businesses and municipalities, since they're worried about who could go under next. The initial market reaction to Paulson's speech was something on the order of: "Holy [expletive deleted], we must really be in trouble." The market cratered when it heard on Wednesday, losing nearly 190 points on the Dow after trading in the black for most of the day. It tanked again on Thursday...

Author: /time Magazine | Title: Will Paulson's Bank Plan Finally Unfreeze Credit? | 10/9/2008 | See Source »

...system for financial services that he and other politicians like to refer to as "light-touch" regulation (although bankers and regulators cringe at that phrase; they prefer to call it "appropriate" 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's Gathering Storm | 10/9/2008 | See Source »

...annual Labour Party conference last month in Manchester, delegates adopted a new vocabulary. In fringe meetings, speakers inveighed against "the spivs" who caused the mess, while union leaders and politicians raised cheers by bashing the rich. Brown's keynote speech talked of a new era that demands heavier regulation, an era in which the rich will "be able to look after themselves." That sort of talk sets off alarm bells. "There is a risk that a mood could emerge, an anti-City mood," says Douglas McWilliams, chief executive of London's Centre for Economics and Business Research. "You sense that...

Author: /time Magazine | Title: London's Gathering Storm | 10/9/2008 | See Source »

...results, these are cautious times for Roberts and his son Brian, 49, the corporation's CEO. Cable companies like Comcast and Time Warner Cable (which is being spun off from Time Warner Inc., TIME's parent) are getting competition from all directions. As Brian Roberts put it in a speech that said as much about Comcast as it did about his industry, "There have been moments in time when cable has been at a major inflection point. This is one of those moments...

Author: /time Magazine | Title: Comcast's Challenge | 10/9/2008 | See Source »

Here's the question that has obsessed more than a few political experts since the beginning of the presidential campaign: Why does Barack Obama consistently poll behind the generic Democrat in the 2008 race? What that means in regular speech is that when voters are asked whether they would prefer a Democrat or a Republican, the generic Democrat has scored as many as five points higher than Senator Obama does...

Author: /time Magazine | Title: How We Decide | 10/9/2008 | See Source »

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