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...downs of the Dow are making Wall Street's so-called smart money look dopey. Hedge funds lost nearly $300 billion due to bad investments in the first nine months of the year, according to an analysis of return data by TIME.com. If the losses stand, it would be by far the worst year for these funds - which are unregulated and open only to high-net-worth investors - since their returns began being tracked in the mid-1970s. "It's not going to be a good year," says Peter Laurelli, vice president at HedgeFund.net. "We can be pretty sure...

Author: /time Magazine | Title: Hedge Funds: How the Smart Money Looked Dumb | 10/15/2008 | See Source »

...show their seriousness about the package, Pelosi and the Democrats actually came to work on Columbus Day, when the federal government - the Postal Service, the Pentagon, the Pension Benefit Guaranty Corp. and all the rest - was shut down. "Even a holiday of such importance could not stand in the way of our coming together here in Washington to deal with the financial crisis that is facing our country," Pelosi said after the Capitol session. FDR would certainly understand: he proclaimed the first Columbus Day in 1934, in the depths of the Great Depression...

Author: /time Magazine | Title: The Dems' Plan C for the Economy | 10/14/2008 | See Source »

...over these years by the possibility of cooperating with you. I've found in you a man of great ideals, great principles, a man of vision." He continued: "And it was always easy for me to share your ideas, to share your visions, to be next to you, to stand next to you, because we are always bound by these common love for freedom, love for democracy, respect for the others, and the feeling, this common feeling that we are here just to serve our peoples." Bush returned the compliments, thanking Berlusconi for his "friendship and his wisdom," and calling...

Author: /time Magazine | Title: Berlusconi, Bush's Last Best Friend | 10/14/2008 | See Source »

...Despite the danger of naming names, it may be increasingly difficult for politicians to refrain from public speculation. That's because it's no longer just companies and their investors who stand to lose in a corporate failure. Billions of taxpayer dollars are now flowing into the equation, and voters with no direct stakes at risk can reasonably claim a right to know what company the government may be buying into at their expense...

Author: /time Magazine | Title: The Financial Hazards of Washington's Rumor Mill | 10/13/2008 | See Source »

...state senator, Barack Obama wouldn't even stand up for the rights of infants born alive during an abortion," Palin said on Saturday, during a Johnstown, Pa., rally. "These infants, often babies with special needs, are simply left...

Author: /time Magazine | Title: How Valid is Palin's Abortion Attack on Obama? | 10/13/2008 | See Source »

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