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However, that Sino-American interdependence left the U.S. vulnerable to a crisis in China. When it came, the Chinese stock-market crash sent a shock wave through the entire Asian economy. Some blamed the powerful new Middle Eastern Shari'a-law banks, which had terminated their zero-interest-rate facilities for Shanghai hedge funds. Others saw the sinister hand of the Russian-controlled OGEC (Organization of Gas Exporting Countries), which had stunned energy importers in Asia by trebling natural gas prices. Either way, the impact was disastrous. Output collapsed. Unemployment soared. The Chinese banking system, which had never been entirely...

Author: /time Magazine | Title: The Nation That Fell To Earth | 9/3/2006 | See Source »

...normally disciplined Republican machine let their primary for such an important office turn into a laughing stock is grist for comedy shows and conspiracy theories alike. Abandoned early and publicly by both state and national party leaders - everyone from Jeb Bush to Karl Rove reportedly tried to recruit an alternative candidate - Harris's every campaign stumble and fashion faux-pas has eclipsed virtually all other issues, even her questionable dealings with Mitchell Wade, the defense contractor who funnelled $32,000 in illegal contributions to her 2004 reelection campaign and has also plead guilty to bribing California congressman Duke Cunningham. (Harris...

Author: /time Magazine | Title: Katherine Harris' Comedy of Errors | 9/2/2006 | See Source »

Richard Grasso, the embattled former head of the New York Stock Exchange, is demanding that a jury decide whether he deserved $190 million for doing his job, and who can blame...

Author: /time Magazine | Title: Why to Fear a Jury of Your Peers | 8/30/2006 | See Source »

...That at least is the conventional wisdom, and probably what provoked Grasso's lawyers to appeal when a judge ruled that he alone would decide whether 190 million big ones were unreasonable pay for the head of a nominally not-for-profit corporation like the stock exchange. (The lawyers have decided not to comment, having failed to amuse the judge with past quips to the press.) If the answer is yes, as New York Attorney General (and gubernatorial candidate) Eliot Spitzer contends, then Grasso must pay back most of the money. If it's no, then the case moves...

Author: /time Magazine | Title: Why to Fear a Jury of Your Peers | 8/30/2006 | See Source »

...remember: if you make it to Thanksgiving, you’re set. It’s a much-needed time to recover and stock up on food and energy for the final stretch. But beware: Thanksgiving and other holidays can be lonely without a few other friends on campus...

Author: By Samuel C. Scott, CRIMSON STAFF WRITER | Title: The Year Ahead: Rashes, Refreshments, and Naked Runs | 8/28/2006 | See Source »

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