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...move will solve its liquidity problems - the FDIC officially slid into the red this week for the first time since 1991. But it's not certain whether the plan will boost confidence in the banking system, as the FDIC seems to hope. (See pictures of TIME's Wall Street covers...
...parallels extend even to New York’s financial system. Just as Bloomberg goes on a ferocious diet after seeing an unflattering photo of himself, Wall Street has almost completely abstained from giving out loans. Considering the way banks used to court risk-taking businesses clearly unable to repay them, this is a diet of the highest magnitude. Likewise, after getting tied up in highly leveraged purchases of their own homes, American consumers have been forced to get thriftier. History Professor Niall C.D. Ferguson has even warned that New York may go the way of Venice and become just...
Bloomberg is perhaps the one man with the power to temper these developments. The next four years will be critical. If he has the will and the ability to maintain New York’s standing as a key financial center—while helping ensure that Wall Street does not help cause the next global financial crisis—historians may look back on his tvhird term as an embarrassing hiccup in democracy that ultimately helped maintain New York and America’s dominance on the world stage...
...drugs. Ironically, the placebo today tends to equal or even surpass modern pharmaceuticals in effectiveness: the “placebo effect.” Placebos are relevant in our lives in not just medicine, however—many elevator “door close” and street crossing “press to walk” buttons are placebos...
...that demand or could accept continued enrichment in Iran but under stricter safeguards against weaponization. Iran is making clear where it plans to start the discussion. As Iran's Foreign Minister, Manoucher Mottaki, told the New York Times on Sept. 29, Iran sees the talks as a "two-way street" rather than simply a last chance to respond to a series of Western ultimatums. (See pictures of the turbulent aftermath of Iran's election...