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...cost of stemming the financial crisis continues to soar. The U.S. Federal Reserve has already sunk more than $800 billion into the financial system; the Treasury Department is committed to the $700 billion bailout package in addition to the $200 billion being spent to prop up Freddie Mac and Fannie Mae; rescuing AIG may cost more than $120 billion. With the already lofty U.S. budget deficit now expected to top $1 trillion next year and recession a virtual certainty, you'd expect America's currency to be taking a beating...

Author: /time Magazine | Title: Why the Buck Has Pluck | 10/16/2008 | See Source »

...stroll away. “True pasta!” he cried, for emphasis. “Wide—and smooth—and long.”* * * * *Frederick had spent the last week reading the work of a famous Russian mystic. He would sit in the library, sunk deep in an armchair, with a book open on his lap. Roxana hovered by his chair or knelt at his feet. Frederick liked absently to stroke her golden hair, and sometimes when the text was especially gripping he would prop his elbow on her convenient, shelf-like bosom.As the Russian...

Author: By Lesley R. Winters, CRIMSON STAFF WRITER | Title: The Stable Boy: Chapter 8 | 10/3/2008 | See Source »

Abandoned ships wreak havoc on the marine ecosystem long after they've sunk. Decaying wreckages leach toxic chemicals like petroleum products and PCBs that remain in the water harming or destroying sea life and potentially enter the food chain, eventually getting ingested by humans. Sometimes dead watercraft foster the growth of new sea life that threatens the pre-existing local ecosystem. On Palmyra Atoll, 1,000 miles south of Hawaii, a population explosion of corallimorph, an aggressive creature similar to anemones and coral, killed almost all the coral growing around a long-line fishing vessel that sank in 1991, according...

Author: /time Magazine | Title: America's Underwater Junkyard | 9/30/2008 | See Source »

...Pakistan's half-million-strong and nuclear-armed military. In the Bajaur tribal agency along the Afghan border and in the Swat Valley, it is locked in fierce and enervating operations against the Pakistan Taliban. At the same time, the army's relations with its sponsors in Washington have sunk to a fresh low after the ISI was accused of aiding Taliban militants, and the ensuing breakdown in communication between the U.S. and Pakistan saw a flurry of unauthorized American air strikes that targeted militants in the tribal areas. U.S. special operations forces also mounted their first known ground assault...

Author: /time Magazine | Title: A Shake-Up at the Top of Pakistan's Spy Agency | 9/30/2008 | See Source »

...McCain's dramatic promise to suspend his campaign until the crisis is resolved in Congress was on one level a heady attention-grabbing move, but it could also be viewed as a gamble in the face of political necessity. His poll ratings have sunk noticeably in recent days, as voters leaned toward the Democrats in a time of economic worry. The suspension was designed in part to commandeer an issue that has belonged to Obama and to try and show above-the-fray bipartisan leadership of the kind independent voters appreciate...

Author: /time Magazine | Title: When Presidential Politics Meets a Financial Crisis | 9/25/2008 | See Source »

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