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Financial panics--short-term, acute market upheavals that often coincide with long-term recessions--were common as the U.S. economy developed. There was the Panic of 1857 (prompted by railroad-bond defaults), the Panic of 1873 (sparked by a stock crash in Vienna) and the Panic of 1907, which started when shaky New York City banks quit lending. We learned a lot from those scares--the U.S. Federal Reserve was created in the wake of the 1907 Panic--and some believed we were too smart to panic again...

Author: /time Magazine | Title: The Moment | 10/9/2008 | See Source »

...with the Bush Administration and weathered protests stemming from his negotiations with Tehran, and he has been chided for wavering when forced to confront intractable leaders. But it's been a decorated run as well: in 2005, ElBaradei and the IAEA were jointly awarded the Nobel Peace Prize. The Vienna-based agency kicks off its 52nd General Conference on Sept...

Author: /time Magazine | Title: Nuclear Watchdog Mohamed ElBaradei | 9/29/2008 | See Source »

...like a dream for us," the perpetually tanned Haider told reporters in Klagenfurt, where he serves as governor of the province of Carinthia. In 1999, he led the Freedom Party to 27% of the vote, and when he was invited into government, the European Union imposed controversial sanctions on Vienna...

Author: /time Magazine | Title: Far Right Surges in Austrian Vote | 9/29/2008 | See Source »

...Kleine Zeitung columnist Hubert Patterer called the election an "outpouring of fury against the political class." In an unsigned editorial, the Vienna daily Die Presse argued against a simplistic reading of the result. "To conclude that close to 30% of all Austrians have suddenly ideologically moved to the right is certainly a false assumption," writes. "The reasons for the comet-like rise of the right lies, rather, in the behavior of the long-established people's parties. And this indeed poses a threat for the freedom of opinion and ideas in Austria...

Author: /time Magazine | Title: Far Right Surges in Austrian Vote | 9/29/2008 | See Source »

...nowhere" and discrepancies in her assertions on the investigation into abuse of power during her tenure as governor; her campaign's unprecedented demand for "deference" from a free press before answering questions - all paint a portrait of a woman who believes she has it all figured out. Scott Kenyon, Vienna...

Author: /time Magazine | Title: Inbox | 9/24/2008 | See Source »

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