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...dread looking at Wall Street tomorrow. It's not going to be a pleasant sight," Senate majority leader Harry Reid said with a twisted smile, both hands gripping the top of the lectern on the Senate floor late Thursday evening, before a compromise plan passed by the House on Wednesday went down to predictable defeat on the Senate floor by a vote of 52 to 35 (failing to meet the 60-vote threshold to cut off a filibuster). The last time Congress failed to pass a bailout plan that most had assumed was a done deal, the Dow Jones industrial...

Author: /time Magazine | Title: After Auto-Bailout Blowup, Will Bush Take the Wheel? | 12/12/2008 | See Source »

Shortly before dawn on Tuesday, Blagojevich was roused from bed by FBI agents and arrested on corruption charges. Jackson quickly posted a statement on his congressional website expressing outrage at the charges. On Wednesday, Jackson held a press conference in Washington, and appeared strained as he insisted that Dec. 8 was the first time he had met with Blagojevich in nearly four years. "I did not know the process has been corrupted. I did not know that credentials and qualifications and a record of service meant nothing," he said. He also asserted that he did not bribe the governor...

Author: /time Magazine | Title: Jesse Jackson Jr.: The Trouble with Being Candidate 5 | 12/11/2008 | See Source »

...than 50 lb. His most serious challenge, however, has been to establish a political identity for himself separate from his famous father. Earlier this year, he publicly criticized his father after the elder Jackson made a crude comment about Obama that was caught by a TV camera. Even during Wednesday's press conference, the younger Jackson tried to distinguish himself from his father, saying it was Obama who inspired him. "I got the idea that if a skinny kid with a funny name could be President of the United States, then a short kid with a somewhat controversial but certainly...

Author: /time Magazine | Title: Jesse Jackson Jr.: The Trouble with Being Candidate 5 | 12/11/2008 | See Source »

...Chinese leadership's annual work meeting on economic policy concluded Wednesday with a note of triumph. The country's steady growth has "demonstrated the overall national strength China had built over the past three decades, proved the correctness of socialism with Chinese characteristics and justified the advantage of a socialist institution in pooling various forces to realize big feats," the state-run Xinhua news service declared. See Top 10 Best Business Deals...

Author: /time Magazine | Title: China's Exports Unexpectedly Fall | 12/11/2008 | See Source »

Already, demonstrations of solidarity for the Greek protesters have arisen across European capitals. "We are mobilizing. Solidarity manifestation with Greek insurgents," declared the alternative-media website Indymedia, announcing a Friday rally at Greece's embassy in London. Eleven protesters were arrested Wednesday during clashes in Madrid and Barcelona, while Danish police took 32 people into custody during violent protests in Copenhagen. The Greek consulate in New York City was also attacked...

Author: /time Magazine | Title: The Athens Riots: Fallout from the Financial Crisis? | 12/11/2008 | See Source »

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