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Stocks Slump as Investors Run to Safety
By VIKAS BAJAJ
The financial crisis entered a potentially dangerous new phase as investors worldwide frantically moved their money into the safest investments, like Treasury bills.
As Fears Grow, Wall St. Titans See Shares Fall
By BEN WHITE and ERIC DASH
Morgan Stanley and Goldman Sachs were considered to be in a separate class from weaker banks like Bear Stearns and Lehman Brothers that saw themselves evaporate.
Abroad, Bailout Is Seen as a Free Market Detour
By NELSON D. SCHWARTZ
In rescuing A.I.G., Washington has likely undercut future efforts to promote free market policies abroad.
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| QUOTATION OF THE DAY |
"This is unique, and the Fed has never done something like this before. If you go all the way back to 1921, when farms were failing and Congress was leaning on the Fed to bail them out, the Fed always said, 'It's not our business.'"
ALLAN MELTZER, a professor of economics at Carnegie-Mellon, on the expanding role of the Federal Reserve.
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| WORLD |
Worried Parents in China Wait for Answers on Tainted Formula
By JIM YARDLEY
China's health minister reported Wednesday that more than 1,300 infants had been hospitalized after being fed contaminated baby formula.
10 Are Killed in Bombings at Embassy in Yemen
By ROBERT F. WORTH
It was the deadliest and most ambitious attack in years in Yemen, a country where militants aligned with Al Qaeda have carried out a number of recent bombings.
Israel's Foreign Minister Prevails in Party Election
By ETHAN BRONNER
Tzipi Livni, Israel's foreign minister, will replace Prime Minister Ehud Olmert as leader of the Kadima party.
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| U.S. |
AMERICAN EXCEPTION
Supreme Court's Global Influence Is Waning
By ADAM LIPTAK
A diminishing number of foreign courts seem to pay attention to the writings of American justices.
Report Says Charities Would Be Lacking in a Big Disaster
By STEPHANIE STROM
The major charities that respond to disasters would be unable to address fully the need for food, shelter and other services after a catastrophic event.
Confusion Rules Road in and Out of Galveston
By ALAN FEUER and THAYER EVANS
Residents of Galveston, Tex., who are trying to return have found that parts of their city are still without power and sanitation problems loom.
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| WASHINGTON |
U.S. Steps Up Its Criminal Prosecution of Illegal Technology Exports to Iran
By ERIC LICHTBLAU
Iran has proven an aggressive suitor for American military goods to replace the aging fleet of jets and weapons supplied by the United States before the fall of the shah in 1979.
Congress Passes Bill With Protections for Disabled
By ROBERT PEAR
The bill expands protections for people with disabilities and overturns several recent Supreme Court decisions.
Administration Trying for Spy Satellites Again
By ERIC LIPTON
The Bush administration is trying to put a new set of government eyes in space through a $1.7 billion project whose goal is to have two new satellites in orbit by 2012.
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| BUSINESS |
Asia Stocks Take an Early Hit
By HEATHER TIMMONS
Markets in Asia dropped in early trading on Thursday, as fears of a global credit crunch drove investors to dump stocks and park cash in safe havens like gold and Treasuries.
A New Role for the Fed: Investor of Last Resort
By EDMUND L. ANDREWS
The mighty Federal Reserve is being stretched to its limits, both in the range of problems it is being asked to fix and in its financial firepower.
Federal Aid to Detroit Seems Likely
By DAVID M. HERSZENHORN
Support seemed to be growing quickly on Capitol Hill for $25 billion in loan guarantees to assist the auto industry.
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| TECHNOLOGY |
ADVERTISING
Echoing the Campaign of a Rival, Microsoft Aims to Redefine 'I'm a PC'
By STUART ELLIOTT
Microsoft's new advertising campaign is an audacious embrace of the disdainful label that Apple has gleefully affixed onto users of Microsoft products: "I'm a PC."
BITS
Google and G.E. Team Up on Energy Initiatives
By MIGUEL HELFT
Google and General Electric said they would team up on a technology and policy effort aimed at increasing the capacity and versatility of the power grid.
BITS
Google Chief Defends Yahoo Advertising Deal
By MIGUEL HELFT
Google C.E.O. Eric Schmidt said he will move forward with a controversial ad deal with Yahoo, despite questions raised by federal regulators.
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| SPORTS |
METS 9, NATIONALS 7
Mets Survive Another Parade of Pitchers
By BEN SHPIGEL
The Mets' victory against the Nationals was tangible evidence that they, a day after falling out of first place, are not in denial mode.
YANKEES 5, WHITE SOX 1
Hughes Leaves Early, but Yankees Finish the Job
By TYLER KEPNER
Fifteen times in the first two innings, the White Sox fouled off a two-strike pitch from Phil Hughes, who lasted only four innings and remains winless this season.
In Name of Fashion, Embracing a Trend
By JOHN BRANCH
A growing number of fashion-conscious N.F.L. and college football players — and countless kids who emulate them — wear their wristbands well above their elbows.
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| ARTS |
BOOKS OF THE TIMES
A Vision of Old Boston in All Its Angry Power
By JANET MASLIN
Dennis Lehane's historical novel of Boston in 1919 is a majestic, fiery epic that moves him far beyond the confines of the crime genre.
Know Dad's Turf Builder, You'll Win $250,000
By JACQUES STEINBERG
The new reality show "Opportunity Knocks," which has its premiere on ABC on Tuesday, turns quiet neighborhoods into flashy game-show sets and tests family members' knowledge of one another.
MUSIC
Take It Off, Brünnhilde: On Opera and Nudity
By ANTHONY TOMMASINI
Opera productions have increasingly showcased risk-taking and good-looking singers in bold, sexy and explicit productions.
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| NEW YORK/REGION |
Need a Party Livened Up? Try a Fire Eater or Two
By MATHEW R. WARREN
A new generation of performers is taking the circus arts to parties, concerts, clubs and in the streets and in parks.
City Reaches Deal on Shelter for Homeless
By LESLIE KAUFMAN and DAVID W. CHEN
New York City agreed to codify standards for how homeless families seeking shelter should be treated in exchange for freedom from long-running judicial oversight.
Convictions Reinstated in Mob Case
By BENJAMIN WEISER
A federal appeals court reinstated the racketeering convictions of two retired New York City detectives who helped to kill at least eight men in their role as mob assassins.
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| FASHION & STYLE |
You Just Can't Kill It
By CINTRA WILSON
Goth style endures, in high school and in high fashion, because alienation will always be chic.
SKIN DEEP
Ancient, but How Safe?
By ABBY ELLIN
The health industry has questions about metals like lead, mercury or arsenic being found in ayurvedic supplements.
LIFE'S WORK
When Children Leave
By LISA BELKIN
Empty nests impact the lives of parents who made career changes to accommodate child rearing.
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| EDITORIALS |
A Regional Crisis
Regional governments must prepare for the effects of the financial sector's implosion, which threatens to devastate tax revenues and increase the demand for aid.
Dealing With Mr. Mugabe
Until it is clear that the recent power-sharing agreement in Zimbabwe will produce real change, Washington and the European Union should not lift sanctions.
Two More Blockbusters Fall Short
Parents, psychiatrists and other physicians need to rethink whether newer antipsychotics should still be deemed the first line of treatment for most youngsters.
First a Bridge, Now a Road
Senator Harry Reid should make sure that American taxpayers don't spend a dime on Alaska's latest pork-barrel project to build a Road to Nowhere.
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| OP-ED |
The McCain of the Week
By GAIL COLLINS
At rally in Ohio, Senator John McCain morphed into a new persona — a raging populist. If he is going to keep changing into new people, he should send out notices.
OP-ED COLUMNIST
Need a Job? $17,000 an Hour. No Success Required.
By NICHOLAS D. KRISTOF
I'm delighted to announce that Richard Fuld, the longtime chief of Lehman Brothers, is winner of my annual award for corporate rapacity and poor corporate governance.
OP-ED COLUMNIST
The King Is Dead
By ROGER COHEN
Why do freshmen bursting to change the world morph into investment bankers? It's time for young minds to rediscover the public sphere.
For Wall Street, Greed Wasn't Good Enough
By PAUL WILMOTT
For investment banking to turn back into something useful, financial companies need to tie compensation to long- rather than short-term performance.
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| ON THIS DAY |
On Sept. 18, 1947, the National Security Act, which unified the Army, Navy and newly formed Air Force, went into effect. |
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