Now the real test begins for Obama

Will President Barack Obama be a modern-day Franklin D Roosevelt, who pulled the US back up over the economic precipice, or will he be a disastrous copy of his predecessor, Herbert Hoover?

Stephen King: Sometimes the economic beauty contest gets us into an ugly mess

Given Alan Greenspan's dose of the doubts last week, at what level should we trust markets? The strongest defence is, surely, the idea that markets provide the best single way of allocating the world's scarce resources. Unfettered capitalism, on this view, is desirable because it potentially makes all of us better off.

Greenspan says crisis left him in 'shocked disbelief'

Alan Greenspan, the formerchairman of the US Federal Reserve, has dramatically repudiated large parts of his laissez-faire ideology and joined the chorus of voices saying that the credit crisis reveals a need for more regulation of the finance industry.

Jeremy Warner: Greenspan admits to 'flaw' in his free market thinking

Outlook Alan Greenspan, quoting Keynes, insists that when the facts change, he changes his mind. It wasn't exactly a mea culpa we had from the former Federal Reserve chairman in Congressional testimony yesterday, but it was about as close as we are likely to get to it.

Masters of the universe but not of their own destiny

They used to be the masters of the universe. Now they are not even masters of their own destiny.

Up is down: The credit crunch quiz

David Randall sets the questions on the new through-the-looking-glass economic orthodoxy (answers at the bottom of the page)

Paulson hedge fund now looks to buy banks

The man who made a personal $3.7bn (£1.85bn) fortune by predicting the credit crisis is hoping to make another killing by helping to prop up financial companies brought to the brink of ruin by the chaos in the debt markets.

Pearson set for record sales in education unit despite US fears

Pearson, the publisher that owns the Financial Times as well as Penguin books, has soothed fears that the company's exposure to the US education market could inhibit its growth prospects in the year ahead arguing that it is confident that it can sustain its progress in 2008.

Hedge fund employs Greenspan as adviser

The hedge fund that has profited most from the bursting of the US housing bubble has hired the man widely blamed for inflating it in the first place: former Federal Reserve chairman Alan Greenspan.

Danny Gabay: When the Fed stops its neutral talking, we'll know the squeeze is about to be applied

Once upon a time, Alan Greenspan, the Federal Reserve chairman, revelled in his ability to leave his audience none the wiser as to what he had just said. He famously once told Congress: "I guess I should warn you, if I turn out to be particularly clear, you've probably misunderstood what I've said."

Greenspan warns of further US rate rises

Alan Greenspan, the Federal Reserve chairman, signalled yesterday that US short-term interest rates would continue to rise. He also issued his sternest warning yet on the need for the Bush administration to reduce the country's massive trade and budget deficits.

Greenspan's Delphic message on US deficit

ALAN GREENSPAN, chairman of the Federal Reserve, is a man who once said, famously, "I guess I should warn you, if I turn out to be particularly clear, you've probably misunderstood what I've said." On Friday, Mr Greenspan was back to his Delphic best. Presenting to the Advancing Enterprise conference in London, he decided to focus on the balance of payments or, more specifically, current accounts within the balance of payments.
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The Banksy image in Folkestone before it was vandalised
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Sales of the tablet are set to fall again, say analysts

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Brian Harvey turned up at Downing Street today demanding to speak to the Prime Minister
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Met Police confirm there was a 'minor disturbance' and no-one was arrested

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George Lucas poses with a group of Star Wars-inspired Disney characters at Disney's Hollywood Studios in 2010
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George Lucas criticises the major Hollywood film studios

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Chris Grayling, Justice Secretary: 'There are pressures which we are facing but there is not a crisis'
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Does Chris Grayling realise what a vague concept he is dealing with?

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A street vendor in Mexico City sells Dorilocos, which are topped with carrot, jimaca, cucumber, peanuts, pork rinds, spices and hot sauce
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Trend which requires crisps, a fork and a strong stomach is sweeping Mexico's streets

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Blackpool is expected to become one of the first places to introduce the Government’s controversial new Public Space Protection Orders (PSPOs)
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Concerns raised phenomenon is threatening resort's image as a family destination

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I Am Bread could actually be a challenging and nuanced title

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Nigel Farage has backed DJ Mike Read's new Ukip song
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Oscar Pistorius sentencing: The athlete's wealth and notoriety have provoked a long overdue debate on South African prisons

'They poured water on, then electrified me...'

If Oscar Pistorius is sent to jail, his experience will not be that of other inmates
James Wharton: The former Guard now fighting discrimination against gay soldiers

The former Guard now fighting discrimination against gay soldiers

Life after the Army has brought new battles for the LGBT activist James Wharton
Ebola in the US: Panic over the virus threatens to infect President Obama's midterms

Panic over Ebola threatens to infect the midterms

Just one person has died, yet November's elections may be affected by what Republicans call 'Obama's Katrina', says Rupert Cornwell
Premier League coaches join the RSC to swap the tricks of their trades

Darling, you were fabulous! But offside...

Premier League coaches are joining the RSC to learn acting skills, and in turn they will teach its actors to play football. Nick Clark finds out why
How to dress with authority: Kirsty Wark and Camila Batmanghelidjh discuss the changing role of fashion in women's workwear

How to dress with authority

Kirsty Wark and Camila Batmanghelidjh discuss the changing role of fashion in women's workwear
New book on Joy Division's Ian Curtis sheds new light on the life of the late singer

New book on Ian Curtis sheds fresh light on the life of the late singer

'Joy Division were making art... Ian was for real' says author Jon Savage
Sean Harris: A rare interview with British acting's secret weapon

Sean Harris: A rare interview with British acting's secret weapon

The Bafta-winner talks Hollywood, being branded a psycho, and how Barbra Streisand is his true inspiration
Tim Minchin, interview: The musician, comedian and world's favourite ginger is on scorching form

Tim Minchin interview

For a no-holds-barred comedian who is scathing about woolly thinking and oppressive religiosity, he is surprisingly gentle in person
Boris Johnson's boozing won't win the puritan vote

Boris's boozing won't win the puritan vote

Many of us Brits still disapprove of conspicuous consumption – it's the way we were raised, says DJ Taylor
Ash frontman Tim Wheeler reveals how he came to terms with his father's dementia

Tim Wheeler: Alzheimer's, memories and my dad

Wheeler's dad suffered from Alzheimer's for three years. When he died, there was only one way the Ash frontman knew how to respond: with a heartfelt solo album
Hugh Bonneville & Peter James: 'Peter loves his classic cars; I've always pootled along fine with a Mini Metro. I think I lack his panache'

How We Met: Hugh Bonneville & Peter James

'Peter loves his classic cars; I've always pootled along fine with a Mini Metro. I think I lack his panache'
Bill Granger recipes: Our chef's heavenly crab dishes don't need hours of preparation

Bill Granger's heavenly crab recipes

Scared off by the strain of shelling a crab? Let a fishmonger do the hard work so you can focus on getting the flavours right
Radamel Falcao: How faith and love drive the Colombian to glory

Radamel Falcao: How faith and love drive the Colombian to glory

After a remarkable conversion from reckless defender to prolific striker, Monaco's ace says he wants to make his loan deal at Old Trafford permanent
Terry Venables: Premier League managers must not be allowed to dictate who plays and who does not play for England

Terry Venables column

Premier League managers must not be allowed to dictate who plays and who does not play for England
The Inside Word: Brendan Rodgers looks to the future while Roy Hodgson is ghost of seasons past

Michael Calvin's Inside Word

Brendan Rodgers looks to the future while Roy Hodgson is ghost of seasons past