As Money Dries Up, So Does Architecture

China developing reputation as architectural showcase

(NEWSER) - The new Terminal 3 at Beijing airport—the largest building in the world—is not only the gateway for visitors streaming into the Chinese capital for this summer's Olympics. It's also the capstone for an unprecedented building program that has transformed Beijing into a world-scale architectural showcase. The New York Times looks at how China is translating its rapid growth and political ambition into such projects—and hoping the world notices. More»

Slumping profits are 'payback' from Main Street whipped by bad practices

(NEWSER) - Those concerned about the nation’s banks should forget about the “softly, softly policy” of the Obama administration that has allowed Goldman Sachs to go back to business as usual in spectacular fashion. The real problem, Paul Krugman writes, is banks like Citi and Bank of America that are still floundering despite taxpayer largess. And the calculus remains the same: “Heads they win, tails the rest of us lose.” More»

One traditional, one progressive, they reaffirm the Big D's vibrancy

(NEWSER) - Dallas has several museums and concert halls that would be the envy of any city, but until now they've seemed more like standalone monuments than elements of a city center. Two new venues opening this Sunday have transformed downtown, "giving the area the cultural stature Dallas has long been craving," says New York Times critic Nicolai Ouroussoff. The new institutions are in diametrically opposed styles: one is a traditional opera house by Norman Foster, the other an avant-garde theater begun—but not finished—by Rem Koolhaas. More»

(NEWSER) - Ben Bernanke patted himself on the back today for helping to save the world from a complete economic meltdown, MarketWatch reports. Facing public outrage and the prospect of President Obama dumping him in 6 months, the Fed chair said at a retreat in Wyoming that the world’s central banks “responded with speed and force" to "a rapidly deteriorating and dangerous situation." More»

(NEWSER) - US tax revenue is set to shrink 18% from last fiscal year to the current one, ending in October—the largest falloff since 1932, the AP reports. Individual income-tax receipts are off 22%, and corporate revenues have sunk an astounding 57%. “Our tax system is already inadequate to support the promises our government has made,” one analyst says. “This just adds to the problem.” More»