"Stocks suffered their worst one-day fall in nearly a year on Tuesday as new figures suggested the U.S. might already be in a recession and other leading economies rebuffed U.S. calls for a global economic stimulus package," The Financial Times reports.
BHP Billiton has raised its bid for the world's largest mining firm—Rio Tinto—to $147 billion. Analysts think it is a response to the $13 billion stake Chinese state-owned Chinalco recently bought in the mining company.
Wall Street Journal columnist Holman W. Jenkins Jr. examines the implications of Microsoft's acquisition of Google and Chinalco's move to purchase 9 percent of the Rio Tinto mining company. Chinalco is a Chinese state-owned aluminum company.
Forbes writer Liz Moyer wonders why "six years after the lessons of Enron and a decade after Long-Term Capital collapsed, regulators still can't seem to blunt the damage complex securities can have on financial markets."
Sen. Hillary Clinton appears to have a slight edge over Sen. Barack Obama. Clinton won a number of important states including California and New York, but Obama actually won more states. The final delegate tally—there were 1,678 pledged delegates at stake—has yet to be determined.
The Balkanization blog calculated Tuesday that the Democratic nomination will have to be decided by unelected superdelegates. To win a clear majority without the superdelegates will require more than a two-thirds majority of the vote in the coming primaries, which is "virtually inconceivable."
Loyola Law School Professor Richard L. Hasen explains why the caucus and primary rules are legal despite their violation of the "one person one vote" principle: "political parties are not government entities, they are private associations."
Appearing before the Senate Select Committee on Intelligence yesterday, CIA Director Michael V. Hayden admittedly publicly that his agency had used waterboarding on three al-Qaida suspects in 2002 and 2003.
"Italian President Giorgio Napolitano has dissolved parliament, paving the way for snap elections," the BBC reports. Italy's political crisis began after the resignation of Prime Minister Romano Prodi last month.
"Israeli aircraft struck on Wednesday against Gaza militants who bombarded Israeli border communities with rocket fire, vowing to keep up a military and economic siege on the territory until its Islamic Hamas rulers halt the violence," the International Herald Tribune reports.
As the writers strike wears on, Time magazine looks back at the Comedy Story strike of the 1970s. During that strike, two of late night's biggest names—Jay Leno and David Letterman—stood up against unfair pay practices.