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...would be required to break out all the fees, interest and other charges customers paid over the past 12 months. That information would come on a person's statement as well as electronically for easier comparison shopping. "By knowing their precise usage and fee payments, customers would get a better sense of what they are paying for," write Thaler and Sunstein. Ostensibly, people would then spend more reasonably. When a new sofa goes from costing $500 to $700 - and the pricing is transparent enough for people to realize that - fewer...

Author: /time Magazine | Title: The Real Problem with Credit Cards: The Cardholders | 5/12/2009 | See Source »

...Administration may find that it would be better off to hold its tongue about the rate at which the deficit is growing. It is still forecasting that GDP will only drop 1.2% in 2009. That number is clearly improbable which should shake whatever confidence the taxpayers have in the forecast. Anyone watching the process of budget revision as the bottom line gets progressively worse understands that a $2 trillion deficit for the year is possible, and perhaps likely...

Author: /time Magazine | Title: Forgiving a Mistake in the Federal Budget | 5/12/2009 | See Source »

...global warming; Congress exempted its existing plants from any consequences in the 2007 law requiring the stress tests. At her May 5 news conference with Energy Secretary Steven Chu and Agriculture Secretary Tom Vilsack, Jackson suggested this was a good thing, because corn ethanol is an "important bridge" to better biofuels. The Administration also announced that it plans to push the auto industry to make flex-fuel vehicles that run on 85% ethanol blends - and since ethanol plants have been slammed by a combination of high corn prices, the rise of cleaner technologies and the lousy economy, Washington will help...

Author: /time Magazine | Title: Stress-Testing Biofuels: How the Game Was Rigged | 5/12/2009 | See Source »

...also studied a 100-year time horizon, which makes the numbers look a bit better for corn and soy, but makes no sense: Who knows if we're going to use biofuels or gas or even automobiles for the next 100 years? Scientists believe we need to reduce our emissions 80% by 2050 to avoid catastrophe; the notion that we should tear down our rain forests and peatlands today in the hope that our cars will burn a bit cleaner a century from now is political analysis, not environmental analysis. "That's something we'll have to take into account...

Author: /time Magazine | Title: Stress-Testing Biofuels: How the Game Was Rigged | 5/12/2009 | See Source »

...toothpicks were used at the same points involved in the standard acupuncture treatment - that is, practitioners were not pricking their patients at random. A year after the treatments, all of the acupuncture patients reported an average 63% improvement in pain relief, while half of the untreated patients reported feeling better. "Everyone agrees that acupuncture is having some physiological effect. But we still don't understand how it might be working," says Nahin...

Author: /time Magazine | Title: Acupuncture for Bad Backs: Even Sham Therapy Works | 5/12/2009 | See Source »

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