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...tidal wave of home refinancings that, on average, lowered homeowners' monthly payments by $100. Those who refinanced cashed out $100 billion of equity, says Frank Nothaft, chief economist at Freddie Mac. But, says Zurich Scudder's Allyn, the cash outs "are a little like eating your seed corn. It's not a long-term solution." Moreover, the refi boom is over, and many homeowners have larger mortgages and can no longer count on rapid appreciation to build equity. "I'm scratching my head over how we can accelerate much from here," says Allyn. Consumers are as tapped out as they...

Author: /time Magazine | Title: First, the Good News... | 3/18/2002 | See Source »

...Overthrow the Oppressive Patriarchy” badge and the “Tool of the Cookie-Selling Establishment” badge. I wear fleece. I own a Nalgene. With this background in ruggedness, 47 days in the wilderness with nothing but the clothes on my back, a ration of corn mush and the mocking smirks of the cameramen would surely be no problem...

Author: By Jonelle M. Lonergan, CRIMSON STAFF WRITER | Title: Outwit, Outplay, Outlast | 2/28/2002 | See Source »

...village in 1994, and its inhabitants now survive through tourism and farming. The crisp mountain climate is ideal for growing choice-grade oolong tea, and dozens of Chinese teahouses along the main road serve it up sweet and steaming. There are also strawberry, pear and corn plantations, not to mention a thriving industry in illicit firewater distilled from local fruit and grains...

Author: /time Magazine | Title: Forever China in a Corner of Thailand | 2/25/2002 | See Source »

Idea: Just once, switch the menus of breakfast and dinner. Hash browns and pancakes instead of Moroccan stew and tofu tiles. A pile of scrambled eggs and a hot waffle with coffee and orange juice instead of tasteless chuckwagon corn and a warm glass of Hi-C. All I can say is “Oh, baby...

Author: By K.s.m. Weaver, CRIMSON STAFF WRITER | Title: Rant! | 2/21/2002 | See Source »

...drugs. The farmland around leafland, a once commanding estate east of Lexington, used to provide a rich bounty to the Graves clan. Jacob Hughes, a Welshman, first planted in this part of Kentucky in the 1770s, but now his great-great-grandson, Jacob Hughes Graves III, 75, grows corn and tobacco only out of tradition. Although he earned his livelihood as a banker, Graves grew up working on the farm, and he always hoped his land might provide at least one of his nine children with an agricultural career...

Author: /time Magazine | Title: This Bud's Not For You | 2/18/2002 | See Source »

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