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...during economic downturns because of its pricing flexibility. As the economy slows and people start to become late on their payments, card companies can boost earnings through late fees and higher interest rates. Today, however, consumers are tapped out and defaults are ratcheting up. "With charge-offs rising so fast and beyond what was expected, the losses those cause will far surpass what companies were hoping to make up with by extra card fees and higher interest rates," says Nishikawa. Nonetheless, the industry keeps trying: on Thursday, embattled Citigroup announced that, in addition to 10,000 layoffs, it would impose...

Author: /time Magazine | Title: With Defaults Rising, Is a Credit-Card Crisis Looming? | 11/14/2008 | See Source »

...Fast food chains are notoriously cagey about telling consumers how their food gets from the field to the feedlot to the drive-thru window. Hope Jahren, a researcher at the University of Hawaii, believes consumers have a right to know how their food is made. She is the co-author of a new study that sampled almost 500 fast food items from McDonald's, Wendy's and Burger King and proved what many Americans may already suspect: On a chemical level, the vast majority of fast food meat derives from a single source: corn. She did this by following...

Author: /time Magazine | Title: Fast Food's Secret Ingredient: Corn | 11/14/2008 | See Source »

...this study? Was there a non-science motivation? Half the restaurants in this country are fast food restaurants and they do a hundred billion dollars worth of business a year. For less than $3, you can get a full day's supply of calories. If you go into one of those restaurants, you will see a constant stream of people all day long. This isn't a study about fast food. It's a study about a big portion of the American diet. I'd be glad to walk into many, many dinner times in many, many cities and sample...

Author: /time Magazine | Title: Fast Food's Secret Ingredient: Corn | 11/14/2008 | See Source »

...corn-based fast food unique to America? U.S. meat consumption is the highest in the world. It's one and a half times higher than the next country on the list, which is Germany. There's so much meat consumption going on in this country and that's another reason meat is worth questioning...

Author: /time Magazine | Title: Fast Food's Secret Ingredient: Corn | 11/14/2008 | See Source »

...study, you say you sampled more than 480 servings of fast food. Did you have research assistants at the drive-thru non-stop? These are people that work in my lab, professional scientists and students in cities where they happened to be, driving around to the restaurants, standing in line getting the food...

Author: /time Magazine | Title: Fast Food's Secret Ingredient: Corn | 11/14/2008 | See Source »

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