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Warren Buffett, the legendary American investor, likes to say that it's only when the tide goes out that you find out who's been swimming naked. In the long-sheltered world of European banking, the tide has gone out very fast in the past few days - and it's exposing some stark truths: a worrying number of banks are overstretched or have taken outsized risks, and the system of banking regulation that is supposed to watch over them is too narrowly focused for comfort...

Author: /time Magazine | Title: Europe's Bank Scare | 10/2/2008 | See Source »

...Bradman the cricketer - quite a feat considering The Don's record, which marks him as easily the best ever. Fingleton claimed that in a lead-up match to the Bodyline series of 1932-33, Bradman, suspecting he was to be the target of short-pitched bowling from England's fast men, beseeched the rookie Fingleton to shelter him when the pair were batting together. "These blighters are after me," Bradman is alleged to have said. "They intend to bowl at my head. Will you take [Gubby] Allen for me?" Bradman always denied saying any such thing, but Fingleton would cite...

Author: /time Magazine | Title: Knocking Down The Don | 10/2/2008 | See Source »

...Paulson and Bernanke have been specific only behind closed doors. On Sept. 18, they warned congressional leaders what inaction would bring: a stock-market crash, sky-high unemployment, Americans unable to get car loans, banks failing so fast that they would quickly drain the federal deposit insurance fund and people's life savings...

Author: /time Magazine | Title: Why Aren't Americans Buying the Bailout? | 10/1/2008 | See Source »

...Hoping for a fast start, NASA's bosses didn't try to build labs, staff and launch sites from scratch. Rather, they went around the country cherry-picking military and academic institutions that were already doing the right kind of work and inviting them to join the new group. They went to Pasadena, where the California Institute of Technology operated its little-known Jet Propulsion Laboratory (JPL), and extended an invitation there. They made the same offer up the coast at Moffett Field, Calif., where the military operated its Ames Research Center, and also gathered up the government's missile...

Author: /time Magazine | Title: NASA at 50 | 9/30/2008 | See Source »

...journal PLoS One by Thierry Work, a wildlife-disease specialist at the U.S. Geological Survey, and his colleagues. The corallimorph were probably attracted to the leaching iron, a valuable nutrient in the sea, says Work. Since the organism, which sparsely populates other parts of the reef, grows fast, is aggressive and reproduces in three different ways, it outcompeted other marine life on the reef. "It's a carpet of living animals that destroyed all the other organisms underneath," said Work. "We were able to show man-made structures were responsible for the growth of these organisms...

Author: /time Magazine | Title: America's Underwater Junkyard | 9/30/2008 | See Source »

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