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Greenspan's successor at the Fed, the academic economist Ben Bernanke, was in a quandary. Should he worry about growth or inflation? Inflation was creeping up, and yet the combination of higher interest rates and higher fuel prices threatened to depress consumption. Bernanke's apparent indecision unnerved the financial markets. By the time the slide in real estate prices signaled the onset of a full-blown recession, the Fed was badly behind the curve...

Author: /time Magazine | Title: The Nation That Fell To Earth | 9/3/2006 | See Source »

...have any idea what costs will be involved because we don't know what the technology will be," says Tupper Hull of the Western States Petroleum Association. The emissions caps would require a 17 percent reduction in the state's refining capacity, he says, "a catastrophic loss of fuel supplies that could be very painful for consumers...

Author: /time Magazine | Title: Making Good on California's Global Warming Gambit | 9/1/2006 | See Source »

...more important is the ship itself. The shuttles have been pricey, lethal failures for a lot of reasons. They?re too complicated, too finicky, and they break too many rules of safe space travel. Until the shuttle, no human being had ever been launched into space with solid-fuel rockets - comparatively primitive motors that burn a sort of rubbery goo and can neither be throttled up and down nor shut off once they?re lit. The shuttle?s two external engines burn solid fuel, and it was one of those that destroyed the Challenger. Moreover, until the shuttle, the crew...

Author: /time Magazine | Title: The Right Builder for the Right Spacecraft at the Right Time | 9/1/2006 | See Source »

...Orion spacecraft, by contrast, is based on proven Apollo technology. It?s configured like a large Apollo: a conical crew compartment atop a cylindrical engine module. It will sit atop heavy-lift boosters that are modeled in part after the shuttle?s own liquid-fuel engines - far and away the best part of the old shuttle technology and the part most worth saving. Unlike Apollo, it will be stuffed with 21st century electronics and computers, and it will be cleverly reconfigurable, able to carry six astronauts into Earth orbit and four to the moon or Mars...

Author: /time Magazine | Title: The Right Builder for the Right Spacecraft at the Right Time | 9/1/2006 | See Source »

...vision for the University. As Harvard prepares to select its third leader in just two years, Ford likewise is entering a period of transition. The automaker announced this January that it would shed up to a quarter of its workforce and that it would shift production toward smaller, fuel-efficient cars. In his letter announcing his resignation from Ford’s board, Rubin wrote that his role as a director at financial conglomerate Citigroup Inc. might appear to clash with his duties at Ford as the automaker’s board undertakes an internal strategic review. Earlier this summer...

Author: By Daniel J. T. Schuker, CRIMSON STAFF WRITER | Title: Rubin Sheds One Board Post But Vows To Keep Another | 8/29/2006 | See Source »

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