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Last week, Federal Reserve Chairman Ben Bernanke said the recession is probably over. But that hasn't halted the Treasury Department from continuing to dole out billions of dollars to financial firms. The latest installment came two weeks ago, when the Treasury sent nearly $75 million from the Troubled Asset Relief Program (TARP) to five banks. Community Bancshares of Mississippi was the largest recipient, getting $52 million in federal funds. All told, the government has spent nearly $5 billion in rescue funds in the past three months. Many of the recipients have been small banks. (See TIME's special report...
What's more, many of the banks getting money now appear to be in fine financial shape. U.S. Century Bank, for example, boosted its net interest earnings, a key measure of profitability for banks, nearly 20%, to $12.6 million, in the second quarter of this year. Yet in early August the government decided to send the bank $50.2 million in TARP funds. U.S. Century executives say they plan to use the money to increase lending and boost profits. "The banks that are getting the TARP money now really don't need it," says Steve Verdier, who heads government affairs...
...from one state to another - from tropical swamp to frozen ice age. Over the past 10,000 years, however, the climate has remained remarkably stable by historical standards: not too warm and not too cold, or Goldilocks weather. That stability has allowed Homo sapiens, numbering perhaps just a few million at the dawn of the Holocene, to thrive; farming has taken hold and civilizations have arisen. Without the Long Summer, that never would have been possible...
Regarding climate change, for instance, Rockstrom proposes an atmospheric-carbon-concentration limit of no more than 350 parts per million (p.p.m.) - meaning no more than 350 atoms of carbon for every million atoms of air. (Before the industrial age, levels were at 280 p.p.m.; currently they're at 387 p.p.m. and rising.) That, scientists believe, should be enough to keep global temperatures from rising more than 2°C above pre-industrial levels, which should be safely below a climatic tipping point that could lead to the wide-scale melting of polar ice sheets, swamping coastal cities. "Transgressing these boundaries...
...want to better understand how the climate works,” he wrote in an e-mailed statement to The Crimson. “For example, I’ve tried to figure out what caused the alternations between glacial and inter-glacial climates over the past several million years.” Applied Mathematics Professor Lakshminarayanan Mahadevan could not be reached for comment yesterday. According to Socolow, the key word is “creativity,” which the Foundation purposely chooses not to define. He disagrees with the nickname “genius award” because...