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...course, critics are right that the program will probably drive up the price of used cars for poor people who need them and will have only a marginal effect on the long-term prospects of the auto industry. Subsidies don't so much increase demand as kidnap it, inspire people to take the money they were saving for a new fridge and apply it to a pickup instead. As for the environmental benefit, the new fleet will save about 160 million gal. of gasoline a year--which sounds awfully good, except that we use 378 million...

Author: /time Magazine | Title: Cash for Clunkers: The Bribery Stimulus | 8/27/2009 | See Source »

...sexual experiences you had with Madoff. The unflattering physical comments you made about him have drawn quite a bit of attention. Why did you decide to focus on that? In the months following the scandal breaking, I got a lot of questions about what made Bernie tick. [His alleged poor endowment] was an issue for Bernie. I started doing some research, and it can impact the psyche from a very early age. I really did feel that this was a part of Bernie's makeup, a big part of his psyche...

Author: /time Magazine | Title: Bernie Madoff's Mistress Speaks | 8/26/2009 | See Source »

...tenure--from calling for peace in Northern Ireland to voting against the authorization of the war in Iraq--he was most passionate about setting domestic social policy. Despite being born into a family often referred to as the closest thing to American royalty, Kennedy focused on helping the poor and disenfranchised through many of the 300-plus successful bills he sponsored during his tenure in the Senate...

Author: By Lauren D. Kiel, CRIMSON STAFF WRITER | Title: Mass. Senator Ted Kennedy Dies at 77 | 8/26/2009 | See Source »

...city, which would limit competition." But even if it doesn't pass, the effort reflects the impatience many communities have with the banks they believe helped lure them into the housing horror. And it echoes the Obama Administration's exasperation. Treasury Secretary Timothy Geithner recently chided banks for their poor loan-modification performance: so far only 9% of the 3 million-plus at-risk mortgagees have received relief, like rate or principal reductions to reduce monthly payments, despite the federal Making Home Affordable Program. This year MHA made $75 billion available to the nation's 38 major home lenders...

Author: /time Magazine | Title: How One City May Punish Banks for Foreclosures | 8/25/2009 | See Source »

...rainfall that seeps through the layers of soil and rock. A recent explosion of khat cultivation has drawn water levels down to the point where they are no longer being replenished. The option of pumping desalinated water over long pipelines from coastal plants is too expensive for such a poor country. Yemen is in real danger of becoming the world's first country to run out of water...

Author: /time Magazine | Title: Is Yemen Chewing Itself to Death? | 8/25/2009 | See Source »

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