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...defense, the Prime Minister had little option but to take on Northern Rock, which was caught short of cash after the money markets it depended on for funds froze over last fall. There were two private bids - one from Richard Branson's Virgin Group, another from the bank's own management. But the Treasury's statements indicated that they fell short of offering enough in return for the $100 billion in loans and guarantees made to Northern Rock by taxpayers. Goldman Sachs, the investment bank advising the government on its handling of the company, didn't disagree...

Author: /time Magazine | Title: Will Northern Rock Sink Brown? | 2/18/2008 | See Source »

...worse for the climate than the fossil fuels they're meant to supplement. According to researchers at Princeton University and the Nature Conservancy, almost all the biofuels used today cause more greenhouse gas emissions than conventional fuels, if the full environmental cost of producing them is factored in. As virgin land is converted for growing biofuels, carbon dioxide is released into the atmosphere; at the same time, biofuel crops themselves are much less effective at absorbing carbon than the natural forests or grasslands they may be replacing. "When land is converted from natural ecosystems it releases carbon," says Joseph Fargione...

Author: /time Magazine | Title: The Trouble With Biofuels | 2/14/2008 | See Source »

Worse, as demand for biofuels go up - the European Union alone targets 5.75% of all its transport fuel to come from biofuel by the end of the year - the price of crops rises. That in turn encourages farmers to clear virgin land and plant more crops, releasing even more carbon in a vicious cycle. For instance, as the U.S. uses more biodiesel, much of which is made from soybeans or palm oil, farmers in Brazil or Indonesia will clear more land to raise soybeans to replace those used for fuel. "When we ask the world's farmers to feed...

Author: /time Magazine | Title: The Trouble With Biofuels | 2/14/2008 | See Source »

...Apatow movie like The 40 Year-Old Virgin or Knocked Up would labor under another handicap: it's designed to make people laugh. The top Oscar has gone to a handful of comedies (including It Happened One Night and Annie Hall), but generally the Academy prefers to be edified. The year of Citizen Kane, 1941, was also the year of Preston Sturges' The Lady Eve, today regarded as one of the great American comedies, with Stanwyck and Henry Fonda brilliant as a cardsharp predator and her millionaire prey. None of them got even a nomination for this supreme farce...

Author: /time Magazine | Title: The 800-lb. Golden Gorilla | 2/14/2008 | See Source »

...Perhaps they have a case. Edward Dahlberg once observed that “What men most desire is a virgin who is a whore.” Harvard men seem to want a genius who is a moron. While Harvard women spent their high school careers trying not to intimidate too many men with their intellects, Harvard men spent theirs making women swoon with their massive, girthy arrays of knowledge. Arriving at Harvard demanded adjustment. For if Harvard men are not intimidated by Harvard women’s intellects, Harvard women are not excessively impressed by the intellects of Harvard...

Author: By Alexandra A. Petri | Title: Vagina Monologue | 2/14/2008 | See Source »

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