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...Japan learned a similar lesson during the economy's Lost Decade after a stocks-and-real-estate bubble burst in the early 1990s. In a pathetic attempt to avoid losses, Japanese banks kept pumping fresh funds into debt-ridden, unprofitable firms to keep them afloat. These companies came to be known as zombie firms - they appeared to be living but were actually dead, too burdened by debt to do much more than live off further handouts. One economist called Japan a "loser's paradise." The classic zombie was retail chain Daiei, which limped along for years, crushed by debt...

Author: /time Magazine | Title: Why Detroit Is Not Too Big to Fail | 12/19/2008 | See Source »

...Whether he's loved by the environmental community or not, what's certain is that Salazar has an enormously difficult job in front of him. The Interior Department - historically one of the more scandal-ridden of the federal government - is a disaster. The Bush Administration stuffed the department with former industry lobbyists who kowtowed to miners and loggers, eviscerated environmental protections like the Endangered Species Act and actively ignored recommendations by the department's scientists. Worse, the Mineral Management Service (MMS) - a branch of Interior that collects royalties from energy industry work on federal lands - was hit this year with...

Author: /time Magazine | Title: Salazar at Interior: For Greens, Not a Dream Choice | 12/18/2008 | See Source »

...with Mazza’s graduation, Luft has finally come into his own, anchoring an injury-ridden wideout corps of young, inexperienced players...

Author: By Dixon McPhillips, CRIMSON STAFF WRITER | Title: THE GAME '08: Stepping Out of the Shadow | 11/20/2008 | See Source »

...table: an International Center for Conflict Transformation (ICCT) to be partly housed inside the remaining prison hospital, where Sands and other hunger strikers died. The project's backers say the ICCT, with conference suites and an interpretive center, could act as a peace-making laboratory for visitors from conflict-ridden nations...

Author: /time Magazine | Title: Site of IRA Hunger Strike Haunts Northern Ireland | 11/11/2008 | See Source »

...break my heart. I haven't ridden a motorcycle in 10 years. If I had a bike now, I would take my little girls riding. But I've just been doing other things...

Author: /time Magazine | Title: Q&A with Investing Legend Jim Rogers | 10/31/2008 | See Source »

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