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James Hamilton, a professor of economics at the University of California, San Diego, says he used to think that lower mortgage rates were responsible for rising home sales in the first half of this decade, and for that reason he projected home prices would rebound in 2007. He now says rising home sales were the result of deterioration of lending standards and not lower mortgage rates. "I was wrong. The real story with home sales has to do with the availability of credit," says Hamilton. "And credit is tight...
...thousand years, venice's fate has been inextricably tied to water: the city famous for its canals is even shaped like a fish, with an imposing tail bifurcating at the Isola di San Pietro. Over the centuries, the Venetians' empire-building navies gave them grandiose reason to stage an annual Marriage with the Sea--the doge on board a gilded galley flinging a ring into the lagoon in mythic matrimony. Last week, however, the sea wanted more than a ring: the Adriatic appeared to be reeling in all of Venice itself, grabbing at it with the worst floods La Serenissima...
...several days, wintry rains, pushy winds and high tides combined to inundate much of Venice's scarce solid ground. At one point, the sea level was more than five feet higher than normal; water sloshed into every part of the city. The Piazza San Marco was submerged, as were all embankments. Venice barely had time to haul out the wooden planks it sets up to help pedestrians navigate flooding. Sometimes only yellow do not cross tape separated pavement from canal...
...lease an electric car. Lingle hailed the plan as a major step in curbing emissions and rising energy costs. The state needs to do something; it spends nearly $7 billion each year on imported oil. Better Place is seeking similar deals in Israel, Australia, Denmark and the San Francisco area...
...address the problem, Forest Ethics, a San Francisco--based environmental group, has launched a national Do Not Mail campaign, modeled on the successful Do Not Call Registry. So far, 19 states have debated Do Not Mail proposals. But none has passed--and who knows if any ever will. Will Craven, a spokesman for Forest Ethics, says that's partly because marketers pour millions of dollars--and lobbying savvy--into manipulating our mail: "We now have a runaway supply of junk in the face of shrinking and even resentful demand." (See TIME's special report on the environment...