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...books and the liberal lending of the Celtic Tiger era came to an abrupt halt. To steady the ship, the government placed a blanket guarantee on deposits in six Irish banks last September. At the time, according to Finance Minister Brian Lenihan, it was "the cheapest bailout in the world." But that claim soon came back to haunt him. In December it emerged that Sean Fitzpatrick, the chairman of Anglo-Irish, the country's third biggest lender, had concealed from shareholders more than $100 million in personal loans by temporarily transferring the money to a building society. Amid public outcry...

Author: /time Magazine | Title: Irish Angry Over Big Bailout of the Country's Banks | 10/26/2009 | See Source »

...that the New York Post broke the news of Phillips' dalliances and the bizarre behavior of his 22-year-old mistress, the influential Deadspin fired a wild shot at one of the world's most powerful sports brands. Deadspin editor A.J. Daulerio, feeling that an ESPN communications source had misled him about the truth of the Phillips story over a month ago (a claim that ESPN fiercely denies), took it upon himself to air alleged dirty laundry about ESPN employees. "It's probably about time to just unload the inbox of all the sordid rumors we've received over...

Author: /time Magazine | Title: Did Deadspin Hit ESPN Below the Belt? | 10/26/2009 | See Source »

...increasing SO2 in the air deflects sunlight, which cools down the earth; when Mount Pinatubo in the Philippines exploded in 1992, for instance, the SO2 sent into the atmosphere created a brief global cooling spell. Levitt and Dubner advocate pursuing this geoengineering scheme, which could potentially avert a hotter world for pennies on the dollar, compared with the long-term work of shifting to a low-carbon economy. (See pictures of the effects of global warming...

Author: /time Magazine | Title: Are the Freakonomics Folks Off Base on Global Warming? | 10/26/2009 | See Source »

...without risking sudden, disastrous warming due to unchecked CO2 emissions. Then, what was meant to be a quick, cheap fix would turn out to be a trap. And while Levitt and Dubner say the fix is appealing at least in part because it's politically impossible to imagine the world agreeing on a common carbon cap - pointing to the problems with the Kyoto Protocol - in reality, the geopolitics of geoengineering are even tougher. Would the world stand idly by if China unilaterally decided to begin geoengineering our collective climate? What if the U.S. did? And even if we did allow...

Author: /time Magazine | Title: Are the Freakonomics Folks Off Base on Global Warming? | 10/26/2009 | See Source »

...appeared shirtless and on horseback) and its khoomei, or throat singing. In characteristically paranoid fashion, the Soviets regarded khoomei as subversive, and spent 50 years attempting to suppress it, but this ancient folk music proved considerably more resilient than the U.S.S.R. and thrives today - a favorite on the world-music festival circuit and on the CD players of fashionable, Eastern spas...

Author: /time Magazine | Title: Steppe It Up | 10/26/2009 | See Source »

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