Time zone setting is broken and has no effect

Time zone setting is broken and has no effect

Hello! I have another bug to report please.

In Options > Time Zone, I have my time set to (GMT -08:00) correctly. However, when I post, it gives a resulting time that's seven hours earlier, close to Greenwich Mean Time itself (!). For example, I post at 23:25, and the time shows up as 16:25 on my blog. I've done a little light testing, not extensive, but enough to confirm I can reproduce this.

Is this a known issue? Please chime in, Aravind, and thanx again for your help in advance!