design question: status table+log table, indexes, triggers

[postgresql-7.2, pgsql, linux]
Here's a schema-design problem I've hit a few times -- it seems
like there should be a better way:

I have a machine table (140 rows), currently very static:
machine(machine_name text NOT NULL, machine_id smallint NOT NULL,
area text NOT NULL, text text NOT NULL);

and a machine_log table (8400 rows), appended to ~4 times/hour:

machine_log(machine_name text,date timestamp, status text, usr text,
comment text);

This schema seemed logical at the outset, but the most common query is:
select m.machine_name, m.text, ml.status, ml.date
from machine m, machine_log ml
where m.machine_name=ml.machine_name and ml.date=(select max(date)from
machine_log where machine_name=ml.machine_name);

This takes ~25 seconds which is way too long for interactive status check.
The max(date) subselect kills me -- I've tried various indexes but to no avail.
It looks like I need to put status and date_changed columns into the
machine table, even though that info is implicit in the machine_log table.

Is there some other schema that I'm just not thinking of which neatly
stores some static info about each of a list of things as well as log
info of status changes of those things?

Or is there some index I could create on machine_log that would do the
above query fast?

Finally, I've never used triggers or rules -- what's the best way to
maintain the status and date_changed columns in "machine" automatically
when "machine_log" is appended to?

Thanks,
George
--
I cannot think why the whole bed of the ocean is
not one solid mass of oysters, so prolific they seem. Ah,
I am wandering! Strange how the brain controls the brain!
-- Sherlock Holmes in "The Dying Detective"