John Kenneth Galbraith, one of the most famous practitioners of the high-minded guessing game known as economics, once noted that in the dismal science, “the majority is always wrong.” How else to explain the fact that so many economists upgraded their growth forecasts for the American economy at the end of last year, often to well above 3%, when the numbers so far this year have come in below 2%? The plunge is due to many things, from higher food and oil prices to supply-chain disruptions in the wake of the Japanese nuclear disaster to a terrible housing market.
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Aldi: A Grocer for the Recession
Boehner’s Choice: Brace for a Government Shutdown, or Cross the Tea Party
Hulk Hogan says he considered suicide after breakup
Will the Stock-Market Recovery Continue?
Jovetic double sees Fiorentina sink Liverpool
Liverpool’s Champions League hopes took a blow as teenage Montenegro international Stevan Jovetic scored both goals to give Italian side Fiorentina a deserved 2-0 Group E victory. It was Liverpool’s first away defeat in Europe since the semifinal loss at Chelsea in April 2008, and only their ninth away reverse in 38 attempts under manager Rafael Benitez
Sources: 4 killed in missile strike in Pakistani tribal area
Shark rides train, ends up dead in Miami street
Some ignore law to prevent pools from being child deathtraps
Cricket: Australia facing defeat at Lord’s
England were heading for victory in the second Ashes Test at Lord’s after reducing Australia to 178 for five wickets at tea on the fourth day. The 2007 Tour de France winner launched a devastating attack on the slopes of the final ascent of the day, leaving his rivals standing to finally cross the line 43 seconds ahead of Luxembourg’s Andy Schleck, with Italian Vincenzo Nibali third another 20 seconds behind. The Spaniard’s success moves him one minute 37 seconds ahead of Astana teammate Lance Armstrong, after the American seven-time champion was left behind by Contador’s attack – eventually finishing down in ninth position