Word: beas
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...official: the economy really is in free fall. When the bean counters at the Commerce Department's Bureau of Economic Analysis (BEA) came out a month ago with their first estimate of how fast the economy shrank in the fourth quarter, economists and investors were surprised that it was at a mere 3.8% annual rate. Now, after some of the updates and revisions that are a standard part of the process of estimating gross domestic product (GDP), the number is a far more dramatic...
...historical? The -6.2% figure represents the worst quarter for economic growth in the U.S. since 1982, when the economy shrank at a 6.4% annual rate. And the BEA - which said new data on exports, consumer spending and inventories were the main causes of the dramatic change in its estimate - isn't done revising: there will be one last estimate of fourth-quarter GDP on March 26, then what are called benchmark revisions a couple of years down the road. The revision trend is clearly downward, and the 1982 mark is likely to be overtaken...
...After that, the two worst quarters for GDP growth since the BEA began keeping track of quarterly numbers in 1947 have been -7.8%, in the second quarter of 1980, and -10.4%, in the first quarter of 1958. But those were both temporary setbacks engineered by the Federal Reserve to crack down on inflation, and growth resumed soon afterward. All indications so far this year are that the downturn has continued and possibly worsened...
DIED For decades, Estelle Getty's career floundered as she struggled to land the role that could catapult her to stardom. By snagging the part of Sophia Petrillo, the octogenarian mother of Bea Arthur's character on The Golden Girls, Getty caught her break. Though she was almost rejected for being too young, Getty infused the motormouthed Sophia with energy and biting wit, earning an Emmy during the show's seven-year run. Getty later capitalized on her popularity by playing the big-screen mother of stars like Cher and Sylvester Stallone...
...restaurants and shops have made Leith "a lot busier" in recent years, says Bea Taylor, proprietor of quirky boutique Flux, www.get2flux.co.uk. Green shoppers will like her selection of Fair Trade jewelry, goods fashioned from recycled materials and handmade British crafts. Over at Georgian Antiques, www.georgianantiques.net, visitors can browse a 50,000-sq.-ft. (460 sq m) space - one of the largest antiques stores in Scotland - and pick up everything from a 19th century mahogany chiffonier to an early 20th century hall lantern with beveled glass. More modern but equally pricey artifacts are on display at Leith Gallery, www.the-leith-gallery.co.uk, where director...